The sold production of office and shop furniture in the UK experienced significant fluctuations from 2013 to 2023. After reaching a peak in 2015, the market faced downturns in subsequent years, with the most notable decline occurring between 2015 and 2018. This trend was somewhat mitigated by an uptick in 2019. However, the market contraction persisted through 2020 and saw minor recovery in 2021. By 2023, the value stood at 1.0948 billion Euros, reflecting a slight year-on-year decrease from 2022.
Key observations include:
- A notable peak in 2015 with subsequent dips in production values.
- Repeated fluctuations with brief periods of recovery.
- The market’s latest 5-year CAGR from 2019 to 2023 was negative, suggesting challenges in sustained growth.
- Forecasts for the next five years anticipate a continual decline, with an expected further contraction by 2028.
Trends to watch for include potential impacts from changing workplace dynamics, such as increased remote work affecting office furniture demand, and possible shifts in consumer preferences and business investments in the retail sector impacting shop furniture production.
