United Kingdom Home Furniture - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

United Kingdom Home Furniture - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

The United Kingdom Home Furniture Market size is estimated at USD 18.78 billion in 2024, and is expected to reach USD 21.98 billion by 2029, growing at a CAGR of 3.20% during the forecast period (2024-2029).

The United Kingdom is the second-largest furniture market in Europe after Germany. The country is the second home furniture consumer in Western Europe (WE), providing about 17% of the WE demand, and the third importer, absorbing about 15% of WE imports. In 2020, UK households purchased approximately GBP 14.4 billion furniture and furnishings.

The outbreak of the coronavirus disease (COVID-19) acted as a massive restraint on the UK home furniture market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. Steps by national governments to contain the transmission resulted in the halting of manufacturing activities and a decline in economic activity, with countries entering a state of lockdown. The COVID-19 pandemic significantly impacted consumer behavior, especially buying mode. As governments and organizations restricted people's freedom of travel, most buyers shifted to the online channel, resulting in tremendous growth in the online furniture business.

In the last five years, the furniture market in the United Kingdom registered quite a good performance. The need is satisfied by over 45% from local production. The United Kingdom also plays a central furniture production role, ranking fourth in Europe. The United Kingdom furniture distribution is the highest share of non-specialist retailers due to the significant presence of alternative channels like e-commerce, hypermarkets, homeware retailers, and department stores compared to the other European countries. Online players continue their upward path and blur the boundaries between online and offline experiences with their takes on the traditional store concept. The online home furnishings retailing industry is expected to benefit from rising online shopping demand. The growing popularity of internet-enabled devices is expected to boost m-commerce popularity, encouraging impulse purchases and helping industry retailers. Government-backed housing market stimuli are also likely to support industry growth by increasing demand from consumers looking to renovate their new homes.

UK Furniture Market Trends

Increasing Expenditure on Furniture and Furnishings in the United Kingdom is Driving the Market

Ongoing population growth and an improvement in the living standards of the United Kingdom are expected to drive demand for space-efficient and reasonably-priced home furniture. UK customers have become more concerned with style and interior design, opening up new markets for bespoke furniture manufacturers. TV shows encouraging the creation, increased income, and a thriving real estate market in many locations have all pushed people to invest in high-quality furniture from smaller producers. Growing expenditure on furniture and furnishing in the UK is creating lucrative growth prospects in the United Kingdom home furniture market.

Growing Preference to Online Shopping is Driving the Market

Customers prefer to shop online rather than in actual stores, hence eCommerce is growing in the UK. Customers' purchasing habits are being influenced by changing trends in home and lifestyle concepts. One of the primary elements driving the online purchase of home furniture such as chairs, tables, and sofas is the advent of new chances for consumers to shop online. During the pandemic, online has been one of the most important drivers of store choice for home furniture shoppers. This tendency is unlikely to reverse after COVID because consumers are now accustomed to the benefits of online buying and are at ease with the platform. Respondents to a survey agreed that shopping for living room furniture online was easier and more pleasurable than shopping in-store.

UK Furniture Industry Overview

The report covers major international players operating in the United Kingdom's home furniture market. In terms of market share, few significant players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping into new markets. IKEA, DFS, Bed Bath & Beyond Inc., Wayfair Inc., and Dunelm Group PLC were the leading retailers in the UK home furniture market.

Additional Benefits:

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