The household expenditure on home furnishings in Canada reached CAD 26.4 billion in 2023. There has been a notable increase over the last two years with year-on-year variations of 1.87% and 5.86% for 2022 and 2023 respectively. From 2021 to 2023, there has been an average yearly increase (CAGR) of 6.28%, indicating strong growth in consumer spending within this sector.
Looking further back at the five-year period from 2018 to 2023, the annual growth rate (CAGR) averaged 6.28%. This reflects a significant uptrend, with a marked spike in 2021 at 17.66%, likely due to a combination of post-pandemic economic recovery and increased home improvement activities.
Future trends to watch for include sustained growth in household expenditure on home furnishings, as forecasted figures suggest a CAGR of 3.49% over the next five years, culminating in an expenditure of CAD 32.92 billion by 2028. Key drivers may include increasing home ownership rates, urbanization, and consumers’ growing interest in home décor and lifestyle improvements.
