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.
Europe is the third largest market in the retail furniture and floor covering segment, just behind North America, contributing to 29% of the global market size. It is among the regions which have a strong influence on the furniture industry globally.
Germany makes up one-fourth of the Europe market size and is among the biggest markets globally in the retail furniture and floor covering segment with a market value of $53 billion in 2021.
The retail furniture and floor covering segment in Europe is valued at $206 billion in 2021, witnessing an increase of 11% from the previous year. The significance of this growth increases when considering the negative growth for two consecutive years prior to this due to the COVID-19 pandemic. It is promising growth as the world is recovering in the overall demand post-pandemic COVID-19, especially in the retail sector, as both brick-and-mortar and online businesses resumed their operations after being under restrictions for almost two years.
As the lifestyle of people has improved, the general public has become more spendthrift and is willing to spend more on lifestyle products resulting in an increase in the demand for home decorations and furnishings, and hence, the retail furniture and floor covering segment grew at a CAGR of 2.8% during 2017–2021 in the Europe region.
Germany, Italy, France, The UK, and Russia are the top markets for retail furniture and floor covering segment in the Asia-Pacific region.
The major retail furniture and floor covering players which have a strong dominance in the European markets include IKEA, XXXLutz, Forbo Group, and Balta among others.
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