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 10.2 billion in 2023 and is anticipated to grow with a CAGR of 5.90% in the forecast
period, 2025-2029. 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.
The
market significantly evolved during the mid-20th century, with the influence of
global design movements such as mid-century modern and the rise of Australian
design icons like Grant Featherston and Clement Meadmore. The post-World War II
era witnessed a boom in home construction and demand for furniture, further
shaping the industry.
Today,
the Australian furniture market is a vibrant and competitive arena that
combines traditional craftsmanship with contemporary design, offering a wide
range of products to suit various consumer tastes and needs.
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"Australia Furniture Market”
One of the most prominent trends in the
Australian 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.
Like any market, the Australian
furniture industry is influenced by economic conditions. Economic downturns can
lead to reduced consumer spending on non-essential items, including furniture.
The uncertainty brought about by global economic fluctuations can pose
challenges for the industry's growth. The furniture market is highly dependent
on global supply chains for materials and components. Disruptions, such as
those caused by the COVID-19 pandemic, can lead to delay in production and
increased costs.
With the growth of online retail, the
market has become more competitive. Consumers have access to a wide range of
options, putting pressure on manufacturers and retailers to offer competitive
prices and high-quality products. As the demand for sustainable furniture
grows, manufacturers face challenges related to compliance with environmental
regulations and certifications. Meeting these standards can be costly and
time-consuming. Furniture is bulky and often requires specialized handling and
delivery. Meeting customer expectations for timely and safe delivery can be a
logistical challenge, especially in remote areas.
Australia's focus on design and
innovation presents opportunities for companies to develop unique and
innovative furniture products that cater to evolving consumer preferences. As
consumers become more environmentally conscious, there are opportunities for
manufacturers to embrace sustainable practices and offer eco-friendly furniture
options, potentially attracting a wider customer base. The growth of online
retail presents opportunities for both traditional brick-and-mortar stores and
online-only retailers to expand their market presence. Investing in
user-friendly websites, efficient logistics, and customer service can be a
pathway to growth.
The Australia Furniture market is
segmented into product type, raw material, sales channel, and region.
Based
on product type, home furniture has a significant share in the Australia
furniture market. Home furniture includes a wide range of products such
as sofas, beds, dining tables, cabinets, wardrobes, and various decor items.
Consumers in Australia are often looking for furniture that not only provides
comfort and functionality but also aligns with their personal style and
interior design preferences.
Based
on sales channel, online has a significant share in the Australia furniture
market. Several factors contribute to the prominence of online sales in the
Australian furniture market. These include the convenience of shopping from
home, the ability to access a wide variety of products and brands, and the
option to read reviews and gather information before making a purchase
decision.
Key
market players in the Australia Furniture market include:
- IKEA Pty Limited
- Steelcase Australia Pty. Ltd
- Herman Miller (Aust.) Proprietary
Limited
- Haworth Australia Pty Limited
- Greenlit Brands Pty Limited
- HNI Corporation
- Knoll Inc.
- Sebel Pty Ltd.
- Schiavello Group Pty. Ltd
- Harvey Norman Holdings Limited
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“The
Australian 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 Australian 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 with 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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