Furniture - Russia

Russia

In 2024, the Furniture market in Russia is projected to generate a revenue of €15.68bn.
Looking ahead, the market is expected to experience an annual growth rate of 0.65% (CAGR 2024-2029).
The largest segment within the Furniture market is the Living Room Furniture segment, which is estimated to have a market volume of €5.64bn in 2024.
When compared globally, in the United States leads in terms of revenue generation, with €244bn in 2024.
Taking into account the total population, the per person revenue in Russia's Furniture market is estimated to be 0.00 in 2024.
The furniture market in Russia is currently experiencing a surge in demand for high-quality, locally-made products.

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 Russia has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Russian customers have shown a growing preference for modern and contemporary furniture styles. They are increasingly looking for furniture that is not only functional but also aesthetically pleasing and in line with the latest design trends. This shift in customer preferences has led to an increase in demand for furniture with sleek lines, minimalist designs, and innovative materials.

Trends in the market: One of the key trends in the Furniture market in Russia is the rising popularity of online shopping. With the increasing penetration of the internet and the growing number of e-commerce platforms, consumers are now able to browse and purchase furniture from the comfort of their homes. This trend has not only expanded the customer base but has also made furniture more accessible to people living in remote areas. Another trend in the market is the focus on sustainability and eco-friendly materials. Russian consumers are becoming more conscious of the environmental impact of their purchases and are actively seeking furniture made from sustainable materials such as bamboo, reclaimed wood, and recycled plastic. This trend is driven by a combination of factors, including increased awareness of environmental issues and government initiatives promoting sustainable practices.

Local special circumstances: Russia's vast geography and diverse climate create unique challenges and opportunities for the Furniture market. The country's extreme weather conditions, with cold winters and hot summers, require furniture that is durable and can withstand temperature fluctuations. Additionally, the size of Russian homes and apartments tends to be smaller compared to other countries, leading to a demand for space-saving and multifunctional furniture.

Underlying macroeconomic factors: The growth of the Furniture market in Russia is also influenced by underlying macroeconomic factors. The country's improving economic conditions, including rising disposable incomes and a growing middle class, have contributed to increased consumer spending on furniture. Additionally, government initiatives to promote domestic manufacturing and reduce dependence on imports have boosted the production of furniture in the country. In conclusion, the Furniture market in Russia is experiencing growth due to changing customer preferences, emerging trends such as online shopping and sustainability, local special circumstances including extreme weather conditions and smaller living spaces, and underlying macroeconomic factors such as improving economic conditions and government initiatives. These factors are shaping the market and creating opportunities for both domestic and international furniture manufacturers and retailers.

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.