The Business Research Company’s Furniture And Home Furnishings Stores Global Market Report 2021 – COVID-19 Impact And Recovery
LONDON, GREATER LONDON , UK, November 11, 2021 /EINPresswire.com/ — According to the new market research report ‘Furniture And Home Furnishings Stores Global Market Report 2021: COVID-19 Impact And Recovery’ published by The Business Research Company, the furniture and home furnishings stores market is expected to grow from $372.83 billion in 2020 to $404.7 billion in 2021 at a compound annual growth rate (CAGR) of 8.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $481.11 billion in 2025 at a CAGR of 4%. With the rapid growth in retail data and the availability of technologies to analyse data it will become easier for furniture and home furnishings stores to identify and meet the needs and expectations of their customers, thus it is expected to drive the market going forward.
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The furniture and home furnishings stores market consists of sales of furniture and home furnishings by entities (organizations, sole traders and partnerships) that sell furniture and home furnishings and appliances to ultimate users from fixed point-of-sale locations. The businesses in the industry operate from showrooms with substantial areas for the presentation of their products.
Trends In The Global Furniture And Home Furnishings Stores Market
Augmented reality (AR) and virtual reality (VR) empower the customer experience by letting them connect to the product with interactive and personalized options. While AR is a real-time integration of digital information with the user’s environment, VR is a three-dimensional, computer generated environment that can be explored and interacted with. This allows the customers to understand the experience of owning a product. Furniture and home furnishings companies should consider using virtual reality technology to enhance customer experience. IKEA, a Swedish multinational company, has launched an AR catalog application which allows customers to see how certain items of furniture would look in your home. Consumers can virtually visualize how these pieces will look and fit in their home according to the product’s dimensions. Indian players such as Pepper fry have also started using AR technology to show users how certain products will look in their home through their mobile application.
Global Furniture And Home Furnishings Stores Market Segments:
The global furniture and home furnishings store market is further segmented:
By Type: Furniture Stores, Home Furnishings Stores
By Ownership: Retail Chain, Independent Retailer
By Type of Store: Exclusive Retailers/Showroom, Inclusive Retailers/Dealer Store
By Geography: The global furniture and home furnishings market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American furniture and home furnishings stores market accounts for the largest share in the global furniture and home furnishings stores market.
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Furniture And Home Furnishings Stores Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides furniture and home furnishings stores market overviews, analyzes and forecasts market size and growth for the global furniture and home furnishings stores market, furniture and home furnishings stores market share, furniture and home furnishings stores market drivers, furniture and home furnishings stores market segments, furniture and home furnishings stores market players, furniture and home furnishings stores market segments and geographies, furniture and home furnishings stores market’s leading competitors’ revenues, profiles and market shares. The furniture and home furnishings stores market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Read Furniture And Home Furnishings Stores Global Market Report 2021 from The Business Research Company for information on the following:
Data Segmentations: Market Size, Global, By Region And By Country, Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries
Furniture And Home Furnishings Stores Market Organizations Covered: Ashley Furniture Industries, Heritage Home Group, Herman Miller, Inter IKEA Systems, Steelcase.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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