Between 2013 and 2023, household expenditure on home furnishing in the UK showed overall growth, with some fluctuations. There were notable increases in spending, such as a 12.38% year-on-year rise in 2015, and an 11.67% increase in 2022. However, spending only slightly declined in 2016 by -2.47%. From 2018 to 2021, the year-on-year variations were more moderate, with a significant jump in 2021 at 15.7%, followed by 11.67% in 2022, and a 5.84% increase in 2023. The last five years showed an average annual growth rate (CAGR) of 7.26%.
By 2023, expenditure reached 33.07 billion pounds. Future projections indicate continued growth, with an expected CAGR of 3.77% from 2024 to 2028, resulting in a 20.31% total increase over the five-year forecast period.
Future trends to watch for:
- Potential market saturation which could slow growth rates.
- Impact of economic conditions such as inflation or recession.
- Evolving consumer preferences towards sustainable and smart home furnishings.
- Technological advancements driving changes in home furnishing demand.
