The UK Furniture Retailing Market Report examines consumers’ purchasing habits and preferences for furniture, future innovations and the impact of rising inflation on the UK furniture market. This report provides a comprehensive overview of the UK furniture market size, along with market projections, segmentation and current industry trends for the furniture industry.
Consumer spending on furniture is forecasted to have fallen by 1% to £18.3 billion in 2022 as all retail faced huge uncertainty. Inflationary pressures are set to continue impacting the UK furniture market’s growth, Mintel forecasts the market to amount to £19 billion in 2027.
IKEA remains the most popular furniture retailer, buoyed by its multi-channel appeal. However, Argos actually presents the most compelling case of a total multichannel proposition, with a mass appeal across demographics both online and in-store.
Consumer purchasing in the UK furniture market fell in the last 12 months, compared to the steady growth in the two years previous. This represents a fall after bumper engagement since the outbreak of the pandemic, in which extended periods indoors saw spending on home improvements move up the agenda, then ate into potential sales over the past year.
The UK furniture market is also facing a broader uncertainty created by mounting inflation, supply chain disruption and the ongoing conflict in Ukraine. These pressures have already seen price rises, lengthening lead times, reduced product availability and labour shortages. This has caused some consumers in the UK furniture market to delay, downscale or limit furniture purchases to necessity, consequently flattening growth.
One of the biggest developments within the UK furniture market is the continued shift to online retailing which has had particular growth in mobile purchasing, via both smartphone and tablet. In fact, mobile devices are now established across the furniture purchasing journey, building on their existing role in browsing to represent a growing favourite at the point of sale, particularly among younger consumers.
Despite the ongoing uncertainty and financial pressures, there remain a lot of future opportunities for the UK furniture market. The renewed need for value will, in turn, offer a wealth of opportunities in credit, loyalty schemes, own-brand ranges and more circular business models, but also in providing value beyond price, such as after-sales offerings. There is even an opportunity to encourage trading up here, by harnessing mounting interest in sustainability and ethical considerations to market the longevity of higher-ticket ranges.
The shift to online point of purchase emphasises the need for furniture retailers to improve their mobile app propositions. Retailers can encourage consumer uptake by highlighting the ease of access, personalized experienced and better access to technologies such as virtual reality and in-store conferencing.
To discover more about the UK Furniture Market Report 2022, read our UK Bedroom Furniture Market Report 2022, or take a look at our other House and Home Market Research.
Brands: Sainsbury’s, The Very Group, Amazon, IKEA, John Lewis, DFS Furniture, Next, eBay, Wayfair, Freams, Steinhoff, VictoriaPlum.com, Made.com, Oak Furnitureland, Furniture Village, Loaf (Really Comfy Beds), Nobia, Wren, B&Q, ScS, Dreams, Sofology, The Range.
Products: Living, dining, bedroom and office furniture.
This report, written by Marco Amasanti, a leading analyst in the retail sector, delivers in-depth commentary and analysis to highlight current trends in the UK furniture market and add expert context to the numbers.
The longer-lasting ramifications of the pandemic are growing apparent, both in how consumers shop for furniture, and in the reassessment of priorities within the marketplace. However, after two years of impressive resilience, furniture sales are set to fall in the coming year as they face the brunt of inflation, supply chain disruption and the ongoing conflict in Ukraine.”
Marco Amasanti
Retail Analyst
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