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Furniture And Home Furnishings Stores Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Furniture And Home Furnishings Stores Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • January 2021
  • 300 pages
  • ID: 6018891
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major companies in the furniture and home furnishings stores market include Ashley Furniture Industries; Heritage Home Group; Herman Miller; Inter IKEA Systems and Steelcase.

The global furniture and home furnishings stores market is expected to grow from $372.83 billion in 2020 to $404.7 billion in 2021 at a compound annual growth rate (CAGR) of 8.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $481.11 billion in 2025 at a CAGR of 4%.

The furniture and home furnishings stores market consists of sales of furniture and home furnishings by entities (organizations, sole traders and partnerships) that sell furniture and home furnishings and appliances to ultimate users from fixed point-of-sale locations. The businesses in the industry operate from showrooms with substantial areas for the presentation of their products. The furniture and home furnishings stores market is segmented into furniture stores and home furnishings stores.

North America was the largest region in the global furniture and home furnishings stores market, accounting for 34% of the market in 2020. Asia Pacific was the second largest region accounting for 34% of the global furniture and home furnishings stores market. Africa was the smallest region in the global furniture and home furnishings stores market.

Augmented reality (AR) and virtual reality (VR) empower the customer experience by letting them connect to the product with interactive and personalized options. While AR is a real-time integration of digital information with the user’s environment, VR is a three-dimensional, computer generated environment that can be explored and interacted with. This allows the customers to understand the experience of owning a product. Furniture and home furnishings companies should consider using virtual reality technology to enhance customer experience. IKEA, a Swedish multinational company, has launched an AR catalog application which allows customers to see how certain items of furniture would look in your home. Consumers can virtually visualize how these pieces will look and fit in their home according to the product’s dimensions. Indian players such as Pepper fry have also started using AR technology to show users how certain products will look in their home through their mobile application.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the furniture and home furnishings stores market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in decline in manufacture and trade of non-essential goods and an overall decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the furniture and home furnishings stores market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy

The furniture and home furnishings stores are adopting a robust and cohesive strategy for data analytics in management. This technology is being deployed to enhance supply chain efficiency, streamline operations to engage customers and building loyalty, data has become critical for most retail operations. For instance, the global retail analytics market is expected to rise up to $5.1 billion by 2020. With the rapid growth in retail data and the availability of technologies to analyse data it will become easier for furniture and home furnishings stores to identify and meet the needs and expectations of their customers, thus it is expected to drive the market going forward.

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