Bedroom Furniture - Hong Kong

Hong Kong

In 2024, the revenue in the Bedroom Furniture market in Hong Kong amounts to HK €889.60m.
It is projected that the market will experience an annual growth rate of 3.49% from 2024 to 2029 (CAGR 2024-2029).
When comparing the global market, in the United States generates the highest revenue with €38,440m in 2024.
In terms of per person revenues, in Hong Kong generates HK €118.70 per individual in 2024.
Hong Kong's demand for high-end bedroom furniture has surged due to the city's affluent population and growing interest in luxury lifestyles.

Key regions: Denmark, Germany, China, United States, Worldwide

Definition:

The Bedroom Furniture segment refers to those movable objects that are designed to be used in a bedroom, which is typically a space used for sleeping, dressing, and storage. It includes items such as beds, dressers, nightstands, and wardrobes, which are intended to make the room comfortable, functional, and aesthetically pleasing.

Structure:

The Bedroom Furniture segment is divided into four subsegments:

The Beds subsegment refers to furniture designed primarily for sleeping, which typically consist of a frame and mattress. This subsegment focuses on the frame and covers additional elements such as headboards, footboards, or storage drawers.
The Mattress subsegment refers to the long rectangular pad that is placed on top of a bed frame and is used to provide a comfortable sleeping surface. Mattresses come in a wide variety of sizes, from twin to king, and levels of firmness to suit individual preferences.
The Closets, Nightstands, & Dressers subsegment includes a range of storage furniture designed for bedrooms. These pieces are used to store and organize clothing, linens, and personal items, providing both functional and aesthetic value to the space.
The Bedding subsegment refers to products designed to enhance the comfort and functionality of a bed, including sheets, blankets, comforters, pillows, and mattress toppers. These products are available in a range of materials, styles, and sizes to suit individual preferences and needs.

Additional Information:

The Bedroom Furniture segment consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This segment includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Bedroom Furniture market in Hong Kong is experiencing significant growth and development. Customer preferences are shifting towards modern and minimalist designs, as well as multifunctional furniture pieces. Additionally, there are several trends in the market that are driving this growth, such as the rising popularity of online shopping and the increasing demand for space-saving furniture.

Customer preferences: In Hong Kong, customers are increasingly drawn to modern and minimalist designs in the Bedroom Furniture market. This preference for sleek and clean lines is influenced by global design trends and the desire for a contemporary and sophisticated living space. Additionally, there is a growing demand for multifunctional furniture that can serve multiple purposes and maximize the use of limited space. This is particularly important in Hong Kong, where living spaces are often small and compact.

Trends in the market: One of the key trends in the Bedroom Furniture market in Hong Kong is the rising popularity of online shopping. With the convenience of online platforms, customers can easily browse and compare different furniture options from the comfort of their homes. This has led to increased competition among retailers, as they strive to provide a seamless online shopping experience and offer competitive prices. Another trend in the market is the increasing demand for space-saving furniture. As living spaces in Hong Kong are often limited in size, customers are looking for furniture solutions that can maximize the use of space. This includes items such as storage beds, foldable tables, and modular wardrobes. Manufacturers and retailers are responding to this demand by offering a wide range of space-saving furniture options.

Local special circumstances: Hong Kong's high population density and limited living space are unique factors that influence the Bedroom Furniture market. With limited space available, customers are looking for furniture that can serve multiple purposes and provide efficient storage solutions. This has led to the popularity of multifunctional furniture pieces, such as beds with built-in storage compartments and wardrobes with sliding doors. Additionally, Hong Kong's fast-paced lifestyle and busy work schedules have contributed to the rise of online shopping. Customers value the convenience and time-saving aspect of online shopping, as it allows them to easily compare prices and options without having to visit multiple physical stores.

Underlying macroeconomic factors: The growth and development of the Bedroom Furniture market in Hong Kong are also influenced by underlying macroeconomic factors. Hong Kong has a strong economy and a high standard of living, which allows consumers to invest in quality furniture for their homes. Additionally, the city's growing middle class and increasing disposable income contribute to the demand for stylish and functional bedroom furniture. Furthermore, Hong Kong's status as a global financial hub attracts expatriates and international residents, who often have different preferences and requirements when it comes to furniture. This diversity in the customer base creates opportunities for manufacturers and retailers to cater to a wide range of tastes and styles. In conclusion, the Bedroom Furniture market in Hong Kong is experiencing growth and development driven by customer preferences for modern and minimalist designs, as well as multifunctional furniture. The rising popularity of online shopping and the demand for space-saving furniture are also key trends in the market. Hong Kong's unique circumstances, such as limited living space and a fast-paced lifestyle, further contribute to the growth of the market. Additionally, underlying macroeconomic factors, such as a strong economy and a growing middle class, support the demand for quality bedroom furniture.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.