RUSSIA HOME FURNITURE MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

RUSSIA HOME FURNITURE MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Russian home furniture market is expected to register a CAGR of 3% during the forecast period.

Key Highlights

• One of the major drivers of the industry’s growth is the boom in the construction industry over recent years.
• The main sales channels are multi-brand shopping centers, mono-brand stores, and small independent retailers.
• Online shopping is becoming more popular day by day in Russia. One of the main reasons for the growth of the e-commerce channel is the opportunity to choose among different brands from all over the world.
• The improvement in the logistic services is helping the growth of the channel.
• One of the reasons for the growing demand for furniture in Russia is the import of high-quality furniture from China at a low price.

Key Market TrendsKitchen Furniture Segment

Kitchen furniture includes fitted kitchen units and other wooden furniture. The kitchen furniture segment is driven by increasing urbanization and remodeling of residential kitchens. Kitchen furniture and fixtures are gaining momentum in investments with consistent growth in the hotel industry.

The developed areas in the countries, with a high percentage of the population living in urban areas, have been the primary consumers of kitchen furniture and fixtures, which may present the market with huge growth opportunities and potential in the near future.

Bedroom Furniture Segment

A key driver fueling the growth of the market is the rising standard of living, which is leading to the increased introduction of premium products. Both developed and developing areas in the country are witnessing growth in the population of high net-worth individuals, and a gradual increase in the preference for a luxurious lifestyle. With an increase in disposable income, the consumers spending capacity and their expenditure on luxury goods and services are increasing.

Competitive Landscape

The report covers major international players operating in the Russian home furniture market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

BOROVICHI
MEBEL CJSC
MIAS Furniture
IKea
Furniture Factory Shatura OJSC
Stolplit
Rus OOO
Maria Furniture Factory
KARE Voronezh
Kuchenberg
Herman Miller
MK Shatura AO
Lazurit furniture*

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