The UK home furniture market is anticipated to expand at substantial CAGR during the forecast period, 2021 and 2028. Furniture is one of the indispensable items of a person’s daily life.Furniture refers to moving objects designed to support a variety of human activities, and are used for sitting on (chairs, stools, and couches), working on (tables), and sleeping on (beds.).
Furniture is used to hold other items at a convenient height for work (as a horizontal surface on the floor such as a table or desk) or to store things (such as cabinets or shelves). Furniture is a product of design and is considered a form of decorative art. It can be made from many materials, including metal, plastic, and wood. Furniture can often be made using a variety of wood working compounds, reflecting local culture.
Home Furniture Market Trends, Drivers, Restraints, and Opportunities
- Rising number of households in the UK is boosting the need for quality furniture.
- Availability of trendy multi-functional furnitureis leading consumers to buy small furniture to fit in their rental apartments due to the lack of space.
- Soaring house prices, rising student debt, and millennials delaying marriage and starting a family are some factors hinderingthe market.
- Landlords are looking for inexpensive furniture to rent for their homes, lessors are more likely to look for less costly furniture options and rent home. This, in turn, is projected to impede the market.
- Rapidly growing popularity of multifunctional furniture, furniture makers are inexpensive, sophisticated, or versatile furniture to fit small living spaces, which is creating opportunities in the market.
- The outbreak of Coronavirus disease severely restricted the UK home furniture market in 2020 due to trade restrictions that disrupted the supply chain and government blockades around the world.
Scope of the Home Furniture Market Report
The report on theUK home furniture market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Home Furniture Market – UK Industry Analysis, Size, Share, Growth, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018 & 2019
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Forecast Period
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2021–2028
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Segmentation
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Product Type (Living Room Furniture, Dining Room Furniture, Bedroom Furniture, Kitchen Furniture, and Others), Distribution Channels (Home Centers, Flagship Stores, Specialty Stores, Online, and Others)
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Regional Scope
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UK
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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UK Home Furniture Market Segment Insights
Kitchen furniture segment todominate the market
Based on product types, the UK home furniture market is segmented into living room furniture, dining room furniture, bedroom furniture, kitchen furniture, and other types.Kitchen furniture includes well-equipped kitchens and other wooden furniture used for cooking or storage. The growth of the segment is driven by urbanization and refurbishment of eat-in kitchens. The need for kitchen furniture is rising due to the increasing investmentsand steady growth in and of the hotel industry, which is benefiting from the growing travel and tourism industries.
Online segment to grow
On the basis of distribution channels, the market is fragmented into home centers, flagship stores, specialty stores, online, and other distribution channels. E-commerce is preferred by millennials for purchasing furniture as the furniture is shipped home and a large variety of products are available in varying colors and styles.
Furniture makers are tailoring their products to these online platforms, and including details and options to cater to the growing young buyer base.For manufacturers, rise in online shopping reduces their costs and enables them to sell their products across the country.
Segments
By Product Types
- Living Room Furniture
- Dining Room Furniture
- Bedroom Furniture
- Kitchen Furniture
- Other Types
By Distribution Channels
- Home Centers
- Flagship Stores
- Specialty Stores
- Online
- Others
Competitive Landscape
Key players in the UK home furniture market include Ikea; Bed Bath & Beyond Inc.; Wayfair Inc.; Dunelm Group PLC; and DFS Furniture PLC. These players engage in mergers &acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
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