Furniture Report 2023

Statista Consumer Market Insights – Market Report

March 2023
Agenda

01 Market Outlook 02 Segments 03 Appendix

▪ Overview ▪ Overview and sales figures ▪ Product overview
▪ Market drivers ▪ COVID-19 impact ▪ Authors
▪ Consumer insights ▪ KPI comparison
▪ Sales channels ▪ Country ranking
▪ Key players
▪ Trends

2
OVERVIEW

3
The Furniture market is constantly growing due to
online sales, innovations, and new technology
Overview: management summary

The Furniture market is subject to constant challenges, innovations, and The growing number of internet and smartphone users has not only
transformations. In this report, growth potentials, market drivers, key changed consumer behavior, it has also fundamentally changed the
companies and future developments for the Furniture market sales channels and retail landscape: Consumers adopted online
worldwide will be discussed. shopping and Furniture is one of the fastest growing markets in that
regard. The Furniture market is expected to grow at a CAGR1 of 5.0%
The market is divided into seven segments: Living-room Furniture, from 2023 to 2027.
Bedroom Furniture, Kitchen & Dining Furniture, Outdoor Furniture,
Home Office Furniture, Lamps & Lighting, and Home Decor. The Living- The main key player in the Furniture market with regards to market
room Furniture segment accounts for the largest share with US$202.62 share is the Swedish company, IKEA. With more than US$48bn, IKEA has
billion in revenue, which accounts for 29% of the total market. Overall, by far the highest sales among furniture companies. However, since
the Furniture market generated US$694.32 billion in revenue worldwide eCommerce is further driving the growth of the furniture industry,
in 2022. The Living-room Furniture segment is expected to have the Wayfair, one of the largest online-only home goods retailers, has major
most sales growth from 2022 to 2027. With US$810 per capita in 2022, potential with regards to its future business.
the Swedes spent the most on furniture.
The following trends currently shape the market: sustainable Furniture
The Furniture market is mostly driven by consumer spending in general. and business activities, augmented reality apps, generative designs, eco-
Consumer spending takes various factors into account, such as per- friendly materials, and integrated technology. From 3D-printed furniture
capita income, household debt levels, and consumer expectations. The to smart lighting, the Furniture market is experiencing innovations in
steady increase in disposable income and the consequent rise in living design, production, and material. The shift from traditional shopping to
standards are responsible for the continuous growth of the market, as is online shopping is perhaps the largest trend maker in the Furniture
the constant demand for furniture. industry.

1: CAGR: Compound Annual Growth Rate / average growth rate per year
4 Source: Statista Consumer Market Outlook 2023
The Furniture market is divided into 7 segments and
17 subsegments
Overview: segments and subsegments (1/2)

Living Room Furniture Bedroom Furniture Kitchen & Dining Outdoor Furniture
Furniture

Seats & Sofas Beds Dining Tables, Kitchen Islands

& Pantries
Cabinets, TV Stands & Mattresses
Side Tables Kitchenware
Closets, Nightstands
& Dressers
Bedding

5 Source: Statista Consumer Market Outlook 2023

The Furniture market is divided into 7 segments and
17 subsegments
Segments and subsegments (2/2)

Home Office Furniture Lamps & Lighting Home Decor

Desks & Chairs Table & Floor Lamps Decorations

Bookcases & Filing Cabinets Ceiling Lights & Chandeliers Carpets & Rugs
Light Bulbs & Fittings Candles
Curtains & Blinds

6 Source: Statista Consumer Market Outlook 2023

With 29%, the segment Living-room Furniture
accounts for the biggest share in the market
Overview: key takeaways

▪ In 2022, the Furniture market generated a total revenue of Worldwide revenue share in 2022
US$694.32 billion worldwide.

▪ At 29%, Living Room Furniture was the largest segment of the

Furniture market with US$202.62 billion in revenues in 2022. The Home Office Furniture
Bedroom segment had a market share of 18% and its revenue
Outdoor Furniture 6%
amounted to US$123.17 billion in 2022.
7%
▪ All segments are expected to grow by more than 29% between 2022 Living Room Furniture revenu
and 2027. Lamps & Lighting 29%

▪ From an international perspective, the most per-capita revenue in the 11%

Living-room &
Furniture market was generated in Sweden in 2022 with 810US$.
Dining-room
▪ eCommerce sales continue to drive the Furniture market. The online Furniture
share in the Furniture market is expected to grow at a CAGR1 of 9%
from 2021 to 2025.
11%
Kitchen & Dining Furniture
▪ Key players include IKEA, the world leader in ready-to-assemble Bedroom
furniture, Wayfair, the online-only home goods retailer, Nitori Furniture
Holdings, the Japanese market leader with hopes of expanding, and 18%
JYSK, a growing key player with footholds in Europe. Bedroom Furniture
18%
Home Décor

1: CAGR: Compound Annual Growth Rate / average growth rate per year
7 Source: Statista Consumer Market Outlook 2023
In 2022, the Furniture market realized a revenue of
US$694.32bn worldwide
Overview: sales figures (1/4)

Worldwide revenue in billion US$

931.9
886.6
844.3
+4.5%1 804.2
766.2
705.0 694.3
623.3 634.1
609.0
558.1
523.4 515.0 523.6

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

1: CAGR: Compound Annual Growth Rate / average growth rate per year
8 Source: Statista Consumer Market Outlook 2023
The Living Room Furniture segment has the highest
growth potential with about 40.7% from 2022 to 2027
Overview: sales figures (2/4)

Worldwide revenue in billion US$

2022 2027
+40.7%

285

203 +32.3% +29.4%

163 158
+31.5% +32.4%
123 122
103 100 +32.3% +33.4%
78 76
63 60
47 45

Living Room Bedroom Furniture Home Décor Kitchen & Lamps & Lighting Outdoor Furniture Home Office
Furniture Dining Furniture Furniture

9 Source: Statista Consumer Market Outlook 2023

At US$810.03, the Swedes spent the most on
Furniture items in 2022
Overview: sales figures (3/4)

Per-capita revenue in US$ in 2022

US$1 US$810 Out of scope

$698m

10 Source: Statista Consumer Market Outlook 2023

Chinese per capita revenue is expected to increase
the most at a CAGR1 of 11.9% from 2022 to 2027
Overview: sales figures (4/4)

Per-capita revenue in US$

+4.0%1

+4.4%1

+3.7%1
858
706 739
597

388 +11.9%1
323

57 99
2022 2027 2022 2027 2022 2027 2022 2027

United States United Kingdom Germany China

1: CAGR: Compound Annual Growth Rate / average growth rate per year
11 Source: Statista Consumer Market Outlook 2023
MARKET
DRIVERS

12
In 2021, consumer spending in the United States
reached US$46,167
Market drivers: consumer spending (1/2)

Consumer spending is the average per-capita spending of private Per-capita consumer spending in US$ in 2021
households. Consumer spending is influenced by various factors. Key
determinants include income, household debt levels, and consumer
expectations.

As disposable income levels are constantly increasing, demand is

U.S. 46,167
growing as well, and with it the economy as a whole. In addition, per-
capita income also plays a significant role. It indicates how much money
each person has to spend on average. Per-capita income sheds light on
how the standard of living develops over the years.
UK 26,395
The level of household debt, especially in relation to the disposable
income, shows how much people really have left to spend. Household
debt levels have reached new heights, and especially the increasing
health care costs have contributed to the worldwide rise in debt.
Germany 25,266
Consumer confidence also impacts consumer spending. Depending on
how confident people are, they spend their money, or they save their
money. In other words, it includes people's expectations of the country's
economic development, how the prices will develop and if an inflation is
likely to happen. The more stable the economic situation, the more France 23,255
confidently people spend their money.
The development of consumer spending indicates how the industry and
economy are going to evolve. Consumer spending in the United States is
one of the highest worldwide and is expected to grow even more. Italy 20,477

13 Source: Statista Consumer Market Outlook 2022, United Nations

Worldwide spending on household goods is
increasing at CAGR of 4.4% between 2021 and 2026
Market drivers: consumer spending (2/2)

National statistical offices estimate the consumption of private Global consumer spending per capita CAGR1 2021-2026
households as part of their mission to measure economic activity at
large. This consumption expenditure, roughly US$51 billion in 2021
worldwide, can be classified according to the Classification of Individual
Consumption by Purpose (COICOP) into twelve categories that are Restaurants, hotels 8.1%
shown in the diagram on the right.
Recreation, culture 6.2%
The diagram shows the projected average growth rates of global
Education 5.8%
consumer spending by category up to the year 2026. Spending on
household goods and services is forecast to growth at a CAGR1 of 4.4%, Transport 5.7%
which is a higher growth rate than the one for clothing, footwear and
transport. Health 5.2%
As education and health are mostly born out of actual and perceived Clothing, footwear 5.1%
necessity, the high growth in spending on household goods indicates a
willingness of consumers worldwide to spend more on everyday items Weighted average 5.0%
to ensure quality and sustainability.
Foodstuffs, beverages
4.8%
(at home)
Household 4.4%

Housing 4.3%

Miscellaneous2 3.9%

Communication 3.7%

Alcohol, tobacco 3.1%

1: CAGR: Compound Annual Growth Rate/average growth rate per year; 2: Personal care, prostitution, personal effects, social protection,
insurance, financial services, other services
14 Source: Statista Consumer Market Outlook 2022, Statista Digital Market Outlook 2022, United Nations
CONSUMER
INSIGHTS

15
20% of respondents from the UK mostly buy Furniture
online
Consumer insights: regional comparison (1/4)

Share of people that mostly buy Furniture online

UK 20%

China 14%

Germany 16%

Spain 14%

U.S. 13%

France 13%

Austria 11%

Canada 11%

Switzerland 10%

Italy 9%

"Which of these products do you mostly buy/order online rather than offline?“; Multi Pick; n= 17,688
16 Source: Statista Global Consumer Survey, as of January 2022
33% of respondents from China are planning to buy
Furniture in the next 12 months
Consumer insights: regional comparison (2/4)

Share of people planning to buy Furniture in the next 12 months, online or in store

China 33%

India 30%

Brazil 29%

Mexico 27%

UK 25%

U.S. 24%

Canada 22%

Sweden 22%

Germany 20%

France 15%

“Which of these items are you planning to buy in the next 12 months, online or in store?“; Multi Pick; n= 189,085
17 Source: Statista Global Consumer Survey, as of January 2022
Respondents owning a house buy more furniture in-
store
Consumer insights: regional comparison (3/4)

Share of respondents who bought from a furniture store in-store last year by country

Bought furniture
Bought furniture Bought furniture
20% 25%
30%

70% 75%
71%
Didn’t buy furniture Didn’t buy furniture
Didn’t buy furniture

Share of respondents who bought from a furniture store in-store last year : own house vs rented house

Own house 24% Own house 36% Own house 27%

Rented house 17% Rented house 27% Rented house 24%

"Which of these types of physical stores have you bought something from in the past 12 months?“ Multi Pick n= 78,755; Respondents planning
to buy furniture in the next 12 month; n= 18,800
18 Source: Statista Global Consumer Survey, as of January 2022
14% respondents from the U.S buy luxury or premium
furniture
Consumer insights: regional comparison (4/4)

Relevance of premium or luxury furniture

U.S. 14%

China 13%

UK 12%

Switzerland 12%

Canada 12%

Italy 12%

Austria 11%

Germany 10%

Spain 8%

France 7%

"In which of these product categories do you also buy premium or luxury items?“; Multi Pick; n= 17,688
19 Source: Statista Global Consumer Survey, as of January 2022
SALES
CHANNELS

20
The Furniture market is one of the fastest growing
eCommerce markets
Sales channels: summary

eCommerce has fundamentally changed the structure of trading

goods. By 2021, the global eCommerce penetration rate has
reached 50%. The penetration of internet-enabled devices and the
increasing number of online stores have led to an inevitable
change within the retail landscape. Naturally, this has also had a
tremendous influence on shopping behaviors.
Nowadays, there are two major ways for a retailer to bring
products or services to market – online and offline. The online
sales channel refers to the purchase of physical goods via the
internet – on a desktop PC, tablet, or smartphone. The offline sales
channel covers all purchases in stationary stores, via tele sales or
mail order (e.g., print catalogs).

The online sales of furniture are growing fast, with a CAGR 1 of 9%

from 2021 to 2025. In 2022, the online revenue share of the
Furniture market was 16% in Europe, 24% in the Americas and
19% in Asia. South Korea accounts for the highest share within the
market with an online share of 47% in 2021, which is expected to
grow to 56% by 2025.

1: CAGR: Compound Annual Growth Rate / average growth rate per year
21 Source: Statista Consumer Market Outlook 2022, Statista Digital Market Outlook 2022
eCommerce penetration worldwide reached 50% in
2021
Sales channels: eCommerce overview (1/3)

eCommerce1 penetration rate

Global penetration rate United States United Kingdom Germany China
81%
79%
77% 77%
74% 74%
72% 73%
71%
69%
64%
60%

50%
46%
42%

2019 2020 2021

1: Refers to the total eCommerce market including all segments

22 Sources: Statista Digital Market Outlook 2023
The online share of the Furniture market is expected
to grow by 9% annually from 2021 to 2025
Sales channels: eCommerce overview (2/3)

Worldwide online share and growth rate

Online share <10% Online share 10%-25% Online share >25%
25%

20% Tissue & Hygiene Paper

Online Share CAGR 2021-2025

15% Home & Laundry Care

1

Beauty & Personal Care

Non-Alcoholic Drinks Household Appliances
10%
Food Furniture OTC Pharmaceuticals
Consumer Electronics
Hot Drinks Luxury Goods Eyewear Apparel
5% Accessories
Tobacco Products Toys & Hobby
Footwear
Alcoholic Drinks
0%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 30% 32% 34% 36% 38% 40% 42%

Online Share 2021

1: CAGR: Compound Annual Growth Rate/average growth rate per year

23 Sources: Statista Consumer Market Outlook 2023, Statista Digital Market Outlook 2022
 In 2025, the Furniture online share is expected to
reach 31% in the Americas
Sales channels: eCommerce overview (3/3)

Furniture online share Furniture eCommerce revenue in billion US$

31% 300
29%
268
27%
253
241
24%
225
22% 21% 22% 216
195 200
20% 20%
19% 177
18% 18% 172 177
Asia 17% 20%
16% Asia 156
Americas 18%
17% 14% 139
133
12% 122
Americas 115
10% 10% 99
Europe 9% 85
8% 74
7% 63
6%
5% 48
4% Europe
Africa
2 3 4 5 6 6 7
Africa
2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025

24 Sources: Statista Consumer Market Outlook 2023, Statista Digital Market Outlook 2022
By 2025, the Furniture online share will increase to
56% in South Korea
Sales channels: country comparison

Top 10 countries by Furniture online share

2021 2025

South Korea 47% 56%

United States 32% 45%

Iceland 25% 42%

Luxembourg 24% 40%

Germany 24% 35%

United Kingdom 23% 38%

Netherlands 21% 35%

France 21% 34%

Japan 20% 35%

Qatar 20% 33%

25 Source: Statista Consumer Market Outlook 2023

KEY PLAYERS

26
With a revenue of more than US$30bn, IKEA is the
largest furniture company worldwide
Key players: representative companies and their brands

Company

Sales1 2020 US30.6bn2 US$14.1bn US$6.7bn3 US$5.0bn4

Key brands

1: Companies’ sales for furniture 2: Fiscal year ended August 31st 3: Fiscal year ended February 20th 4: Fiscal year ended August 31st
27 Source: Statista Consumer Market Outlook 2021, IKEA, Wayfair, Nitori Holdings, JYSK
Since the peak in worldwide revenue in 2018 IKEA is
losing ground, with COVID-19 worsening the situation
Key players: IKEA

The Swedish company IKEA is one of the world’s largest furniture IKEA worldwide revenue1 in billion US$
retailers. In 2018, IKEA served more than 950 million customers in 422
IKEA stores in over 50 markets. With more than 2.5 billion website visits 47.1
in 2018, IKEA has also built a successful online business. The company 45.3 45.2
has dedicated itself to environmental issues by actively considering
sustainable and energy-reducing materials. For example, 100% of IKEA’s 40.3 41.0
cotton comes from sustainable sources, IKEA only sells LED light bulbs,
which reduces energy consumption, and in 2017, IKEA recycled 11 36.9
million PET bottles for producing kitchen fronts. Due to the COVID-19
pandemic difficulties IKEA revenue dropped for the first time. 32.2 33.1
31.2
28.5
IKEA’s sales by region in 2020

Europe 73%

Americas 17%

Asia 11%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

1: Fiscal year ended August 31st

28 Source: IKEA
Wayfair is witnessing continued record growth year
upon year with a revenue of US$14.1bn in 2020
Key players: Wayfair

Wayfair Inc. is one of the largest online-only home goods retailers. The Wayfair worldwide revenue in billion US$
company offers an online selection of furniture, home decoration, and
houseware from a portfolio of more than 70 house brands and a total of 14.1
more than 10 million products from 10,000 suppliers. Wayfair markets
its products through six distinct sites that differ in the product range
regarding design, price, and brand identity: Wayfair, Joss & Main,
AllModern, Birch Lane, DwellStudio, and Perigold. Wayfair, however, is
the only site that operates internationally – in Canada, UK, and Germany.
With more than 14.1 billion US$ in 2020, the majority of the net revenue
is generated in the United States. The shift to ecommerce in the COVID-
19 pandemic has helped Wayfair continue growing exponentially. 9.1

Share of revenue from 2018-2020

6.8
U.S. International

4.7
2018 86% 14%
3.4

2019 85% 15%

2020 84% 16%

2016 2017 2018 2019 2020

29 Sources: Wayfair
Nitori Holdings dominates the Japanese furniture
market with increasing revenues despite COVID-19
Key players: Nitori Holdings

Nitori Holdings is the largest furniture and home furnishing chain in Nitori Holdings worldwide revenue in billion US$
Japan. The company was founded in 1967 by the company's
current President Akio Nitori and has a total of 651 stores in Japan, 69 6.7
stores in other Asian countries consisting of China and Taiwan and 2
stores in the U.S. The company’s brands include Nitori, N+, Home’s,
6.0
Shimachu, Nitori Express and Deco Home. By offering product purchase
5.7
online as well as in physical stores, Nitori managed to avoid setbacks in
sales in the COVID-19 pandemic, instead increasing their revenue, with 5.4
which they hope to continue their expansion both nationally and
4.8
internationally.

Number of opened stores by region in 2020

Asia
U.S
69
2

Japan
651
2016 2017 2018 2019 2020

30 Sources: Nitori Holdings

JYSK managed to continue the growth trend in
revenue despite the COVID-19 pandemic
Key players: JYSK

JYSK is an interntational retail chain, selling furniture for the home. It is JYSK worldwide revenue in billion US$
owned by the family behind the Lars Larsen Group. In 1979 the first
store was opened in Denmark, and today there are over 3,000 branches 5.0
in 50 countries worldwide. The main market for JYSK is in the European
continent where the majority of their stores can be found. Throughout 4.7
the last years the worldwide revenue has steadily been growing, despite 4.3
the COVID-19 pandemic forcing stores to temporarily close. The levels of 4.1
revenue are proving that JYSK remains a tough competitor for IKEA in the
European furniture market.
3.4

Countries with the most JYSK stores

Serie 1in 2020

Germany 958

Poland 252

Sweden 153

Denmark 111

Romania 107
2016 2017 2018 2019 2020

31 Sources: JYSK
TRENDS

32
Sustainability is a key focus for many of the key
players in the Furniture market
Trends: Sustainability in the Furniture market

In the furniture market one of the key trends which has

prominently come to life in the past few years and will dominate As part of their clean energy
the future tendencies of key players in the market is that of service, Ikea currently offers
sustainability. Corporate Social Responsibility (CSR) has become a solar panels and battery
key term within the business world and has also become a central storage systems, enabling
focus of some of the key players in the furniture world. As customers to save an average
sustainability and climate change are global issues covering of 400 Euros per year on their
various industries, the furniture market can contribute in specific energy bill, providing a
areas to create sustainable practices. Important practices in the sustainable and financial
furniture market involve using sustainable materials for their benefit at the same time..
products, reducing waste and packaging as well as demonstrating Photo: Ikea
good practices as part of the CSR in their business activities.
As part of offering products which are made sustainably, many key
companies already have approaches of how to do this. JYSK, for
In order to promote
example, will be using only sustainably made or recycled cotton
sustainable products amongst
for their products with cotton. Nitori are equally concentrated on
their customers, Wayfair have
environmentally friendly practices in their production by using
introduced icons on their
recycled materials and protecting finite resources as part of their
website to help customers
“Good for the future, Good for everyone” campaign.
identify different sustainable
Ikea uses their dominant market position to also promote best characteristics of products. The
environmental practices and at the same time offer their awareness of sustainability can
customers something in return. To reduce waste, damaged also be increased by such a
products or returned products aren’t disposed of, but instead sold campaign.
for discount prices, benefiting both the customer and Ikea.
Photo: Wayfair

33 Sources: Icons of Denmark, Wayfair, Ikea, Nitori Holdings, JYSK

Furniture shopping is becoming increasingly more
digital through Augmened Reality and Shopping Apps
Trends: Digital trends in the Furniture market

As identified by LEAD Innovative, the furniture market is being shaped by With the ability to go virtual
the changed behavior of customers, as the market meets the customers shopping in the AR world of Ikea,
demands. With the increased use of internet, the recent years have customers are faced with new
transformed the digital world, not only making it a source of getting possibilies of looking for
information, but also creating possibilities through ecommerce, apps furniture and making purchase
and social media, making it a place where almost anything is possible. In decisions. Especially amongst
light of this, traditional furniture stores are being challenged as more younger customers the
and more customers want to be able to purchase furniture from the preference to shop online is
comfort of their home, forcing big players in the industry to change their changing the furniture industry
business model as the importance of mobile, attractively designed as a whole.
websites with multi-channel strategies further increases.
Photo: Present Digital
One method of reaching customers in the digital world is through the
use of augmented reality (AR). Ikea for example, has already introduced
their “Ikea place” app, which enables customers to place virtual products
in their own room, already uploaded through the app, to get an Being solely present in the digital
impression whether the furniture is suitable or not, and if it is, it can be world means Wayfair is
ordered online with a single click. completely concentrated on
In the case of JYSK and Nitori, AR is also used for customers who simply digital communication with
want to browse the different products of the store, being able to take a customers. Their app offers
virtual tour of one of their shops through the website, providing a feeling various features such as
as if they were there in person and walking around. recommendations, room ideas,
and detailed information about
all of their products.

Photo: Sourcing Journal

34 Sources: Present Digital,, Wayfair, Ikea, Nitori Holdings, JYSK, Google Play
Augmented reality apps bring virtual furniture into
actual environments
Trends: augmented reality apps

Retail stores offer a great way to experience furniture first-hand: With the IKEA Place app, it is
Customers can check different pieces from afar and up close, feel possible to see how IKEA furniture
fabrics, textures and even try using products themselves. However, fits into one's own home.
many people choose to buy their furniture online without even visiting a Moreover, the app recognizes
showroom. For them, the benefits of convenience and access to a wide existing IKEA furniture and shows it
assortment of products outweigh the risk of buying an item that does in the official catalog. This means
not match their needs or expectations. To minimize that risk, online that one can save items one likes,
furniture retailers offer a way to bring the advantages of a store visit to see how those, or similar virtual
an online customer: augmented reality apps. items, fit into a real environment
and, ultimately, purchase the
Apple Store and Google Play offer a wide variety of iOS and Android desired piece of furniture.
applications which can be used as virtual furniture catalogs with an AR
functionality. An app like this would use camera devices to scan for
Photo: IKEA press release 2017
surfaces where 3D models can be positioned. Models assume the
dimensions of real objects in an on-screen augmented reality, where Wayfair recently introduced a new
they can be moved, rotated and placed. Shoppers rearrange items using augmented reality feature for its
their devices, before ordering selected products. While some 3D models shopping app: View in Room 3D.
might look coarse, AR apps offer a great way to visualize furniture in real “Leveraging augmented reality, the
environments. Wayfair app allows shoppers to
The benefits for companies offering AR catalogs are great: Online retail transform their homes into virtual
effectively eliminates the high costs of running a brink-and-mortar store, showrooms, allowing them to see
and augmented reality apps make online shopping more tangible and their favourite products up close
fun. However, like printed catalogs, AR apps are not meant to replace and at every angle – all in their very
retail stores. Many customers like to try out products in person before own space,” says Steve Conine, co-
buying them and, more importantly, ask a shop assistant for a second founder and co-chairman of online
opinion, a recommendation, or an idea. furniture retailer Wayfair.
Photo: Wayfair press release 2018

35 Source: IKEA, Wayfair

The furniture of the future might be designed by an
algorithm and made by a 3D printer
Trends: generative design

Generative design offers a new way to look at furniture designing by imitating a natural process of evolution in order to make sure that the most
important design goals and constraints are satisfied. For example, if one is to design a chair, one would set goals, such as the surface size and height of
the seat and the back of the chair, the weight it should support, etc., and constraints, such as the maximum amount of material to be used. The
algorithm would start with a simple 3D model, and, iteratively, add and remove material in order to achieve the goals within the constrains. The result is
a set of hundreds of potential designs to chose from. The same approach can be applied to parts of furniture individually, adding those design features
to the goals which consumers appreciate the most and setting constraints with regard to production expenses. This approach is made feasible by a
significant cost reduction due to 3D printing and the integration of the necessary software into major furniture design products.

Photo: Bone Chair, Joris Laarman Lab, 2006 Photo: Elbo Chair, Autodesk, 2016 Photo: 3D printed joins, Digital Joinery For Hybrid Carpentry, 2017

36 Source: Joris Laarman Lab, Autodesk, [Link],

Smart lighting shapes the living environment
regarding convenience and energy reduction
Trends: smart lighting (1/2)

Smart lighting Philips Hue: smart lighting products and applications1

Smart bulbs and intelligent lighting can provide more living comfort and
a better living atmosphere. There are three main types of lighting: Basic
lighting is the general illumination of a room. Square lighting
concentrates on a specific area, such as the lamp above the dining table.
Mood lighting can be used to set accents and highlights with spotlights.
All these elements can be controlled in a networked home in such a way
that they provide the desired lighting situation for every occasion.

With rising electricity prices, energy efficiency is also becoming

increasingly important. The use of LED lamps reduces energy
consumption, as do smart home options such as the automation of
switching off or dimming the lights at certain times of the day, which
prevents energy from being wasted.

Philips Hue is the market leader for smart home lighting systems. The
system is easy to use, offers a wide choice of lamps and is compatible
with Apple HomeKit, Google Home, and Amazon Echo. In addition, the
Philips Hue system can integrate up to 50 matching LEDs into the smart
home. Light intensity and color tone can be adjusted to mood or activity
via an app, remote or voice control. A hub (except for the Hue Bridge,
which is included in all Philips Hue starter kits) or other smart home
accessories are not necessary for controlling the lighting.

1: Philips press kit 2018

37 Source: Company information
Main reasons for costumers not purchasing smart
lightbulbs are their price and unfamiliarity
Trends: smart lighting (2/2)

Reasons for not purchasing smart bulbs

U.S. Germany

have not been familiar 44%

with them yet 45%

31%
too expensive 31%

satisfied with 29%

current lighting 25%

24%
unnecessary 18%

have not found 10%

the time yet 16%

not all household mem- 14%

bers have smartphones 12%

7%
too complicated 16%

1%
unattractive 6%

consume too 2%
much energy 3%

“Why do you currently not use smart LED bulbs?” U.S.: n=780, non-owners; Germany: n=1113, non-owners
38 Source: Statista Survey household Appliances & Lighting 2017, Statista-Umfrage Leuchtmittel 2016
Agenda

01 Market Outlook 02 Segments 03 Appendix

▪ Overview ▪ Overview and sales figures ▪ Product overview
▪ Market drivers ▪ COVID-19 impact ▪ Authors
▪ Consumer insights ▪ KPI comparison
▪ Sales channels ▪ Country ranking
▪ Key players
▪ Trends

39
BEDROOM
FURNITURE

40
Bedding and Closets, Nightstands & Dressers are an
essential part of the Bedroom Furniture segment
Market definition

▪ This market segment includes a series of furniture that are used in a bedroom from beds, mattresses, and
beddings to dressers, nightstands, and closets.
▪ These predominantly meet people’s sleeping, dressing, and clothing storage needs.

▪ Additionally, people can spend time relaxing, reading, or browsing the web on electronic devices from the
comfort of their bed.

In scope Out of scope

▪ Beds ▪ Consumer electronics

▪ Mattresses ▪ Household appliances

▪ Beddings ▪ Lamps and lighting

▪ Dressers, nightstands, and closets ▪ Floor covering

41 Sources: Statista Consumer Market Outlook 2023

In 2022, worldwide Bedroom Furniture sales
amounted to US$123.17 billion
Segment overview

Worldwide revenue in billion US$ Key takeaways

▪ The worldwide Bedroom Furniture revenue will increase at a CAGR1 of
163.0 4.1% from 2014 to 2027.
155.7
149.2 ▪ In the Bedroom Furniture segment, Norway (US$150.4) and Sweden
+4.1%1 143.2 (US$125.5) had the highest annual revenue per capita in 2022.
136.5
127.0
123.2
110.8 112.6 113.7
101.0
97.0 94.2 95.0

US$123.17bn +4.1%
in 2022 CAGR1 2014–2027
Revenue

2014 2016 2018 2020 2022 2024 2026

1: CAGR: Compound Annual Growth Rate / average growth rate per year
42 Sources: Statista Consumer Market Outlook 2023
Bedding generates the highest revenue in the
Bedroom Furniture segment
Revenue share by subsegment

Worldwide revenue in billion US$

Bedding revenue Mattresses revenue
Closets, Nightstands & Dressers revenue Beds revenue

163.0
+5.8%1 5%

123.2 29%
6%

28%

30%

30%

36%
36%

2022 2027

1: CAGR: Compound Annual Growth Rate / average growth rate per year
43 Sources: Statista Consumer Market Outlook 2023
In 2022, Norwegians and Swedes spent the most on
Bedroom Furniture
Worldwide comparison

Revenue per capita ranking in US$ in 2022 Revenue share in 2022

Africa Australia & Oceania

Norway 150.4
2% 2%

Sweden 125.5

Asia Americas
United States 125.1
22%

Denmark 120.8
43%
Austria 112.7

Switzerland 111.3

Iceland 109.3

Netherlands 102.9

Malta 101.9
Europe 31%
Luxembourg 100.8

44 Sources: Statista Consumer Market Outlook 2023

Bedroom Furniture sales in Europe will increase at a
CAGR1 of 2.0% from 2014 to 2027
KPI comparison – Europe (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 202.0 182.5 182.9 191.9 204.8 203.3 207.1 232.4 210.7 236.8 244.6 252.8 261.2 269.4 2.2%

Bedroom
38.3 33.9 33.8 35.4 38.0 37.4 37.9 43.0 38.1 43.4 44.9 46.3 47.8 49.4 2.0%
Furniture
Share of total market
19.0 18.6 18.5 18.5 18.5 18.4 18.3 18.5 18.1 18.3 18.4 18.3 18.3 18.3 -0.3%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 242.1 218.0 217.9 227.8 242.5 240.2 244.2 273.8 248.1 278.9 288.1 297.8 307.8 317.6 2.1%

Bedroom
45.9 40.5 40.2 42.1 45.0 44.2 44.7 50.7 44.8 51.2 52.9 54.6 56.3 58.2 1.8%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
45 Sources: Statista Consumer Market Outlook 2023
In Europe, Germany was the country with the highest
revenue in the Bedroom Furniture segment
KPI comparison – Europe (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$151 Out of scope

Germany 8.0

France 4.9

United Kingdom 4.0

Italy 3.3

Spain 2.5

46 Sources: Statista Consumer Market Outlook 2023

Bedroom Furniture sales in the Americas will increase
at a CAGR1 of 4.6% from 2014 to 2027
KPI comparison – Americas (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 193.2 203.4 209.4 224.0 243.4 253.3 264.2 288.6 294.5 317.6 331.0 344.9 359.1 374.2 5.2%

Bedroom
35.7 37.4 38.3 40.6 44.2 45.8 47.7 51.8 52.5 56.2 58.4 60.1 61.8 63.8 4.6%
Furniture
Share of total market
18.5 18.4 18.3 18.1 18.2 18.1 18.0 17.9 17.8 17.7 17.7 17.4 17.2 17.1 -0.6%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 206.1 214.9 219.2 232.3 250.1 258.1 266.9 289.3 293.0 313.8 324.8 336.3 347.8 360.1 4.4%

Bedroom
38.1 39.6 40.1 42.1 45.5 46.7 48.2 51.9 52.2 55.6 57.4 58.6 59.9 61.4 3.7%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
47 Sources: Statista Consumer Market Outlook 2023
In the Americas, the U.S. was the country with the
highest revenue in the Bedroom Furniture segment
KPI comparison – Americas (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$125 Out of scope

United States 41.9

Canada 3.0

Brazil 2.3

Mexico 1.5

Argentina 0.9

48 Sources: Statista Consumer Market Outlook 2023

Bedroom Furniture sales in Asia will increase at a
CAGR1 of 6.7% from 2014 to 2027
KPI comparison – Asia (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 102.6 104.6 107.3 117.3 134.4 140.3 136.7 154.5 159.8 179.2 193.9 209.4 226.4 245.4 6.9%

Bedroom
18.3 18.5 18.7 20.6 23.9 24.8 23.7 27.0 27.6 31.2 33.7 36.3 39.1 42.3 6.7%
Furniture
Share of total market
17.8 17.7 17.5 17.5 17.8 17.7 17.3 17.5 17.3 17.4 17.4 17.3 17.3 17.2 -0.3%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 24.5 24.7 25.1 27.2 30.9 32.0 30.9 34.7 35.6 39.6 42.6 45.7 49.1 52.9 6.1%

Bedroom
4.4 4.4 4.4 4.8 5.5 5.7 5.4 6.1 6.1 6.9 7.4 7.9 8.5 9.1 5.8%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
49 Sources: Statista Consumer Market Outlook 2023
In Asia, China was the country with the highest
revenue in the Bedroom Furniture segment
KPI comparison – Asia (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$75 Out of scope

China 13.9

Japan 3.5

Saudi Arabia 1.6

South Korea 1.6

United Arab Emirates 0.7

50 Sources: Statista Consumer Market Outlook 2023

Bedroom Furniture sales in Africa will increase at a
CAGR1 of 3.7% from 2014 to 2027
KPI comparison – Africa (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 15.8 15.2 13.8 14.2 15.4 15.8 15.6 17.2 16.9 19.2 20.8 22.5 24.5 26.7 4.1%

Bedroom
2.9 2.7 2.4 2.4 2.7 2.7 2.7 2.9 2.8 3.3 3.6 3.9 4.2 4.6 3.7%
Furniture
Share of total market
18.3 18.0 17.4 17.3 17.4 17.3 17.1 17.1 16.8 17.1 17.2 17.2 17.3 17.4 -0.4%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 15.7 14.6 13.0 13.0 13.8 13.8 13.3 14.3 13.8 15.3 16.1 17.1 18.2 19.4 1.7%

Bedroom
2.9 2.6 2.3 2.3 2.4 2.4 2.3 2.5 2.3 2.6 2.8 2.9 3.2 3.4 1.3%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
51 Sources: Statista Consumer Market Outlook 2023
In Africa, Nigeria was the country with the highest
revenue in the Bedroom Furniture segment
KPI comparison – Africa (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$13 Out of scope

Nigeria 0.8

Egypt 0.3

Algeria 0.3

South Africa 0.2

Tunisia 0.1

52 Sources: Statista Consumer Market Outlook 2023

Bedroom Furniture sales in Australia & Oceania will
increase at a CAGR1 of 3.6% from 2014 to 2027
KPI comparison – Australia & Oceania (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 9.9 9.4 10.2 10.8 11.1 10.5 10.5 12.3 12.4 13.4 14.0 14.7 15.4 16.1 3.9%

Bedroom
1.8 1.7 1.8 1.9 2.0 1.8 1.8 2.2 2.2 2.4 2.5 2.6 2.7 2.9 3.6%
Furniture
Share of total market
18.2 18.0 18.1 17.9 17.8 17.5 17.5 17.7 17.7 17.7 17.8 17.7 17.7 17.7 -0.2%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 266.5 250.7 267.2 278.9 282.7 265.5 261.3 301.8 301.3 321.8 332.9 344.6 357.3 370.2 2.6%

Bedroom
48.4 45.0 48.4 49.8 50.2 46.5 45.6 53.5 53.3 57.1 59.2 61.1 63.2 65.4 2.3%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
53 Sources: Statista Consumer Market Outlook 2023
In Australia & Oceania, Australia had the highest
revenue in the Bedroom Furniture segment
KPI comparison – Australia & Oceania (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$74 Out of scope

Australia 1.83

New Zealand 0.36

Fiji <0.01

Papua New Guinea <0.01

54 Sources: Statista Consumer Market Outlook 2023

In Nigeria, the Bedroom Furniture segment will grow
by 105.8% from 2022 to 2027
Top countries by region

Revenue in the top countries in billion US$1

Europe Americas Asia Africa Australia & Oceania

+18.3%

49.5

41.9

+78.1%

24.8

+14.3% 13.9

8.0 9.2 +105.8%

+29.0%

1.7 1.8 2.4

0.8

2022 2027 2022 2027 2022 2027 2022 2027 2022 2027

Germany United States China Nigeria Australia

1: Bar heights may vary due to rounded figures

55 Sources: Statista Consumer Market Outlook 2023
HOME DECOR

56
Carpets & Rugs and Curtains are essential in the
Home Decor segment
Market definition

▪ The Home Decor market includes a variety of accessories and furnishings used to make a space more
aesthetically appealing.
▪ This market consist of 4 segments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

▪ Items in this segment can be found in virtually every room within the home and are typically used to
showcase one’s unique style and creativity.

▪ Home décor has the potential to influence one’s physical and mental well-being and includes items such as
candles, curtains and drapes, carpets and rugs, and other decorative accessories.

In scope Out of scope

▪ Scented candles ▪ Flameless & Floating candles

▪ Statuettes, Flowerpots, & Vases ▪ Shower curtains

▪ Knotted, tufted, & woven carpets ▪ Smart blinds

▪ Rugs ▪ Clocks

▪ Curtains ▪ Plants

▪ Mirrors

57 Sources: Statista Consumer Market Outlook 2023

In 2022, worldwide Home Decor sales amounted to
US$122.4 billion
Segment overview

Worldwide revenue in billion US$ Key takeaways

158.4 ▪ The worldwide Home Decor revenue will increase at a CAGR1 of 4.9%
150.3 from 2014 to 2027.
142.6 ▪ In the Home Decor segment, Norway (US$121.2) and Netherlands
+4.9%1 135.4 (US$116.6) had the highest annual revenue per capita in 2022.
128.7
122.4
116.7
105.6 108.7
101.2
97.4
93.3
89.3
84.6

US$122.4bn +4.9%
in 2022 CAGR1 2014–2027
Revenue

2014 2016 2018 2020 2022 2024 2026

1: CAGR: Compound Annual Growth Rate / average growth rate per year
58 Sources: Statista Consumer Market Outlook 2023
Carpets & Rugs generate the highest revenue in the
Home Decor segment
Revenue share by subsegment

Worldwide revenue in billion US$

Decorations revenue Carpets & Rugs revenue Curtains revenue Candles revenue

158.4
+5.3%
8%

122.4
32%
8%

31%

37%

38%

23%
23%

2022 2027

1: CAGR: Compound Annual Growth Rate / average growth rate per year
59 Sources: Statista Consumer Market Outlook 2023
In 2022, Norweigians and Dutch spent the most on
Home Decor
Worldwide comparison

Revenue per capita ranking in US$ in 2022 Revenue share in 2022

Africa Australia & Oceania

Norway 121.1
3% 2%
Netherlands 116.6 Americas

Iceland 101.1

United States 96.7 36%

Europe
29%
Denmark 95.4

Luxembourg 94.9

Switzerland 92.8

Sweden 92.1

Canada 87.6

Germany 83.3
30%
Asia

60 Sources: Statista Consumer Market Outlook 2023

Home Decor sales in Europe will increase at a CAGR1
of 2.6% from 2014 to 2027
KPI comparison – Europe (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 202.0 182.5 182.9 191.9 204.8 203.3 207.1 232.4 210.7 236.8 244.6 252.8 261.2 269.4 2.2%

Home Decor 29.9 30.6 31.4 32.2 32.9 33.6 34.0 35.3 36.1 37.1 38.2 39.3 40.6 41.9 2.6%

Share of total market

14.8 16.8 17.2 16.8 16.1 16.5 16.4 15.2 17.1 15.7 15.6 15.6 15.5 15.5 0.4%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 242.1 218.0 217.9 227.8 242.5 240.2 244.2 273.8 248.1 278.9 288.1 297.8 307.8 317.6 2.1%

Home Decor 35.8 36.6 37.4 38.2 39.0 39.7 40.1 41.6 42.5 43.7 45.0 46.3 47.8 49.3 2.5%

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
61 Sources: Statista Consumer Market Outlook 2023
In Europe, Germany was the country with the highest
revenue in the Home Decor segment
KPI comparison – Europe (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$122 Out of scope

Germany 7.0

United Kingdom 4.4

France 3.4

Turkey 3.2

Russia 2.4

62 Sources: Statista Consumer Market Outlook 2023

Home Decor sales in the Americas will increase at a
CAGR1 of 5.8% from 2014 to 2027
KPI comparison – Americas (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 193.2 203.4 209.4 224.0 243.4 253.3 264.2 288.6 294.5 317.6 331.0 344.9 359.1 374.2 5.2%

Home Decor 27.9 29.9 31.5 33.2 34.6 36.3 37.8 41.4 43.9 46.4 49.1 52.0 55.0 58.2 5.8%

Share of total market

14.5 14.7 15.0 14.8 14.2 14.3 14.3 14.3 14.9 14.6 14.8 15.1 15.3 15.5 0.6%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 206.1 214.9 219.2 232.3 250.1 258.1 266.9 289.3 293.0 313.8 324.8 336.3 347.8 360.1 4.4%

Home Decor 29.8 31.6 33.0 34.4 35.5 37.0 38.2 41.5 43.7 45.9 48.2 50.7 53.3 56.0 5.0%

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
63 Sources: Statista Consumer Market Outlook 2023
In the Americas, the U.S. was the country with the
highest revenue in the Home Decor segment
KPI comparison – Americas (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$97 Out of scope

United States 31.3

Canada 5.0

Brazil 1.9

Mexico 1.7

Argentina 0.9

64 Sources: Statista Consumer Market Outlook 2023

Home Decor sales in Asia will increase at a CAGR1 of
6.5% from 2014 to 2027
KPI comparison – Asia (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 102.6 104.6 107.3 117.3 134.4 140.3 136.7 154.5 159.8 179.2 193.9 209.4 226.4 245.4 6.9%

Home Decor 22.3 24.0 25.5 27.0 28.4 30.2 31.3 34.0 36.3 38.7 41.3 44.2 47.3 50.6 6.5%

Share of total market

21.7 23.0 23.8 23.0 21.1 21.5 22.9 22.0 22.7 21.6 21.3 21.1 20.9 20.6 -0.4%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 24.5 24.7 25.1 27.2 30.9 32.0 30.9 34.7 35.6 39.6 42.6 45.7 49.1 52.9 6.1%

Home Decor 5.3 5.7 6.0 6.3 6.5 6.9 7.1 7.6 8.1 8.6 9.1 9.6 10.2 10.9 5.7%

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
65 Sources: Statista Consumer Market Outlook 2023
In Asia, China was the country with the highest
revenue in the Home Decor segment
KPI comparison – Asia (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$57 Out of scope

China 18.5

Japan 5.3

South Korea 2.0

India 1.6

Saudi Arabia 1.3

66 Sources: Statista Consumer Market Outlook 2023

Home Decor sales in Africa will increase at a CAGR1 of
4.8% from 2014 to 2027
KPI comparison – Africa (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 15.8 15.2 13.8 14.2 15.4 15.8 15.6 17.2 16.9 19.2 20.8 22.5 24.5 26.7 4.1%

Home Decor 3.0 3.2 3.3 3.4 3.5 3.7 3.7 4.0 4.2 4.4 4.6 4.9 5.2 5.5 4.8%

Share of total market

18.9 20.9 23.8 24.0 22.9 23.1 23.9 23.6 24.9 23.1 22.4 21.8 21.0 20.4 0.6%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 15.7 14.6 13.0 13.0 13.8 13.8 13.3 14.3 13.8 15.3 16.1 17.1 18.2 19.4 1.7%

Home Decor 3.0 3.1 3.1 3.1 3.1 3.2 3.2 3.4 3.4 3.5 3.6 3.7 3.8 4.0 2.3%

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
67 Sources: Statista Consumer Market Outlook 2023
In Africa, Nigeria was the country with the highest
revenue in the Home Decor segment
KPI comparison – Africa (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$14 Out of scope

Nigeria 1.0

South Africa 0.5

Egypt 0.4

Algeria 0.4

Angola 0.4

68 Sources: Statista Consumer Market Outlook 2023

Home Decor sales in Australia & Oceania will increase
at a CAGR1 of 3.4% from 2014 to 2027
KPI comparison – Australia & Oceania (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 9.9 9.4 10.2 10.8 11.1 10.5 10.5 12.3 12.4 13.4 14.0 14.7 15.4 16.1 3.9%

Home Decor 1.5 1.6 1.7 1.7 1.8 1.8 1.8 1.9 2.0 2.0 2.1 2.2 2.3 2.3 3.4%

Share of total market

15.4 16.8 16.2 16.0 16.2 17.3 17.6 15.7 15.9 15.3 15.1 14.9 14.7 14.5 -0.4%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 266.5 250.7 267.2 278.9 282.7 265.5 261.3 301.8 301.3 321.8 332.9 344.6 357.3 370.2 2.6%

Home Decor 40.9 42.2 43.4 44.6 45.7 45.9 46.0 47.2 48.1 49.1 50.2 51.4 52.6 53.8 2.1%

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
69 Sources: Statista Consumer Market Outlook 2023
In Australia & Oceania, Australia was the country with
the highest revenue in the Home Decor segment
KPI comparison – Australia & Oceania (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$66 Out of scope

Australia 1.7

New Zealand 0.3

Papua New Guinea <0.01

Fiji <0.01

70 Sources: Statista Consumer Market Outlook 2023

In China, the Home Decor segment will grow by 55.6%
from 2022 to 2027
Top countries by region

Revenue in the top countries in billion US$1

Europe Americas Asia Africa Australia & Oceania

+38.3%

43.3

+55.6%
31.3
28.8

18.5

+11.4%

7.0 7.8 +18.3%

+27.8%

1.0 1.3 1.7 2.0

2022 2027 2022 2027 2022 2027 2022 2027 2022 2027

Germany United States China Nigeria Australia

1: Bar heights may vary due to rounded figures

71 Sources: Statista Consumer Market Outlook 2023
KITCHEN &
DINING
FURNITURE

72
Dining Tables, Kitchen Islands & Pantries are essential
in the Kitchen & Dining Furniture segment
Market definition

▪ This market segment covers a series of furniture suited for the kitchen and dining rooms, which mainly meet
people’s needs for eating, preparing food, or food storage.
▪ This market segment includes dining tables, baker’s racks, kitchen islands/carts, pantry storage, and various
types of kitchenware.

▪ However, household appliances such as refrigerators, stoves, small kitchen appliances, and kitchen
remodels such as sinks and faucets are excluded.

In scope Out of scope

▪ Dining tables ▪ Household appliances

▪ Kitchen islands and carts ▪ Cookware, kitchen, and cleaning utensils

▪ Food pantries ▪ Kitchen remodels

▪ Kitchenware

73 Sources: Statista Consumer Market Outlook 2023

In 2022, worldwide Kitchen & Dining Furniture sales
amounted to US$78.3 billion
Segment overview

Worldwide revenue in billion US$ Key takeaways

▪ The worldwide Kitchen & Dining Furniture revenue will increase at a
102.9 CAGR1 of 4.4% from 2014 to 2027.
98.5 ▪ In the Kitchen & Dining Furniture segment, Iceland (US$160.5) and
94.4
+4.4%1 90.4 Sweden (US$138.5) had the highest annual revenue per capita in
86.8 2022.
80.7
78.3
72.4
68.8 70.2
62.9
58.6 57.6 58.9

US$78.3bn +4.4%
in 2022 CAGR1 2014–2027
Revenue

2014 2016 2018 2020 2022 2024 2026

1: CAGR: Compound Annual Growth Rate / average growth rate per year
74 Sources: Statista Consumer Market Outlook 2023
Dining Tables, Kitchen Islands & Pantries generate the
highest revenue in the segment
Revenue share by subsegment

Worldwide revenue in billion US$

Dining Tables, Kitchen Islands & Pantries Kitchenware

102.9
+5.6%1
20%

78.3

20%

80%

80%

2022 2027

1: CAGR: Compound Annual Growth Rate / average growth rate per year
75 Sources: Statista Consumer Market Outlook 2023
In 2022, Icelanders and the Swedes spent the most
on Kitchen & Dining Furniture
Worldwide comparison

Revenue per capita ranking in US$ in 2022 Revenue share in 2022

Australia & Oceania Africa

Iceland 160.5
2%
Asia 1%
Sweden 138.5 13%

Denmark Americas
112.2

United States 103.4

Norway 96.2
50%
Germany 91.3

Switzerland 86.5

Luxembourg 84.1 Europe 33%

Finland 83.4

Austria 82.6

76 Sources: Statista Consumer Market Outlook 2023

Kitchen & Dining Furniture sales in Europe will
increase at a CAGR1 of 2.5% from 2014 to 2027
KPI comparison – Europe (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 202.0 182.5 182.9 191.9 204.8 203.3 207.1 232.4 210.7 236.8 244.6 252.8 261.2 269.4 2.2%

Kitchen & Dining

25.0 22.2 22.3 23.4 25.3 24.9 25.6 29.3 26.2 30.0 31.0 32.2 33.4 34.6 2.5%
Furniture
Share of total market
12.4 12.2 12.2 12.2 12.3 12.2 12.4 12.6 12.4 12.7 12.7 12.7 12.8 12.9 0.3%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 242.1 218.0 217.9 227.8 242.5 240.2 244.2 273.8 248.1 278.9 288.1 297.8 307.8 317.6 2.1%

Kitchen & Dining

30.0 26.6 26.6 27.8 29.9 29.4 30.2 34.5 30.8 35.3 36.5 37.9 39.4 40.8 2.4%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
77 Sources: Statista Consumer Market Outlook 2023
In Europe, Germany was the country with the highest
revenue in the Kitchen & Dining Furniture segment
KPI comparison – Europe (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$161 Out of scope

Germany 7.3

France 3.0

United Kingdom 2.8

Italy 2.7

Sweden 1.4

78 Sources: Statista Consumer Market Outlook 2023

Kitchen & Dining Furniture sales in the Americas will
increase at a CAGR1 of 5.8% from 2014 to 2027
KPI comparison – Americas (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 193.2 203.4 209.4 224.0 243.4 253.3 264.2 288.6 294.5 317.6 331.0 344.9 359.1 374.2 5.2%

Kitchen & Dining

23.8 25.7 26.8 28.9 31.8 33.3 35.3 38.5 39.1 42.4 44.0 45.9 47.9 49.8 5.8%
Furniture
Share of total market
12.3 12.7 12.8 12.9 13.1 13.2 13.3 13.4 13.3 13.4 13.3 13.3 13.3 13.3 0.6%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 206.1 214.9 219.2 232.3 250.1 258.1 266.9 289.3 293.0 313.8 324.8 336.3 347.8 360.1 4.4%

Kitchen & Dining

25.4 27.2 28.1 30.0 32.6 33.9 35.6 38.6 38.9 41.9 43.2 44.8 46.4 48.0 5.0%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
79 Sources: Statista Consumer Market Outlook 2023
In the Americas, the U.S. had highest revenue in the
Kitchen & Dining Furniture segment
KPI comparison – Americas (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$104 Out of scope

United States 34.6

Canada 1.9

Brazil 0.8

Mexico 0.5

Argentina 0.3

80 Sources: Statista Consumer Market Outlook 2023

Kitchen & Dining Furniture sales in Asia will increase at
a CAGR1 of 5.4% from 2014 to 2027
KPI comparison – Asia (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 102.6 104.6 107.3 117.3 134.4 140.3 136.7 154.5 159.8 179.2 193.9 209.4 226.4 245.4 6.9%

Kitchen & Dining

7.3 7.3 7.4 8.1 9.3 9.5 9.1 10.0 10.2 11.3 12.1 12.8 13.5 14.4 5.4%
Furniture
Share of total market
7.1 7.0 6.9 6.9 6.9 6.8 6.7 6.5 6.4 6.3 6.3 6.1 6.0 5.9 -1.5%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 24.5 24.7 25.1 27.2 30.9 32.0 30.9 34.7 35.6 39.6 42.6 45.7 49.1 52.9 6.1%

Kitchen & Dining

1.7 1.7 1.7 1.9 2.1 2.2 2.1 2.2 2.3 2.5 2.7 2.8 2.9 3.1 4.5%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
81 Sources: Statista Consumer Market Outlook 2023
In Asia, China was the country with the highest
revenue in the Kitchen & Dining Furniture segment
KPI comparison – Asia (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$48 Out of scope

China 4.9

Japan 1.2

Saudi Arabia 0.6

South Korea 0.6

United Arab Emirates 0.5

82 Sources: Statista Consumer Market Outlook 2023

Kitchen & Dining Furniture sales in Africa will increase
at a CAGR1 of 2.5% from 2014 to 2027
KPI comparison – Africa (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 15.8 15.2 13.8 14.2 15.4 15.8 15.6 17.2 16.9 19.2 20.8 22.5 24.5 26.7 4.1%

Kitchen & Dining

1.0 1.0 .9 .9 .9 1.0 .9 1.0 .9 1.1 1.2 1.2 1.3 1.4 2.5%
Furniture
Share of total market
6.6 6.4 6.3 6.1 6.1 6.0 5.9 5.7 5.6 5.6 5.6 5.5 5.4 5.4 -1.6%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 15.7 14.6 13.0 13.0 13.8 13.8 13.3 14.3 13.8 15.3 16.1 17.1 18.2 19.4 1.7%

Kitchen & Dining

1.0 0.9 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 1.0 1.0 0.1%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
83 Sources: Statista Consumer Market Outlook 2023
In Africa, Nigeria was the country with the highest
revenue in the Kitchen & Dining Furniture segment
KPI comparison – Africa (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$5 Out of scope

Nigeria 0.27

Egypt 0.09

Algeria 0.09

South Africa 0.08

Tunisia 0.04

84 Sources: Statista Consumer Market Outlook 2023

Kitchen & Dining Furniture sales in Australia &
Oceania will increase at a CAGR1 of 4.5% until 2027
KPI comparison – Australia & Oceania (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 9.9 9.4 10.2 10.8 11.1 10.5 10.5 12.3 12.4 13.4 14.0 14.7 15.4 16.1 3.9%

Kitchen & Dining

1.4 1.3 1.5 1.6 1.6 1.5 1.5 1.8 1.8 2.0 2.1 2.2 2.4 2.5 4.5%
Furniture
Share of total market
14.5 14.2 14.3 14.6 14.6 14.4 14.4 14.8 14.8 15.1 15.1 15.3 15.5 15.7 0.6%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 266.5 250.7 267.2 278.9 282.7 265.5 261.3 301.8 301.3 321.8 332.9 344.6 357.3 370.2 2.6%

Kitchen & Dining

38.6 35.6 38.2 40.7 41.2 38.3 37.6 44.8 44.5 48.5 50.2 52.7 55.4 57.9 3.2%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
85 Sources: Statista Consumer Market Outlook 2023
In Australia & Oceania, Australia had the highest
revenue in the Kitchen & Dining Furniture segment
KPI comparison – Australia & Oceania (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$61 Out of scope

Australia 1.57

New Zealand 0.26

Fiji <0.01

Papua New Guinea <0.01

86 Sources: Statista Consumer Market Outlook 2023

In Nigeria, the Kitchen & Dining Furniture segment will
grow by 90.9% from 2022 to 2027
Top countries by region

Revenue in the top countries in billion US$1

Europe Americas Asia Africa Australia & Oceania

+27.0%

43.9

34.6

+30.4%
+62.9%
9.6
7.3 8.0 +37.1%
4.9 +90.9%
1.6 2.2
0.3 0.5
2022 2027 2022 2027 2022 2027 2022 2027 2022 2027

Germany United States China Nigeria Australia

1: Bar heights may vary due to rounded figures

87 Sources: Statista Consumer Market Outlook 2023
LIVING ROOM
FURNITURE

88
Seats & Sofas and Cabinets, TV Stands & Side Tables
are essential in the Living Room Furniture segment
Market definition

▪ This market segment includes a variety of furniture that is suited for living rooms, parlors, lounges, and
lobbies.
▪ Although room design might differ between countries, living room furniture predominantly meets people's
needs for sitting, storage, and decoration.

▪ This includes cushioned sofas, various assortments of chairs, coffee, and end tables, as well as other pieces
of furniture used for storage (e.g., TV stands, console tables, etc.)

In scope Out of scope

▪ Sofas and armchairs, dining chairs ▪ Consumer electronics

▪ Bar tables and chairs, stools, and benches ▪ Household appliances

▪ Coffee, console, and side tables ▪ Lamps and lighting

▪ TV and media furniture ▪ Floor covering

89 Sources: Statista Consumer Market Outlook 2023

 In 2022, worldwide Living Room Furniture sales
amounted to US$202.6 billion
Segment overview

Worldwide revenue in billion US$ Key takeaways

▪ The worldwide Living Room Furniture revenue will increase at a CAGR 1
285.0 of 4.8% from 2014 to 2027.
268.9 ▪ In the Living Room Furniture segment, Norway (US$207.2) and Austria
254.2 (US$199.7) had the highest annual revenue per capita in 2022.
+4.8%1 240.4
227.7
207.5 202.6

179.4 183.3 184.5

161.0
155.7
149.3 149.4

US$202.6bn +4.8%
in 2022 CAGR1 2014–2027
Revenue

2014 2016 2018 2020 2022 2024 2026

1: CAGR: Compound Annual Growth Rate / average growth rate per year
90 Sources: Statista Consumer Market Outlook 2023
Seats & Sofas generate the highest revenue in the
Living Room Furniture segment
Revenue share by subsegment

Worldwide revenue in billion US$

Seats & Sofas Cabinets, TV Stands & Side Tables

285.0
+7.1%1

202.6 51%

49%

49%
51%

2022 2027

1: CAGR: Compound Annual Growth Rate / average growth rate per year
91 Sources: Statista Consumer Market Outlook 2023
In 2022, Norwegians and the Austrians spent the
most on Living Room Furniture
Worldwide comparison

Revenue per capita ranking in US$ in 2022 Revenue share in 2022

Africa Australia & Oceania

Norway 207.2
3% 2%

Austria 199.7

Sweden 199.0 Americas

Europe
27%
United States 196.0
42%
Switzerland 171.4

Germany 164.4

Luxembourg 158.6

Belgium 148.6

Netherlands 144.3

Iceland 136.1 Asia 27%

92 Sources: Statista Consumer Market Outlook 2023

Living Room Furniture sales in Europe will increase at
a CAGR1 of 2.2% from 2014 to 2027
KPI comparison – Europe (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 202.0 182.5 182.9 191.9 204.8 203.3 207.1 232.4 210.7 236.8 244.6 252.8 261.2 269.4 2.2%

Living Room
54.7 47.6 47.2 50.0 53.9 53.4 54.3 62.0 54.4 62.7 64.9 67.4 69.9 72.6 2.2%
Furniture
Share of total market
27.1 26.1 25.8 26.1 26.3 26.3 26.2 26.7 25.8 26.5 26.5 26.7 26.8 26.9 0.0%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 242.1 218.0 217.9 227.8 242.5 240.2 244.2 273.8 248.1 278.9 288.1 297.8 307.8 317.6 2.1%

Living Room
65.6 56.8 56.3 59.3 63.9 63.1 64.0 73.0 64.1 73.9 76.5 79.4 82.4 85.5 2.1%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
93 Sources: Statista Consumer Market Outlook 2023
In Europe, Germany was the country with the highest
revenue in the Living Room Furniture segment
KPI comparison – Europe (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$208 Out of scope

Germany 13.2

France 6.7

United Kingdom 5.2

Russia 3.7

Italy 3.4

94 Sources: Statista Consumer Market Outlook 2023

Living Room Furniture sales in the Americas will
increase at a CAGR1 of 4.8% from 2014 to 2027
KPI comparison – Americas (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 193.2 203.4 209.4 224.0 243.4 253.3 264.2 288.6 294.5 317.6 331.0 344.9 359.1 374.2 5.2%

Living Room
58.6 60.1 61.0 65.5 71.6 73.9 76.4 83.5 84.7 91.9 95.8 99.8 103.8 108.1 4.8%
Furniture
Share of total market
30.3 29.6 29.1 29.2 29.4 29.2 28.9 28.9 28.8 29.0 28.9 28.9 28.9 28.9 -0.4%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 206.1 214.9 219.2 232.3 250.1 258.1 266.9 289.3 293.0 313.8 324.8 336.3 347.8 360.1 4.4%

Living Room
62.5 63.5 63.9 67.9 73.6 75.3 77.2 83.7 84.3 90.9 94.0 97.3 100.6 104.1 4.0%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
95 Sources: Statista Consumer Market Outlook 2023
In the Americas, the U.S. was the country with the
highest revenue in the Living Room Furniture segment
KPI comparison – Americas (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$197 Out of scope

United States 65.6

Brazil 4.8

Canada 4.0

Mexico 3.2

Argentina 1.6

96 Sources: Statista Consumer Market Outlook 2023

Living Room Furniture sales in Asia will increase at a
CAGR1 of 7.7% from 2014 to 2027
KPI comparison – Asia (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 102.6 104.6 107.3 117.3 134.4 140.3 136.7 154.5 159.8 179.2 193.9 209.4 226.4 245.4 6.9%

Living Room
34.2 34.1 34.1 38.1 45.8 47.9 45.8 52.9 54.6 62.8 68.6 75.1 82.1 90.1 7.7%
Furniture
Share of total market
33.3 32.6 31.8 32.5 34.1 34.1 33.5 34.3 34.2 35.0 35.4 35.8 36.3 36.7 0.7%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 24.5 24.7 25.1 27.2 30.9 32.0 30.9 34.7 35.6 39.6 42.6 45.7 49.1 52.9 6.1%

Living Room
8.2 8.1 8.0 8.8 10.5 10.9 10.4 11.9 12.2 13.9 15.1 16.4 17.8 19.4 6.9%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
97 Sources: Statista Consumer Market Outlook 2023
In Asia, China was the country with the highest
revenue in the Living Room Furniture segment
KPI comparison – Asia (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$103 Out of scope

China 30.3

Japan 5.9

South Korea 2.8

Saudi Arabia 2.7

Iran 1.5

98 Sources: Statista Consumer Market Outlook 2023

Living Room Furniture sales in Africa will increase at a
CAGR1 of 4.3% from 2014 to 2027
KPI comparison – Africa (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 15.8 15.2 13.8 14.2 15.4 15.8 15.6 17.2 16.9 19.2 20.8 22.5 24.5 26.7 4.1%

Living Room
5.8 5.3 4.6 4.8 5.3 5.5 5.4 6.0 5.8 6.8 7.5 8.2 9.1 10.0 4.3%
Furniture
Share of total market
36.7 35.2 33.4 33.6 34.7 34.8 34.6 34.9 34.4 35.5 35.9 36.4 37.0 37.5 0.2%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 15.7 14.6 13.0 13.0 13.8 13.8 13.3 14.3 13.8 15.3 16.1 17.1 18.2 19.4 1.7%

Living Room
5.7 5.2 4.4 4.4 4.8 4.8 4.6 5.0 4.7 5.4 5.8 6.2 6.7 7.3 1.8%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
99 Sources: Statista Consumer Market Outlook 2023
In Africa, Nigeria was the country with the highest
revenue in the Living Room Furniture segment
KPI comparison – Africa (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$36 Out of scope

Nigeria 1.7

Algeria 0.6

Egypt 0.6

South Africa 0.5

Tunisia 0.3

100 Sources: Statista Consumer Market Outlook 2023

Living Room Furniture sales in Australia & Oceania will
increase at a CAGR1 of 4.3% from 2014 to 2027
KPI comparison – Australia & Oceania (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 9.9 9.4 10.2 10.8 11.1 10.5 10.5 12.3 12.4 13.4 14.0 14.7 15.4 16.1 3.9%

Living Room
2.4 2.3 2.5 2.6 2.7 2.6 2.5 3.1 3.1 3.4 3.6 3.8 4.0 4.2 4.3%
Furniture
Share of total market
24.8 24.3 24.4 24.6 24.5 24.3 24.3 25.0 24.9 25.3 25.4 25.7 25.9 26.1 0.4%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 266.5 250.7 267.2 278.9 282.7 265.5 261.3 301.8 301.3 321.8 332.9 344.6 357.3 370.2 2.6%

Living Room
66.0 60.8 65.3 68.5 69.3 64.6 63.4 75.5 75.1 81.6 84.6 88.5 92.7 96.7 3.0%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
101 Sources: Statista Consumer Market Outlook 2023
In Australia & Oceania, Australia had the highest
revenue in the Living Room Furniture segment
KPI comparison – Australia & Oceania (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$102 Out of scope

Australia 2.59

New Zealand 0.50

Fiji <0.01

Papua New Guinea <0.01

102 Sources: Statista Consumer Market Outlook 2023

In Nigeria, the Living Room Furniture segment will
grow by 116.2% from 2022 to 2027
Top countries by region

Revenue in the top countries in billion US$1

Europe Americas Asia Africa Australia & Oceania

+23.7%

81.2

65.6 +89.6%

57.4

30.3
+24.7%

16.5 +116.2%
13.2 +35.4%

1.7 3.7 2.6 3.5

2022 2027 2022 2027 2022 2027 2022 2027 2022 2027

Germany United States China Nigeria Australia

1: Bar heights may vary due to rounded figures

103 Sources: Statista Consumer Market Outlook 2023
LAMPS &
LIGHTING

104
Ceiling Lights & Chandeliers and Light Bulbs & Fittings
are an essential part of the Lamps & Lighting segment
Market definition

▪ This market segment covers a series of different types of lamps and lights which can be found inside
buildings to provide light to carry out activities.
▪ Lamps and lighting are an essential type of indoor furniture that provide light at any time of the day.

▪ This market includes table and floor lamps, chandeliers, ceiling lights as well as other lamps and light fittings
commonly found indoors.

▪ However, candles, consumer electronics, and household appliances are not included.

In scope Out of scope

▪ Chandeliers, wall, and ceiling lights ▪ Candles

▪ Standing lamps ▪ Consumer electronics

▪ Decoration lighting such as Christmas tree lighting ▪ Household appliances

▪ Light bulbs and fittings

105 Sources: Statista Consumer Market Outlook 2023

In 2022, worldwide Lamps & Lighting sales amounted
to US$75.5 billion
Segment overview

Worldwide revenue in billion US$ Key takeaways

100.0 ▪ The worldwide Lamps & Lighting revenue will increase at a CAGR1 of
95.6 4.4% from 2014 to 2027.
91.5
+4.4%1 87.6 ▪ In the Lamps & Lighting segment, Denmark (US$139.2) and Sweden
83.9 (US$87.5) had the highest annual revenue per capita in 2022.
78.2
75.5
69.6
66.9 68.3
61.0
57.1 55.9 56.8

US$75.5bn +4.4%
in 2022 CAGR1 2014–2027
Revenue

2014 2016 2018 2020 2022 2024 2026

1: CAGR: Compound Annual Growth Rate / average growth rate per year
106 Sources: Statista Consumer Market Outlook 2023
Ceiling Lights & Chandeliers generates the highest
revenue in the Lamps & Lighting segment
Revenue share by subsegment

Worldwide revenue in billion US$

Ceiling Lights & Chandeliers Light Bulbs & Fittings Table & Floor Lamps

100.0
+5.8%1
7%

75.5
8% 42%

44%

51%
48%

2022 2027

1: CAGR: Compound Annual Growth Rate / average growth rate per year
107 Sources: Statista Consumer Market Outlook 2023
In 2022, the Danes and the Swedes spent the most
on Lamps & Lighting
Worldwide comparison

Revenue per capita ranking in US$ in 2022 Revenue share in 2022

Australia & Oceania Africa

Denmark 139.2
2%
2%
Sweden 87.5 Asia
18%
Germany 87.4 Americas

United States 84.8

Malta 77.0 45%

Netherlands 75.4

Austria 70.3

Luxembourg 70.1
Europe
Belgium 67.5 33%

Switzerland 66.5

108 Sources: Statista Consumer Market Outlook 2023

Lamps & Lighting sales in Europe will increase at a
CAGR1 of 2.1% from 2014 to 2027
KPI comparison – Europe (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 202.0 182.5 182.9 191.9 204.8 203.3 207.1 232.4 210.7 236.8 244.6 252.8 261.2 269.4 2.2%

Lamps & Lighting 24.1 21.4 21.4 22.6 24.4 24.2 24.7 28.2 25.0 28.3 29.2 30.0 30.7 31.6 2.1%

Share of total market

11.9 11.7 11.7 11.8 11.9 11.9 12.0 12.1 11.8 12.0 11.9 11.9 11.8 11.7 -0.1%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 242.1 218.0 217.9 227.8 242.5 240.2 244.2 273.8 248.1 278.9 288.1 297.8 307.8 317.6 2.1%

Lamps & Lighting 28.9 25.6 25.5 26.9 28.9 28.6 29.2 33.2 29.4 33.4 34.4 35.3 36.2 37.3 2.0%

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
109 Sources: Statista Consumer Market Outlook 2023
In Europe, Germany was the country with the highest
revenue in the Lamps & Lighting segment
KPI comparison – Europe (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$140 Out of scope

Germany 7.0

France 2.9

United Kingdom 2.7

Italy 1.6

Spain 1.3

110 Sources: Statista Consumer Market Outlook 2023

Lamps & Lighting sales in the Americas will increase at
a CAGR1 of 5.6% from 2014 to 2027
KPI comparison – Americas (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 193.2 203.4 209.4 224.0 243.4 253.3 264.2 288.6 294.5 317.6 331.0 344.9 359.1 374.2 5.2%

Lamps & Lighting 21.3 22.7 23.4 25.4 27.8 29.1 30.5 33.5 33.9 36.8 38.2 39.8 41.4 43.1 5.6%

Share of total market

11.0 11.2 11.2 11.3 11.4 11.5 11.5 11.6 11.5 11.6 11.5 11.5 11.5 11.5 0.4%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 206.1 214.9 219.2 232.3 250.1 258.1 266.9 289.3 293.0 313.8 324.8 336.3 347.8 360.1 4.4%

Lamps & Lighting 22.7 24.0 24.5 26.3 28.6 29.7 30.8 33.6 33.8 36.4 37.5 38.8 40.1 41.5 4.8%

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
111 Sources: Statista Consumer Market Outlook 2023
In the Americas, the U.S. was the country with the
highest revenue in the Lamps & Lighting segment
KPI comparison – Americas (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$85 Out of scope

United States 28.4

Canada 1.7

Brazil 1.1

Mexico 0.7

Argentina 0.5

112 Sources: Statista Consumer Market Outlook 2023

Lamps & Lighting sales in Asia will increase at a CAGR1
of 6.6% from 2014 to 2027
KPI comparison – Asia (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 102.6 104.6 107.3 117.3 134.4 140.3 136.7 154.5 159.8 179.2 193.9 209.4 226.4 245.4 6.9%

Lamps & Lighting 9.2 9.3 9.6 10.5 12.0 12.4 11.9 13.6 13.8 15.7 16.8 18.2 19.6 21.2 6.6%

Share of total market

9.0 8.9 8.9 9.0 8.9 8.8 8.7 8.8 8.7 8.7 8.7 8.7 8.7 8.6 -0.3%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 24.5 24.7 25.1 27.2 30.9 32.0 30.9 34.7 35.6 39.6 42.6 45.7 49.1 52.9 6.1%

Lamps & Lighting 2.2 2.2 2.2 2.4 2.8 2.8 2.7 3.0 3.1 3.5 3.7 4.0 4.2 4.6 5.8%

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
113 Sources: Statista Consumer Market Outlook 2023
In Asia, China was the country with the highest
revenue in the Lamps & Lighting segment
KPI comparison – Asia (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$44 Out of scope

China 6.4

Japan 2.0

South Korea 0.9

Saudi Arabia 0.8

United Arab Emirates 0.4

114 Sources: Statista Consumer Market Outlook 2023

Lamps & Lighting sales in Africa will increase at a
CAGR1 of 3.9% from 2014 to 2027
KPI comparison – Africa (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 15.8 15.2 13.8 14.2 15.4 15.8 15.6 17.2 16.9 19.2 20.8 22.5 24.5 26.7 4.1%

Lamps & Lighting 1.4 1.3 1.2 1.2 1.3 1.3 1.3 1.4 1.4 1.6 1.7 1.9 2.1 2.3 3.9%

Share of total market

8.7 8.6 8.5 8.4 8.3 8.3 8.2 8.2 8.0 8.3 8.3 8.4 8.4 8.5 -0.2%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 15.7 14.6 13.0 13.0 13.8 13.8 13.3 14.3 13.8 15.3 16.1 17.1 18.2 19.4 1.7%

Lamps & Lighting 1.4 1.3 1.1 1.1 1.1 1.1 1.1 1.2 1.1 1.3 1.3 1.4 1.5 1.6 1.5%

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
115 Sources: Statista Consumer Market Outlook 2023
In Africa, Nigeria was the country with the highest
revenue in the Lamps & Lighting segment
KPI comparison – Africa (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$7 Out of scope

Nigeria 0.4

Egypt 0.1

Algeria 0.1

South Africa 0.1

Tunisia 0.1

116 Sources: Statista Consumer Market Outlook 2023

Lamps & Lighting sales in Australia & Oceania will
increase at a CAGR1 of 3.4% from 2014 to 2027
KPI comparison – Australia & Oceania (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 9.9 9.4 10.2 10.8 11.1 10.5 10.5 12.3 12.4 13.4 14.0 14.7 15.4 16.1 3.9%

Lamps & Lighting 1.2 1.1 1.2 1.3 1.3 1.2 1.2 1.4 1.4 1.6 1.6 1.7 1.8 1.8 3.4%

Share of total market

12.0 11.8 11.9 11.9 11.9 11.6 11.6 11.7 11.7 11.6 11.6 11.5 11.4 11.3 -0.4%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 266.5 250.7 267.2 278.9 282.7 265.5 261.3 301.8 301.3 321.8 332.9 344.6 357.3 370.2 2.6%

Lamps & Lighting 32.0 29.6 31.7 33.2 33.7 30.8 30.2 35.3 35.1 37.4 38.7 39.7 40.8 42.0 2.1%

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
117 Sources: Statista Consumer Market Outlook 2023
In Australia & Oceania, Australia was the country with
the highest revenue in the Lamps & Lighting segment
KPI comparison – Australia & Oceania (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$47 Out of scope

Australia 1.22

New Zealand 0.22

Fiji <0.01

Papua New Guinea <0.01

118 Sources: Statista Consumer Market Outlook 2023

In Nigeria, the Lamps & Lighting segment will grow by
109.6% from 2022 to 2027
Top countries by region

Revenue in the top countries in billion US$1

Europe Americas Asia Africa Australia & Oceania

+25.3%

35.6

28.4

+83.2%
+24.1% 11.8
8.7
7.0 6.4 +109.6% +25.3%

0.8 1.2 1.5

0.4
2022 2027 2022 2027 2022 2027 2022 2027 2022 2027

Germany United States China Nigeria Australia

1: Bar heights may vary due to rounded figures

119 Sources: Statista Consumer Market Outlook 2023
HOME OFFICE
FURNITURE

120
Desks & Chairs and Bookcases & Filing Cabinets are
essential in the Home Office Furniture segment
Market definition

▪ With a continuously changing work environment, working from home has become more popular in recent
years.
▪ As people adapt to a home office setting, certain furniture is needed to ensure a good working environment
similar to that of a traditional office.

▪ Furniture used for home offices are useful to provide a comfortable and motivating work environment.

▪ This market segment includes furniture such as swivel seats, office tables, and other furniture typically found
in offices such as filing and storage cabinets as well as bookcases.

▪ However, furniture such as dining tables and chairs, which are not specifically used for work, are not
included, neither are consumer electronics, lamps, and lighting.

In scope Out of scope

▪ Office chairs and swivel seats ▪ Consumer electronics

▪ Office desks and tables ▪ Household appliances

▪ Filing Cabinets and drawers ▪ Lamps and lighting

▪ Bookcases ▪ Dining and bar tables

▪ Office stools

121 Sources: Statista Consumer Market Outlook 2023

In 2022, worldwide Home Office Furniture sales
amounted to US$45 billion
Segment overview

Worldwide revenue in billion US$ Key takeaways

▪ The worldwide Home Office Furniture revenue will increase at a
CAGR1 of 4.5% from 2014 to 2027.
60.1
57.4 ▪ In the Home Office Furniture segment, Netherlands (US$59.9) and
54.8 Sweden (US$59.4) had the highest annual revenue per capita in 2022.
+4.5%1 52.4
50.2
46.6
45.0
41.7
40.0 40.8
36.5
34.1 33.4 34.0

US$45bn +4.5%
in 2022 CAGR1 2014–2027
Revenue

2014 2016 2018 2020 2022 2024 2026

1: CAGR: Compound Annual Growth Rate / average growth rate per year
122 Sources: Statista Consumer Market Outlook 2023
Desks & Chairs generates the highest revenue in the
Home Office Furniture segment
Revenue share by subsegment

Worldwide revenue in billion US$

Desks & Chairs Bookcases & Filing Cabinets

60.1
+5.9%1

23%

45.0

25%

77%

75%

2022 2027

1: CAGR: Compound Annual Growth Rate / average growth rate per year
123 Sources: Statista Consumer Market Outlook 2023
In 2022, the Dutch and the Swedes spent the most on
Home Office Furniture
Worldwide comparison

Revenue per capita ranking in US$ in 2022 Revenue share in 2022

Australia & Oceania Africa

Netherlands 59.9
2% 2%

Sweden 59.4 Asia

18%
United States 50.3 Americas

Germany 50.1

Luxembourg 41.6 45%

Finland 40.6

Norway 40.5

Switzerland 40.4
Europe
Iceland 38.5 34%

Italy 37.8

124 Sources: Statista Consumer Market Outlook 2023

Home Office Furniture sales in Europe will increase at
a CAGR1 of 2.3% from 2014 to 2027
KPI comparison – Europe (1/2)

Revenue in billion US$

CAG
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 R1

Furniture total 202.0 182.5 182.9 191.9 204.8 203.3 207.1 232.4 210.7 236.8 244.6 252.8 261.2 269.4 2.2%

Home Office
14.8 13.2 13.2 14.0 15.0 14.8 15.2 17.3 15.3 17.6 18.1 18.7 19.4 20.0 2.3%
Furniture
Share of total market
7.3 7.2 7.2 7.3 7.3 7.3 7.3 7.4 7.3 7.4 7.4 7.4 7.4 7.4 0.1%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 242.1 218.0 217.9 227.8 242.5 240.2 244.2 273.8 248.1 278.9 288.1 297.8 307.8 317.6 2.1%

Home Office
17.8 15.8 15.8 16.6 17.8 17.5 17.9 20.3 18.1 20.7 21.3 22.1 22.8 23.6 2.2%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
125 Sources: Statista Consumer Market Outlook 2023
In Europe, Germany was the country with the highest
revenue in the Home Office Furniture segment
KPI comparison – Europe (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$60 Out of scope

Germany 4.0

Italy 2.2

France 1.5

United Kingdom 1.3

Netherlands 0.9

126 Sources: Statista Consumer Market Outlook 2023

Home Office Furniture sales in the Americas will
increase at a CAGR1 of 5.7% from 2014 to 2027
KPI comparison – Americas (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 193.2 203.4 209.4 224.0 243.4 253.3 264.2 288.6 294.5 317.6 331.0 344.9 359.1 374.2 5.2%

Home Office
12.5 13.4 13.8 14.9 16.4 17.3 18.1 19.8 20.0 21.8 22.6 23.6 24.6 25.6 5.7%
Furniture
Share of total market
6.5 6.6 6.6 6.7 6.7 6.8 6.9 6.9 6.8 6.9 6.8 6.8 6.8 6.8 0.4%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 206.1 214.9 219.2 232.3 250.1 258.1 266.9 289.3 293.0 313.8 324.8 336.3 347.8 360.1 4.4%

Home Office
13.3 14.1 14.5 15.5 16.9 17.6 18.3 19.8 20.0 21.5 22.2 23.0 23.8 24.7 4.9%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
127 Sources: Statista Consumer Market Outlook 2023
In the Americas, the U.S. had the highest revenue in
the Home Office Furniture segment
KPI comparison – Americas (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$51 Out of scope

United States 16.8

Canada 1.0

Brazil 0.6

Mexico 0.4

Argentina 0.3

128 Sources: Statista Consumer Market Outlook 2023

Home Office Furniture sales in Asia will increase at a
CAGR1 of 6.4% from 2014 to 2027
KPI comparison – Asia (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 102.6 104.6 107.3 117.3 134.4 140.3 136.7 154.5 159.8 179.2 193.9 209.4 226.4 245.4 6.9%

Home Office
5.3 5.4 5.5 6.1 7.0 7.1 6.8 7.8 7.9 8.9 9.6 10.3 11.0 11.9 6.4%
Furniture
Share of total market
5.2 5.1 5.1 5.2 5.2 5.1 5.0 5.0 5.0 5.0 5.0 4.9 4.9 4.8 -0.5%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 24.5 24.7 25.1 27.2 30.9 32.0 30.9 34.7 35.6 39.6 42.6 45.7 49.1 52.9 6.1%

Home Office
1.3 1.3 1.3 1.4 1.6 1.6 1.5 1.7 1.8 2.0 2.1 2.2 2.4 2.6 5.6%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
129 Sources: Statista Consumer Market Outlook 2023
In Asia, China was the country with the highest
revenue in the Home Office Furniture segment
KPI comparison – Asia (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$26 Out of scope

China 3.8

Japan 1.1

South Korea 0.5

Saudi Arabia 0.4

United Arab Emirates 0.3

130 Sources: Statista Consumer Market Outlook 2023

Home Office Furniture sales in Africa will increase at a
CAGR1 of 3.6% from 2014 to 2027
KPI comparison – Africa (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 15.8 15.2 13.8 14.2 15.4 15.8 15.6 17.2 16.9 19.2 20.8 22.5 24.5 26.7 4.1%

Home Office
0.8 0.8 0.7 0.7 0.8 0.8 0.7 0.8 0.8 0.9 1.0 1.1 1.2 1.3 3.6%
Furniture
Share of total market
5.0 5.0 4.9 4.9 4.9 4.8 4.7 4.7 4.6 4.7 4.7 4.7 4.7 4.7 -0.5%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 15.7 14.6 13.0 13.0 13.8 13.8 13.3 14.3 13.8 15.3 16.1 17.1 18.2 19.4 1.7%

Home Office
0.8 0.7 0.6 0.6 0.7 0.7 0.6 0.7 0.6 0.7 0.8 0.8 0.9 0.9 1.2%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
131 Sources: Statista Consumer Market Outlook 2023
In Africa, Nigeria was the country with the highest
revenue in the Home Office Furniture segment
KPI comparison – Africa (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$4 Out of scope

Nigeria 0.23

Egypt 0.08

Algeria 0.08

South Africa 0.07

Tunisia 0.04

132 Sources: Statista Consumer Market Outlook 2023

Home Office Furniture sales in Australia & Oceania will
increase at a CAGR1 of 4.2% from 2014 to 2027
KPI comparison – Australia & Oceania (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 9.9 9.4 10.2 10.8 11.1 10.5 10.5 12.3 12.4 13.4 14.0 14.7 15.4 16.1 3.9%

Home Office
0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.9 0.9 1.0 1.1 1.1 1.2 1.2 4.2%
Furniture
Share of total market
7.3 7.3 7.4 7.5 7.6 7.5 7.4 7.6 7.6 7.6 7.7 7.7 7.7 7.7 0.3%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 266.5 250.7 267.2 278.9 282.7 265.5 261.3 301.8 301.3 321.8 332.9 344.6 357.3 370.2 2.6%

Home Office
19.5 18.3 19.7 21.1 21.3 19.8 19.5 23.0 22.9 24.6 25.5 26.4 27.4 28.4 2.9%
Furniture

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
133 Sources: Statista Consumer Market Outlook 2023
In Australia & Oceania, Australia had the highest
revenue in the Home Office Furniture segment
KPI comparison – Australia & Oceania (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$31 Out of scope

Australia 0.80

New Zealand 0.14

Fiji <0.01

Papua New Guinea <0.01

134 Sources: Statista Consumer Market Outlook 2023

In Nigeria, the Home Office Furniture segment will
grow by 103.8% from 2022 to 2027
Top countries by region

Revenue in the top countries in billion US$1

Europe Americas Asia Africa Australia & Oceania

+26.6%

21.3

16.8

+76.9%
+32.8%
6.8
5.3
4.0 3.8 +103.8% +30.4%

0.8 1.0
0.2 0.5

2022 2027 2022 2027 2022 2027 2022 2027 2022 2027

Germany United States China Nigeria Australia

1: Bar heights may vary due to rounded figures

135 Sources: Statista Consumer Market Outlook 2023
OUTDOOR
FURNITURE

136
Outdoor Furniture is an important part of the
Furniture market
Market definition

▪ This market segment focuses on the types of furniture which are commonly found in the garden, patio, or
on the terrace.
▪ They provide an outdoor space where it is possible to sit, relax, and spend quality time with family and
friends in an outdoor environment within the household grounds.

▪ This market segment includes furniture such as tables, chairs, and even outdoor bar furniture.

▪ However, saunas, outdoor spas, and gardening equipment are not included.

In scope Out of scope

▪ Bamboo seats ▪ Hot tubs and saunas

▪ Patio chairs and tables ▪ Gardening equipment

▪ Outdoor bars ▪ Outdoor lighting

▪ Camping equipment

137 Sources: Statista Consumer Market Outlook 2023

In 2022, worldwide Outdoor Furniture sales
amounted to US$47.3 billion
Segment overview

Worldwide revenue in billion US$ Key takeaways

▪ The worldwide Outdoor Furniture revenue will increase at a CAGR1 of
62.6 4.3% from 2014 to 2027.
60.4
57.6 ▪ In the Outdoor Furniture segment, Sweden (US$92.65) and Iceland
+4.3%1 55.0 (US$87.19) had the highest annual revenue per capita in 2022.
52.4
48.4 47.3

43.4
41.9 42.6
38.3
36.3 35.3 36.2

US$47.3bn +4.3%
in 2022 CAGR1 2014–2027
Revenue

2014 2016 2018 2020 2022 2024 2026

1: CAGR: Compound Annual Growth Rate / average growth rate per year
138 Sources: Statista Consumer Market Outlook 2023
Worldwide Outdoor Furniture sales will increase at a
CAGR1 of 5.8% from 2022 to 2027
Revenue and growth

Worldwide revenue in billion US$

62.6
+5.8%1

47.3

2022 2027

1: CAGR: Compound Annual Growth Rate / average growth rate per year
139 Sources: Statista Consumer Market Outlook 2023
In 2022, the Swedes and Icelanders spent the most
on Outdoor Furniture
Worldwide comparison

Revenue per capita ranking in US$ in 2022 Revenue share in 2022

Africa Australia & Oceania

Sweden 92.6
2% 2%

Iceland 87.2
Asia
United States 49.6 20%
Americas

Netherlands 47.0

43%
Austria 46.4

Norway 43.5

Germany 43.1

Malta 41.7

Switzerland 41.5 Europe

33%
Luxembourg 40.1

140 Sources: Statista Consumer Market Outlook 2023

Outdoor Furniture sales in Europe will increase at a
CAGR1 of 1.9% from 2014 to 2027
KPI comparison – Europe (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 202.0 182.5 182.9 191.9 204.8 203.3 207.1 232.4 210.7 236.8 244.6 252.8 261.2 269.4 2.2%

Outdoor Furniture 15.1 13.5 13.6 14.2 15.2 15.0 15.4 17.3 15.6 17.7 18.2 18.9 19.5 19.4 1.9%

Share of total market

7.5 7.4 7.4 7.4 7.4 7.4 7.4 7.5 7.4 7.5 7.5 7.5 7.5 7.2 -0.3%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 242.1 218.0 217.9 227.8 242.5 240.2 244.2 273.8 248.1 278.9 288.1 297.8 307.8 317.6 2.1%

Outdoor Furniture 18.1 16.2 16.2 16.8 18.0 17.8 18.2 20.4 18.4 20.8 21.5 22.2 23.0 22.8 1.8%

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
141 Sources: Statista Consumer Market Outlook 2023
In Europe, Germany was the country with the highest
revenue in the Outdoor Furniture segment
KPI comparison – Europe (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$93 Out of scope

Germany 3.6

France 2.2

United Kingdom 1.9

Sweden 0.9

Poland 0.9

142 Sources: Statista Consumer Market Outlook 2023

Outdoor Furniture sales in the Americas will increase
at a CAGR1 of 5.1% from 2014 to 2027
KPI comparison – Americas (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 193.2 203.4 209.4 224.0 243.4 253.3 264.2 288.6 294.5 317.6 331.0 344.9 359.1 374.2 5.2%

Outdoor Furniture 13.4 14.1 14.6 15.5 17.0 17.6 18.4 20.1 20.4 22.0 22.9 23.7 24.6 25.5 5.1%

Share of total market

6.9 6.9 7.0 6.9 7.0 6.9 7.0 7.0 6.9 6.9 6.9 6.9 6.8 6.8 -0.1%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 206.1 214.9 219.2 232.3 250.1 258.1 266.9 289.3 293.0 313.8 324.8 336.3 347.8 360.1 4.4%

Outdoor Furniture 14.3 14.9 15.3 16.1 17.4 17.9 18.6 20.1 20.3 21.7 22.4 23.1 23.8 24.5 4.2%

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
143 Sources: Statista Consumer Market Outlook 2023
In the Americas, the U.S. was the country with the
highest revenue in the Outdoor Furniture segment
KPI comparison – Americas (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$50 Out of scope

United States 16.6

Canada 1.2

Brazil 0.7

Mexico 0.5

Chile 0.4

144 Sources: Statista Consumer Market Outlook 2023

Outdoor Furniture sales in Asia will increase at a
CAGR1 of 7.2% from 2014 to 2027
KPI comparison – Asia (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 102.6 104.6 107.3 117.3 134.4 140.3 136.7 154.5 159.8 179.2 193.9 209.4 226.4 245.4 6.9%

Outdoor Furniture 6.0 6.1 6.4 7.0 8.0 8.3 8.0 9.2 9.4 10.7 11.6 12.6 13.7 14.9 7.2%

Share of total market

5.9 5.8 6.0 6.0 6.0 5.9 5.9 5.9 5.9 6.0 6.0 6.0 6.1 6.1 0.3%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 24.5 24.7 25.1 27.2 30.9 32.0 30.9 34.7 35.6 39.6 42.6 45.7 49.1 52.9 6.1%

Outdoor Furniture 1.4 1.4 1.5 1.6 1.8 1.9 1.8 2.1 2.1 2.4 2.6 2.8 3.0 3.2 6.4%

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
145 Sources: Statista Consumer Market Outlook 2023
In Asia, China was the country with the highest
revenue in the Outdoor Furniture segment
KPI comparison – Asia (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$31 Out of scope

China 4.4

Japan 1.2

Saudi Arabia 0.7

South Korea 0.6

United Arab Emirates 0.3

146 Sources: Statista Consumer Market Outlook 2023

Outdoor Furniture sales in Africa will increase at a
CAGR1 of 4.6% from 2014 to 2027
KPI comparison – Africa (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 15.8 15.2 13.8 14.2 15.4 15.8 15.6 17.2 16.9 19.2 20.8 22.5 24.5 26.7 4.1%

Outdoor Furniture 0.9 0.9 0.8 0.8 0.9 0.9 0.9 1.0 1.0 1.1 1.2 1.3 1.5 1.6 4.6%

Share of total market

5.8 5.8 5.8 5.7 5.7 5.7 5.6 5.7 5.6 5.8 5.9 6.0 6.1 6.1 0.5%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 15.7 14.6 13.0 13.0 13.8 13.8 13.3 14.3 13.8 15.3 16.1 17.1 18.2 19.4 1.7%

Outdoor Furniture 0.9 0.8 0.8 0.7 0.8 0.8 0.8 0.8 0.8 0.9 1.0 1.0 1.1 1.2 2.1%

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
147 Sources: Statista Consumer Market Outlook 2023
In Africa, Nigeria was the country with the highest
revenue in the Outdoor Furniture segment
KPI comparison – Africa (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$4 Out of scope

Nigeria 0.28

Egypt 0.09

Algeria 0.09

South Africa 0.08

Tunisia 0.04

148 Sources: Statista Consumer Market Outlook 2023

Outdoor Furniture sales in Australia & Oceania will
increase at a CAGR1 of 2.9% from 2014 to 2027
KPI comparison – Australia & Oceania (1/2)

Revenue in billion US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 9.9 9.4 10.2 10.8 11.1 10.5 10.5 12.3 12.4 13.4 14.0 14.7 15.4 16.1 3.9%

Outdoor Furniture 0.8 0.7 0.8 0.8 0.8 0.8 0.8 0.9 0.9 1.0 1.0 1.1 1.1 1.1 2.9%

Share of total market

7.9 7.6 7.7 7.5 7.5 7.3 7.3 7.4 7.4 7.3 7.3 7.2 7.1 7.0 -0.9%
(in %)

Revenue per capita in US$

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 CAGR1

Furniture total 266.5 250.7 267.2 278.9 282.7 265.5 261.3 301.8 301.3 321.8 332.9 344.6 357.3 370.2 2.6%

Outdoor Furniture 21.0 19.2 20.5 21.0 21.3 19.4 19.0 22.4 22.3 23.5 24.3 24.8 25.3 26.0 1.6%

1: CAGR: Compound Annual Growth Rate / average growth rate per year from 2014 to 2027
149 Sources: Statista Consumer Market Outlook 2023
In Australia & Oceania, Australia had the highest
revenue in the Outdoor Furniture segment
KPI comparison – Australia & Oceania (2/2)

Revenue ranking in billion US$ in 2022 Revenue per capita ranking in US$ in 2022
US$1 US$30 Out of scope

Australia 0.77

New Zealand 0.14

Fiji <0.01

Papua New Guinea <0.01

150 Sources: Statista Consumer Market Outlook 2023

In Nigeria, the Outdoor Furniture segment will grow by
116.6% from 2022 to 2027
Top countries by region

Revenue in the top countries in billion US$1

Europe Americas Asia Africa Australia & Oceania

+22.4%

20.3

16.6

+90.4%

8.4
+24.6%

4.5 4.4
3.6 +116.6%
+22.4%

0.6 0.8 0.9

0.3

2022 2027 2022 2027 2022 2027 2022 2027 2022 2027

Germany United States China Nigeria Australia

1: Bar heights may vary due to rounded figures

151 Sources: Statista Consumer Market Outlook 2023
Agenda

01 Market Outlook 02 Segments 03 Appendix

▪ Overview ▪ Overview and sales figures ▪ Product overview
▪ Market drivers ▪ COVID-19 impact ▪ Authors
▪ Consumer insights ▪ KPI comparison
▪ Sales channels ▪ Country ranking
▪ Key players
▪ Trends

152
About the Statista Consumer Market Insights

200+ 150 13 50,000+

markets countries years (2014 – 2027) interactive statistics

The Consumer Market Insights presents the key performance Home &
4
Accessories
Laundry Care
indicators sales, revenues, and prices of the most important
consumer markets worldwide. Our specialized analysts’ market
calculations are based on data from validated sources. Alcoholic Drinks Hot Drinks

Household
▪ Revenues, volume sales, prices, and forecasts Apparel
Appliances
▪ More than 200 product categories in up to 150 countries
Consumer Non-Alcoholic
▪ Covering the period 2014 to 2027 Electronics Drinks

Beauty & OTC

Personal Care Pharmaceuticals

Eyewear Luxury Goods

Tissue &
Food
Hygiene Paper

Tobacco
Footwear
Products

Furniture Toys & Hobby

Find out more on [Link]/outlook/consumer-markets

153
About the Statista CompanyDB
The Company Analytics Platform

The Company Database provides information on more than 1.5 Million listed
and privately held companies and contains the most important company key
figures as well as in-depth analyses. Additionally, we offer a wide range of
extra KPIs for listed companies. Use the Company Database as a starting
point for your further market assessment. It is also the perfect tool for a
quick research on basic data and provides valuable insights into foreign
markets

More than 180 countries & regions covered

Adjustable industry, country & region rankings

In-depth information on over 1.5 million private

companies and more than 40,000 listed companies

Analyze your competitors and your industry

Find out more on [Link]

154
About the ecommerceDB
The toolbox for all eCommerce-relevant questions

[Link] offers direct access to URL-related revenue

information together with forecasts, customizable top, country,
region and category rankings, KPI analyses, and extensive
eCommerce-relevant contact information to over 20,000 online
stores.

In-depth analysis for over 20,000 online store URLs

Adjustable top, category, country & region

rankings

Download shop profiles for seamless processing

CONTACT US
Direct contact to our eCommerce analysts TEL +49 40 688 93 12 25
E-MAIL [Link]@[Link]

Find out more on [Link]

155
Author

David Mittmann
Analyst

[Link]@[Link]

David Mittmann studied Political Science, Management and Chinese

studies at St. Olaf College, Minnesota, (B.A). He holds an MBA degree
with an emphasis in Real Estate from Roosevelt University. In the
Consumer Market Outlook, he is responsible for the Furniture and DIY &
Hardware Store markets

[Link]