Press Release

Australia Furniture Market to Grow with a CAGR of 5.90% through 2029

Australia Furniture Market is driven by a combination of factors such as shift toward sustainability, online retail dominance, and space-saving solutions.

           

According TechSci Research report, “Australia Furniture Market – By Region, Competition, Forecast and Opportunities, 2019-2029F”, the Australia Furniture Market stood at USD 10.20 billion in 2023 and is anticipated to grow with a CAGR of 5.90% through 2029. The Australian furniture market is a dynamic and evolving industry that plays a crucial role in shaping the country's interior design and home decor landscape.  The history of the Australian furniture market dates back to the early days of European colonization when settlers brought with them furniture and craftsmanship traditions from their home countries. In the 19th century, local furniture manufacturing began to emerge, catering to the needs of the growing population and providing essential pieces for households.

 

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One of the most prominent trends in the Australia furniture market is the increasing demand for sustainable and eco-friendly products. Consumers are more conscious of the environmental impact of their choices and are seeking furniture made from recycled or renewable materials. Manufacturers are responding by incorporating sustainability into their designs and production processes, such as using reclaimed wood or low-VOC finishes. The digital transformation has affected the furniture market, with a significant shift towards online retail and e-commerce. This trend has been accelerated by the COVID-19 pandemic, which pushed consumers to explore online purchasing options. E-commerce platforms offer a vast array of choices and the convenience of shopping from home, which has become particularly appealing to consumers.

Consumers are increasingly looking for furniture that suits their specific needs and preferences. Customization and personalization options are on the rise, allowing customers to choose materials, colors, and designs that align with their unique style. This trend reflects a desire for individuality and personal expression in interior design. With the rise of smart homes, the demand for furniture that integrates technology has grown. This includes furniture with built-in charging stations, sound systems, and even IoT-connected pieces. This trend is driven by  desire for convenience and the seamless integration of technology into daily life.

As urbanization continues, living spaces in cities are shrinking. Compact and multifunctional furniture designs are gaining popularity, as they help maximize space utilization. Sofa beds, folding tables, and modular furniture are examples of products designed to meet these needs. Despite the market's focus on sustainability and affordability, there is a growing segment of consumers interested in luxury and designer furniture. High-end brands and bespoke furniture cater to this niche market, offering exquisite craftsmanship and unique designs.

Recent years have witnessed a shift in consumer preferences towards sustainable and eco-friendly furniture options. Australian consumers are increasingly conscious of the environmental impact of their purchases, driving demand for products made from renewable materials and employing ethical production practices. This trend has spurred innovation within the industry, with many manufacturers adopting recycled materials and reducing carbon footprints in their manufacturing processes.

Moreover, there is a growing preference for customizable furniture pieces that allow consumers to express their individuality and fit specific spatial requirements. This customization trend extends to both mass-produced furniture lines and artisanal, handmade pieces, catering to a spectrum of budgets and design sensibilities.

In conclusion, the Australia furniture market exemplifies a dynamic interplay of consumer trends, industry innovation, and environmental responsibility. As consumer preferences continue to evolve towards sustainability and customization, the market is poised for growth and adaptation. By embracing these trends and leveraging technological advancements, furniture manufacturers and retailers can navigate challenges and capitalize on opportunities to meet the diverse demands of Australian consumers effectively. The future of the Australian furniture market promises to be both exciting and transformative, driven by a commitment to quality, sustainability, and innovation.

The Australia Furniture market is segmented into product type, raw material, sales channel, and region.

Based on sales channel, supermarkets/hypermarkets have emerged as dominant players, leveraging their extensive reach and diverse product offerings to capture a significant share of consumer spending. These retail giants not only cater to everyday household needs but also provide a wide selection of furniture items ranging from budget-friendly options to premium pieces.

Supermarkets and hypermarkets capitalize on their ability to offer convenience, competitive pricing, and a one-stop shopping experience that appeals to a broad spectrum of consumers. They often showcase popular furniture brands alongside their own private-label lines, enhancing choice and affordability for shoppers. Moreover, these large retailers invest in comprehensive marketing strategies and expansive store layouts that showcase furniture displays attractively. This approach not only encourages impulse purchases but also allows consumers to physically interact with furniture pieces before making a buying decision, which remains crucial in such a tactile purchasing category.

Overall, supermarkets and hypermarkets continue to play a pivotal role in shaping the landscape of the Australian furniture market, setting trends, and influencing consumer preferences through their vast retail presence and strategic market positioning.

 

Key market players in the Australia Furniture market include:

  • IKEA Pty Limited
  • Harvey Norman Holdings Limited
  • Living Edge (Aust) Pty Ltd
  • Nick Scali Limited
  • Greenlit Brands Pty Limited
  • Freedom Furniture Australia Pty Limited
  • Amart Furniture Pty Limited
  • King Furniture Australia Pty Ltd
  • Saveba Pty Ltd trading (Coco Republic)
  • Kogan Australia Pty Ltd

 

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“The Australia furniture market is a dynamic and thriving industry that caters to a wide range of consumer needs and preferences. With a strong economy and a growing population, Australia offers a robust marketplace for furniture manufacturers and retailers. The market encompasses a broad spectrum of furniture products, including residential, office, and outdoor furniture, as well as various home decor items. One of the key factors driving the growth of the Australia furniture market is the country's expanding urbanization and a focus on interior design and home improvement. Consumers are increasingly looking for stylish, functional, and sustainable furniture options, which has led to a surge in demand for eco-friendly and locally made products.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based Global management consulting firm.

“Australia Furniture Market By Product Type (Home Furniture, Office Furniture and Institutional Furniture), By Raw Material (Wood, Plastic, Metal and Others (Bamboo, Cane, etc.)), By Sales Channel (Supermarkets/Hypermarkets, Exclusive Stores, Online and Others (Direct Sales, etc.)), By Region, Competition, Forecast and Opportunities, 2019-2029F”, has evaluated the future growth potential of furniture and provides statistics and information on market structure, size, share, and future growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Australia furniture market.

 

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