North America was the largest region in the global furniture and home furnishings stores market, accounting for 34% of the market in 2019. Asia Pacific was the second largest region accounting for 33% of the global furniture and home furnishings stores market. Africa was the smallest region in the Global Furniture and Home Furnishings Stores Market.
In 2014, many e-commerce retailers started offline stores. Birchbox, an e-commerce store opened its first physical store in Soho, New York and companies like Bonobos and Warby Parker doubled the number of their brick and mortar stores in 2014. E-commerce retailers setting up offline stores are good news for brick and mortar concept because it validates the need for physical stores.
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.
The global furniture and home furnishings stores market is expected to decline from USD 408.3 billion in 2019 to USD 402.2 billion in 2020 at a compound annual growth rate (CAGR) of -1.6%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 5% from 2021 and reach USD 459.4 billion in 2023.
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Global Furniture and Home Furnishings Stores Market
Related Reports:-
Furniture And Home Furnishings Stores Global Market Report 2019
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