Living Room Furniture - Japan

Japan

In Japan, the revenue generated in the Living Room Furniture market is estimated to reach US$6.54bn in 2024.
It is projected to experience an annual growth rate of 3.43% (CAGR 2024-2029).
When compared to other countries worldwide, United States leads with a revenue of US$73,080m in 2024.
In terms of per capita income, each person in Japan is expected to contribute US$53.30 to the Living Room Furniture market in 2024.
Japanese consumers are gravitating towards minimalist and functional living room furniture designs, reflecting the country's cultural appreciation for simplicity and efficiency.

Key regions: Worldwide, India, France, Denmark, Brazil

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Analyst Opinion

The Living Room Furniture market in Japan has been experiencing steady growth in recent years. Customer preferences have shifted towards more minimalist and functional designs, with a focus on space-saving furniture. This trend is driven by a combination of factors, including changing lifestyles, urbanization, and the influence of Japanese culture.

Customer preferences: Japanese consumers have traditionally favored simplicity and minimalism in their home decor, and this preference extends to their choice of living room furniture. The concept of "ma" or empty space is deeply ingrained in Japanese culture, and this is reflected in the design of furniture. Customers are increasingly looking for furniture that is not only aesthetically pleasing but also functional and space-saving. Multifunctional furniture, such as sofa beds or coffee tables with storage, are particularly popular as they allow for efficient use of limited living space.

Trends in the market: One of the key trends in the Living Room Furniture market in Japan is the growing demand for compact and modular furniture. As urbanization continues to increase, living spaces are becoming smaller and more expensive. This has led to a rise in demand for furniture that can be easily rearranged or folded away when not in use. Modular sofas and coffee tables with adjustable heights are examples of products that cater to this trend. Another trend in the market is the increasing popularity of eco-friendly and sustainable furniture. Japanese consumers are becoming more conscious of the environmental impact of their purchases and are actively seeking out furniture made from sustainable materials. This includes furniture made from recycled materials or certified sustainable wood. Manufacturers are responding to this demand by offering a wider range of eco-friendly options.

Local special circumstances: The Living Room Furniture market in Japan is also influenced by local special circumstances. One such circumstance is the high cost of living in major cities like Tokyo. As a result, many people, especially young professionals, are opting for smaller living spaces. This has led to a growing demand for compact and multifunctional furniture that can maximize the use of limited space. Another special circumstance is the aging population in Japan. With a large proportion of the population being elderly, there is a growing need for furniture that is designed with accessibility and comfort in mind. Features such as adjustable height, easy-to-use mechanisms, and ergonomic design are increasingly important considerations for older consumers.

Underlying macroeconomic factors: The Living Room Furniture market in Japan is influenced by several macroeconomic factors. Economic growth and rising disposable incomes have contributed to increased consumer spending on furniture. Additionally, low interest rates have made it easier for consumers to finance large purchases, such as furniture. Another factor is the increasing number of single-person households in Japan. As more people choose to live alone, there is a greater demand for smaller furniture that can fit into single living spaces. This trend is expected to continue as the population ages and more elderly individuals choose to live independently. In conclusion, the Living Room Furniture market in Japan is driven by customer preferences for minimalist and functional designs, as well as the local special circumstances of limited living space and an aging population. The market is also influenced by macroeconomic factors such as economic growth and rising disposable incomes. Manufacturers and retailers in the market must adapt to these trends and circumstances in order to meet the evolving needs of Japanese consumers.

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.