Furniture - Hong Kong

Hong Kong

In Hong Kong, the Furniture market generates a revenue of €5.49bn in 2024.
It is projected to experience an annual growth rate of 2.43% (CAGR 2024-2029).
The largest segment within the market is the Living Room Furniture segment, which has a market volume of €1.50bn in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, amounting to €244bn in 2024.
Taking into consideration the population figures, the per person revenue in Hong Kong's Furniture market is 0.00 in 2024.
The Furniture market is an important sector in the overall economy.
Despite a slowdown in the overall economy, the furniture market in Hong Kong is experiencing strong growth due to an increasing demand for innovative and space-saving furniture solutions in the densely populated city.

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

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

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Analyst Opinion

The Furniture market in Hong Kong has been experiencing significant growth in recent years.

Customer preferences: Customers in Hong Kong have shown a strong preference for modern and minimalist furniture designs. They value functionality and space-saving features, as living spaces in Hong Kong are typically small. Additionally, there is a growing demand for eco-friendly and sustainable furniture options, as customers become more conscious of the environmental impact of their purchases.

Trends in the market: One of the key trends in the furniture market in Hong Kong is the rise of online shopping. With the increasing popularity of e-commerce platforms, customers are now able to browse and purchase furniture from the comfort of their own homes. This has led to a shift in the traditional brick-and-mortar retail model, with many furniture stores now also offering online sales channels. Another trend in the market is the growing popularity of customized furniture. Customers in Hong Kong are increasingly looking for unique and personalized furniture pieces that reflect their individual style and taste. This has led to the emergence of furniture stores and workshops that offer custom-made furniture options.

Local special circumstances: Hong Kong is known for its high population density and limited living space. As a result, customers in Hong Kong have a strong preference for compact and multi-functional furniture that can maximize the use of limited space. Furniture manufacturers and retailers in Hong Kong have responded to this demand by offering a wide range of space-saving furniture options, such as foldable tables and beds with built-in storage.

Underlying macroeconomic factors: The strong economic growth in Hong Kong has contributed to the growth of the furniture market. As disposable incomes rise, customers have more purchasing power and are willing to spend more on furniture. Additionally, the growing number of expatriates and international residents in Hong Kong has also contributed to the demand for furniture, as they often need to furnish their homes upon relocation. In conclusion, the furniture market in Hong Kong is experiencing growth due to customer preferences for modern and minimalist designs, the rise of online shopping, and the demand for customized furniture. The local special circumstances of limited living space have also influenced the market, leading to the popularity of space-saving furniture options. The underlying macroeconomic factors, such as strong economic growth and a growing expatriate population, have further fueled the growth of the market.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.