News & Events

18 June 2024

The highly competitive European furniture market

According to CSIL (Furniture retailing in Europe 2024 report), the European retail furniture market is worth EUR 165 billion. The market exhibited robust growth in 2021, followed by a deceleration in 2022 and a contraction in 2023 (-3.5%).

In 2023, influenced by the natural shift in demand post-pandemic, the rising cost of living has intensified pressure on consumer spending, particularly for big-ticket items such as furniture. However, despite ongoing uncertainties, the newfound significance of the home, stemming from the pandemic, is anticipated to drive new demand, with furniture extending beyond its practical functionality.

Europe continues to play an important role in the global furniture market, being the third-largest one in the world after Asia Pacific and North America. With more than 230 million households and one of the highest per capita consumption levels, Europe accounts for more than a quarter of the global world furniture market. Its influence is also discernible in production value and extends to market dynamics and international trade values.

Europe retains its status as a key hub in world trade, underscoring its continuing importance in terms of market size and overall impact on the global furniture landscape. A significant proportion of the current demand in Europe is met by EU production, making up 80% of the total consumption, while the remaining portion is sourced through imports from other countries.

Most furniture manufacturers surveyed by CSIL during 2023 claimed that they increasingly shorten their supply chains by being more local (at the country or regional level). Within Europe, Portugal, Italy, and Spain are the main beneficiaries of this perspective. The relocation is driven by various reasons, including shortening the time to market. Still, business sustainability, liquidity, and supply security have emerged as key issues that international events intensify.

Read the full article on World Furniture Online

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