Furniture - South Korea

South Korea

In South Korea, the revenue in the Furniture market is projected to reach €8.94bn by 2024.
Furthermore, the market is expected to experience an annual growth rate of 3.56% (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 €2.73bn in 2024.
When compared to other countries worldwide, in the United States leads in terms of revenue generation, with an expected revenue of €244bn in 2024.
In terms of per capita revenue, in South Korea is projected to generate 0.00 per person in 2024.
The demand for modern, minimalist furniture in South Korea has been on the rise, reflecting the country's growing interest in sleek and functional designs.

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 South Korea is experiencing significant growth and development.

Customer preferences: South Korean consumers have shown a strong preference for modern and functional furniture designs. They value sleek and minimalist aesthetics, as well as furniture that maximizes space efficiency. Additionally, there is a growing demand for eco-friendly and sustainable furniture options, as consumers become more conscious of their environmental impact.

Trends in the market: One of the key trends in the South Korean furniture market is the rise of online shopping. With the increasing popularity of e-commerce platforms, consumers are now able to easily browse and purchase furniture online, which has significantly expanded their options and convenience. This trend has also led to the emergence of online furniture retailers and marketplaces, offering a wide range of products to cater to different customer preferences. Another trend in the market is the increasing demand for smart furniture. South Korean consumers are embracing technology in their homes, and this is reflected in their furniture choices. Smart furniture, such as adjustable beds, connected lighting systems, and voice-controlled appliances, are gaining popularity as they offer convenience and enhance the overall living experience.

Local special circumstances: South Korea has a relatively small average living space compared to other countries, which has influenced consumer preferences and furniture choices. Given the limited space available, South Korean consumers prioritize furniture that is compact and multifunctional, allowing them to maximize the use of their living area. This has led to the popularity of furniture with built-in storage solutions and modular designs that can be easily rearranged to suit different needs.

Underlying macroeconomic factors: The South Korean furniture market is benefiting from several macroeconomic factors. The country's strong economic growth and rising disposable incomes have contributed to increased consumer spending on furniture. Additionally, the government's efforts to promote the housing market and encourage homeownership have also boosted the demand for furniture. South Korea's aging population is another factor driving the market, as older adults often seek to upgrade their furniture for comfort and accessibility. In conclusion, the Furniture market in South Korea is experiencing growth and development driven by customer preferences for modern and functional designs, the rise of online shopping, and the increasing demand for smart furniture. Local special circumstances, such as limited living space, have also influenced consumer preferences. The underlying macroeconomic factors, including strong economic growth, rising disposable incomes, government initiatives, and an aging population, are further contributing to the market's growth.

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.