The furniture and floor covering segment is a popular product category in the retail industry. The segment offers a variety of products, including living room furniture, bathroom furniture, Kitchen furniture, bedroom furniture, and floor covering.
The market for retail furniture and floor covering globally reached $708 billion in 2021. The retail furniture and floor covering market grew 12% in 2021 following the recovery in demand as consumer spending on retail products increased amid a decline in COVID-19 cases, which led to the easing of restrictions. This enabled brick-and-mortar stores and online stores to resume their operations after being under restrictions for almost two years.
Moreover, due to the outbreak of the COVID-19 pandemic, demand for furniture and floor covering globally declined, which led to a decrease in the market value of the segment by 4% to $635 billion in 2020.
The US, China, Japan, Germany, and Italy are the major markets in the retail furniture and floor covering segment. The US and China account for 27% and 24% share of the global furniture and floor covering segment, respectively.
The major companies that have a strong presence in the global furniture and floor covering market include IKEA, Ashley Furniture, Kingfisher, and Milliken & Co.
The global furniture and floor covering market grew at a CAGR of 3.6% during 2017–2021. The segment grew at a healthy rate until 2020 as the demand for home decorations and furnishings increased owing to the improved lifestyle of people. However, the segment registered a decline due to the outbreak of the COVID-19 pandemic in 2020.
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