Home Furnishings Stores Report 2021

Home Furnishings Stores Report 2021



The global 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 market is expected to reach $481.11 billion in 2025 at a CAGR of 4%.To get more news about foshan furniture, you can visit beour.com official website.

Major companies in the furniture and home furnishings stores market include Ashley Furniture Industries; Heritage Home Group; Herman Miller; Inter IKEA Systems and Steelcase.
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 furniture and home furnishings stores market is segmented into furniture stores and home furnishings stores.

North America was the largest region in the global furniture and home furnishings stores market, accounting for 34% of the market in 2020. Asia Pacific was the second largest region accounting for 34% of the global furniture and home furnishings stores market. Africa was the smallest region 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.

The furniture and home furnishings stores are adopting a robust and cohesive strategy for data analytics in management. This technology is being deployed to enhance supply chain efficiency, streamline operations to engage customers and building loyalty, data has become critical for most retail operations.