Furniture - Finland

Finland

In Finland, the revenue in the Furniture market is projected to reach US$2.31bn in 2024.
It is anticipated that the market will experience an annual growth rate of 0.93% (CAGR 2024-2029).
The largest segment in this market is the Living Room Furniture segment, which is estimated to have a market volume of US$0.48bn in 2024.
When compared globally, United States generates the highest revenue in the Furniture market, with US$263bn in 2024.
In terms of per capita figures, in Finland generates US$416.90 in revenue per person in 2024.
Finland's furniture market is thriving with its unique blend of minimalist designs, sustainable materials, and emphasis on functionality.

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.

Market

Region

Region comparison

Currency

Analyst Opinion

The Furniture market in Finland has been experiencing steady growth over the past few years, driven by changing customer preferences, emerging trends, and favorable macroeconomic factors.

Customer preferences: in the Finnish Furniture market have shifted towards more sustainable and eco-friendly products. Customers are increasingly conscious of the environmental impact of their purchases and are opting for furniture made from renewable materials such as wood and bamboo. Additionally, there is a growing demand for furniture that is designed to be multifunctional and space-saving, catering to the needs of smaller living spaces in urban areas. Trends in the Finnish Furniture market reflect the global shift towards online shopping. e-commerce has gained significant traction in recent years, allowing customers to browse and purchase furniture from the comfort of their own homes. This trend has been further accelerated by the covid-19 pandemic, as people have been spending more time at home and seeking to improve their living spaces. Online retailers have capitalized on this trend by offering a wide range of furniture options, competitive prices, and convenient delivery services. Another trend in the Finnish Furniture market is the rise of Scandinavian design. Known for its minimalist and functional approach, Scandinavian design has gained popularity both domestically and internationally. Finnish furniture brands are known for their high-quality craftsmanship and timeless aesthetic, attracting customers who appreciate the simplicity and elegance of Scandinavian design. Local special circumstances in Finland also contribute to the development of the Furniture market. Finland has a strong tradition of woodworking and furniture manufacturing, with many local artisans and manufacturers producing unique and high-quality furniture pieces. This craftsmanship and attention to detail have helped Finnish furniture brands establish a reputation for excellence, attracting customers who value quality and durability. Additionally, finland's cold climate and long winters have created a culture of indoor living, with people spending more time at home and investing in their living spaces. Underlying macroeconomic factors have also played a role in the growth of the Finnish Furniture market. Finland has a stable economy with a high standard of living, allowing consumers to prioritize quality and design when making furniture purchases. Additionally, favorable government policies and incentives have supported the growth of the furniture industry, encouraging innovation and sustainable practices. In conclusion, the Furniture market in Finland is developing in response to changing customer preferences, emerging trends, and favorable macroeconomic factors. Customers are increasingly seeking sustainable and multifunctional furniture options, while online shopping and Scandinavian design continue to gain popularity.

Local special circumstances: such as finland's woodworking tradition and indoor living culture, further contribute to the growth of the market. Overall, the Finnish Furniture market is expected to continue its upward trajectory in the coming years.

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.