Home Office Furniture - Vietnam

Vietnam

In Vietnam, the revenue generated by the Home Office Furniture market in 2024 is €56.87m.
It is projected that this market will experience an annual growth rate of 1.90% from 2024 to 2029 (CAGR 2024-2029).
When compared to other countries around Worldwide, United States generates the highest revenue in this segment, with €17,290m in 2024.
Taking into account the total population of Vietnam, the per capita revenue in the Home Office Furniture market is €0.57 in 2024.
Vietnam's growing tech industry has sparked a surge in demand for ergonomic and space-saving home office furniture.

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

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Home Office Furniture market in Vietnam has been experiencing significant growth in recent years. Customer preferences have shifted towards creating functional and comfortable workspaces at home, leading to increased demand for home office furniture. This trend is driven by several factors, including changes in work patterns, lifestyle preferences, and the impact of the COVID-19 pandemic.

Customer preferences: Customers in Vietnam are increasingly looking for home office furniture that is both functional and aesthetically pleasing. With more people working remotely or running businesses from home, there is a greater emphasis on creating a productive and comfortable workspace. Customers are seeking ergonomic chairs, adjustable desks, storage solutions, and other accessories that can enhance their productivity and overall well-being.

Trends in the market: The rise of remote work and flexible work arrangements has been a major driver of the home office furniture market in Vietnam. As companies adopt more flexible work policies, individuals are investing in their home office setups to create a conducive environment for work. This trend is expected to continue as remote work becomes more common and accepted. Another trend in the market is the increasing popularity of multifunctional furniture. With limited space in many homes and apartments, customers are looking for furniture that can serve multiple purposes. For example, desks that can be folded or converted into dining tables, or storage solutions that can double as room dividers. This trend reflects the need for practical and space-saving solutions in urban areas.

Local special circumstances: Vietnam has a burgeoning startup and entrepreneurial scene, with many individuals starting their own businesses or working as freelancers. This has contributed to the demand for home office furniture, as these individuals often work from home and require a dedicated workspace. The entrepreneurial spirit in Vietnam has also led to the emergence of local designers and manufacturers who cater to the specific needs and preferences of Vietnamese customers.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the home office furniture market in Vietnam. As lockdowns and social distancing measures were implemented, many individuals were forced to work from home. This sudden shift in work arrangements created a surge in demand for home office furniture, as people scrambled to set up functional workspaces. Even as restrictions eased, remote work continued to be popular, driving sustained demand for home office furniture. Additionally, Vietnam's growing middle class and rising disposable incomes have also contributed to the growth of the home office furniture market. As more people are able to afford homes and apartments, there is a greater demand for furniture and home decor items, including home office furniture. In conclusion, the Home Office Furniture market in Vietnam has been growing rapidly due to changing customer preferences, including the need for functional and comfortable workspaces at home. The rise of remote work and flexible work arrangements, along with the impact of the COVID-19 pandemic, have further fueled this growth. The local special circumstances, such as the entrepreneurial spirit and the emergence of local designers and manufacturers, have also contributed to the market's development. Overall, the underlying macroeconomic factors, including Vietnam's growing middle class and rising disposable incomes, have created a favorable environment for the home office furniture market to thrive.

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.