From 2016 to 2023, the Repair of Furniture and Home Furnishings Sector in Spain saw significant growth, escalating from 18.2 million Euros to 44.3 million Euros. The years 2018 to 2020 marked pronounced surges, particularly in 2018 with a 62.8% year-on-year increase. The pace of growth steadied post-2021, with a relatively more stable increase rate, standing at 4.24% in 2023.
In 2023, the sector's production value was 44.3 million Euros. Year-on-year variations from 2021 to 2023 displayed a decelerating trend, moving from 10.71% to 4.24%. The compounded annual growth rate (CAGR) over the last five years (2019-2023) stood at 6.77%.
Projected data from 2024 to 2028 suggests a continued uptrend but at a moderated pace, with the forecasted five-year CAGR at 1.45% culminating in a total growth rate of 7.44% by 2028.
Future Trends to Watch:
- Adoption of sustainable and eco-friendly repair practices as consumer awareness increases.
- Technological advancements in repair techniques, potentially reducing costs and improving efficiency.
- Potential increases in demand driven by broader economic factors and consumer trends towards refurbishing and repairing over purchasing new items.
- Regulatory changes and their impacts on the repair sector, particularly regarding labor and environmental policies.