Furniture - Vietnam

  • Vietnam
  • In Vietnam, the revenue in the Furniture market is projected to reach €1,256.00m in 2024.
  • It is anticipated that the market will experience an annual growth rate of 2.91% (CAGR 2024-2029).
  • The largest segment within the market is the Living Room Furniture segment, which is expected to have a market volume of €429.30m in 2024.
  • When compared globally, in the United States generates the highest revenue in the Furniture market, amounting to €244bn in 2024.
  • In terms of per capita revenue, in Vietnam generates €12.62 per person in 2024, considering the total population figures.
  • Vietnam's furniture market is booming due to the country's competitive manufacturing costs and increasing demand for modern and affordable home furnishings.

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

 
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Analyst Opinion

The Furniture market in Vietnam has been experiencing significant growth in recent years, driven by various factors such as changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences:
Vietnamese customers have shown a growing interest in furniture that combines functionality with modern design. They are increasingly looking for furniture that not only serves its purpose but also enhances the aesthetic appeal of their homes. This shift in preferences has led to an increased demand for contemporary and minimalist furniture styles. Additionally, customers are also placing a greater emphasis on sustainability and eco-friendly materials, driving the demand for furniture made from recycled or renewable materials.

Trends in the market:
One of the key trends in the furniture market in Vietnam is the rise of e-commerce. With the increasing penetration of the internet and smartphones, more customers are opting to shop for furniture online. This trend has been further accelerated by the COVID-19 pandemic, as people are now more inclined to make purchases from the comfort and safety of their homes. As a result, furniture retailers are investing in their online presence and expanding their e-commerce capabilities to cater to this growing trend. Another trend that has been observed in the Vietnamese furniture market is the growing popularity of multifunctional furniture. As living spaces become smaller and more compact, customers are seeking furniture that can serve multiple purposes. For example, beds with built-in storage or sofa beds that can be converted into guest beds have become increasingly popular among urban dwellers. This trend is driven by the need to optimize space and make the most out of limited living areas.

Local special circumstances:
Vietnam has a young and rapidly growing population, which is a significant factor contributing to the growth of the furniture market. As more young people enter the workforce and start their families, the demand for furniture increases. Additionally, rising disposable incomes and urbanization have also played a role in driving the growth of the furniture market in Vietnam.

Underlying macroeconomic factors:
Vietnam has been experiencing robust economic growth in recent years, which has had a positive impact on the furniture market. The country's strong economic performance has resulted in increased consumer spending power, leading to higher demand for furniture. Furthermore, the government's efforts to attract foreign investment and promote manufacturing have also contributed to the growth of the furniture industry, as more companies set up production facilities in Vietnam. In conclusion, the furniture market in Vietnam is witnessing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As customers increasingly prioritize functionality, modern design, and sustainability, furniture retailers are adapting to meet these demands. The rise of e-commerce and the popularity of multifunctional furniture are also shaping the market. With a young and growing population, coupled with a strong economy, Vietnam presents a favorable environment for the furniture industry 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.

Vue d’ensemble

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