Furniture - China

  • China
  • In 2024, the revenue in the Furniture market in China amounts to €80.31bn.
  • It is projected that the market will experience an annual growth rate of 8.70% (CAGR 2024-2029).
  • Among the various segments in the market, the largest one is the segment of Living Room Furniture, which has a market volume of €28.95bn in 2024.
  • When compared globally, United States generates the highest revenue in this market, with a value of €241bn in 2024.
  • Considering the total population figures, per person revenues of €56.06 are generated in China in 2024.
  • China's booming economy and rising middle class have fueled a surge in demand for high-quality, affordable furniture, making it an attractive market for both domestic and international furniture manufacturers.

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

 
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Analyst Opinion

The Furniture market in China has been experiencing significant growth in recent years. Customer preferences have shifted towards more modern and stylish furniture designs, and there is also a growing demand for environmentally friendly and sustainable furniture options. Additionally, the rise of e-commerce has greatly impacted the furniture market, with more consumers opting to purchase furniture online.

Customer preferences:
Chinese consumers have become more design-conscious when it comes to furniture, with a growing preference for modern and stylish designs. This shift in preferences can be attributed to the increasing influence of global design trends and the desire for a more aesthetically pleasing living environment. In addition, there is a growing demand for environmentally friendly and sustainable furniture options, as consumers become more aware of the impact of their purchasing decisions on the environment.

Trends in the market:
One of the major trends in the furniture market in China is the rise of e-commerce. With the increasing penetration of the internet and smartphones, more consumers are opting to purchase furniture online. This trend has been further accelerated by the COVID-19 pandemic, as consumers turned to online shopping due to social distancing measures and lockdowns. As a result, online furniture retailers have seen significant growth in sales, and traditional brick-and-mortar stores are adapting by expanding their online presence. Another trend in the market is the growing popularity of customized furniture. Chinese consumers are increasingly looking for furniture that reflects their individual style and preferences. This has led to the rise of companies that offer customizable furniture options, allowing consumers to choose the design, materials, and finishes of their furniture. This trend is driven by the desire for unique and personalized products, as well as the growing middle class in China with higher purchasing power.

Local special circumstances:
China's vast population and rapid urbanization have contributed to the growth of the furniture market. As more people move to urban areas, there is a greater demand for furniture to furnish new homes and apartments. Additionally, the Chinese government's push for urbanization and the construction of affordable housing projects have also driven the demand for furniture.

Underlying macroeconomic factors:
China's strong economic growth and rising disposable incomes have played a significant role in the development of the furniture market. As the middle class expands and purchasing power increases, more consumers are able to afford higher-quality furniture. Additionally, the government's focus on domestic consumption as a driver of economic growth has also contributed to the growth of the furniture market. In conclusion, the furniture market in China is experiencing growth due to changing customer preferences, the rise of e-commerce, and underlying macroeconomic factors. Chinese consumers are increasingly looking for modern and stylish furniture designs, as well as environmentally friendly and sustainable options. The shift towards online shopping and the demand for customized furniture are also driving trends in the market. With China's strong economic growth and rising disposable incomes, the furniture market is expected to continue growing in the coming years.

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 segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments 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.

Vue d’ensemble

  • Revenue
  • Sales Channels
  • Key Players
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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