The global living and dining room products market was valued at USD 151.9 billion in 2022 and is projected to expand at a CAGR of 5.7% from 2023 to 2030. The rise in the number of people opting for modern lifestyle is driving the growth of the market. The living and dining room products market is driven by an increase in the disposable income of people, which is enabling them to purchase high-end products. Furthermore, the increasing demand for multifunctional furniture is expected to drive the growth of the market.

Living and dining room products are becoming more and more customizable, with customers preferring to choose the shape, size, and color of the products. Furthermore, the growing trend of small spaces is leading to the demand for products that can be easily adjusted and transformed. For instance, in April 2021, IKEA launched its latest collection of space-saving furniture, which includes bedside tables, TV stands, and multi-purpose tables. Additionally, the increasing adoption of smart home technologies is contributing to the growth of the market. Smart furniture offers features such as auto-lighting, built-in speakers, and USB charging. For instance, in August 2021, Samsung launched a smart table that offers features such as wireless charging, digital displays, and Bluetooth speakers.

The increasing demand for luxury products is expected to drive the growth of the market. The growing trend of luxurious living and dining room products is being driven by the rise in the number of affluent consumers who are willing to spend more on luxurious living and dining room products. Furthermore, the increasing number of new product launches is expected to further drive the growth of the market. For instance, in October 2021, Ashley Furniture launched its new line of dining room furniture, which includes colorful chairs, tables, and benches.

The increasing demand for convenience is driving the growth of the market. The growing trend of online shopping is enabling customers to purchase products from the comfort of their homes. Furthermore, the increasing number of pop-up stores and kiosks is another factor driving the growth of the market. For instance, in November 2021, IKEA launched its first pop-up store in India. The store was designed to offer customers a range of products in a smaller space. Furthermore, the increasing number of collaborations between companies is expected to further drive the growth of the market. For instance, in August 2021, Amazon and IKEA announced a collaboration to offer easy access to IKEA’s products on Amazon.

The furniture segment accounted for the highest market share in 2021 and is expected to maintain its dominance during the forecast period. The increasing trend of interior decoration and changing lifestyle in urban areas are some of the key factors driving the market. According to an article published by the National Association of Home Builders in May 2021, the demand for furniture for living and dining rooms has increased significantly in the last few years. Furthermore, the growing trend of minimalistic furniture designs and the emergence of e-commerce platforms are other factors propelling the growth of the market.

The home appliances segment is expected to expand at a CAGR of 8.2% from 2021 to 2027. Increasing disposable income, rising trend of smart home appliances, and the emergence of innovative products are some of the key factors driving the market. According to an article published by Statista in April 2021, the global sales of smart home appliances is expected to reach USD 20 billion by 2024. In addition, the increasing trend of home automation, rising demand for smart kitchen appliances, and the growing popularity of energy-efficient products are other factors driving the market growth.

The furniture stores segment is likely to dominate the market in terms of revenue, owing to an increasing demand for home décor products from these stores. For instance, according to the Wall Street Journal in 2020, the home décor market has seen an upsurge of approximately 20% in 2020 due to the increasing demand for living & dining room products. The increasing availability of a wide range of products offered by furniture stores, such as sofas, dining tables, chairs, and others is driving the growth of the segment.

Apart from this, the online segment is anticipated to register the highest CAGR of 8.2% during the forecast period. The rising popularity of online shopping websites and mobile applications is driving the growth of the segment. Furthermore, the increasing availability of innovative products and attractive discounts offered by online retailers are also boosting the segment growth. For instance, in March 2021, Amazon launched AmazonBasics, an online store with furniture and home décor products such as sofas, beds, and other items. The online store provides attractive discounts on products and ensures the availability of a wide range of products.

The living and dining room furniture market is segmented into two categories: living room furniture and dining room furniture. The living room furniture segment accounted for the largest revenue share in the year 2022. This can be attributed to the increasing demand for furniture products such as sofas, armchairs, and cabinets. The changing lifestyle of consumers, rising disposable incomes, and increasing preference for stylish and comfortable furniture have further boosted the demand for living room furniture.

The dining room furniture segment is expected to expand at a CAGR of 10.4% during the forecast period, owing to the rising demand for tables, chairs, and other furniture for dining rooms. The increasing construction activities, rapidly growing hospitality sector, and rising trend of hosting parties are propelling the growth of the segment. Furthermore, the increasing use of online channels for shopping by consumers is also driving the market growth.

Asia Pacific is expected to be the fastest-growing region in the coming years and accounted for the largest revenue share in 2022. Factors such as increasing disposable income and growing consumer preference for home decor and furniture products are expected to drive the growth of the market in the region. The rising trend of minimalistic home decor, especially for living and dining rooms, is also contributing to the increasing demand for living and dining room products in the region. For instance, in April 2021, Kolkata-based furniture and home furnishing company, Urban Ladder, launched the “Urban Minimalist” collection for living and dining rooms.

North America is expected to witness moderate growth in the coming years. The rising trend of online shopping and the presence of key players, such as Wayfair, are expected to drive the growth of the market in the region. Furthermore, the increasing demand for home decor and furniture, coupled with the rising trend of minimalistic home decor, is expected to propel the growth of the market in the region. For instance, in April 2021, Wayfair Inc. launched its “Wayfair Basics” collection of furniture, which focuses on simple and minimalistic designs.

In this part of the living and dining room products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions

The main source of revenues for a living and dining room products business comes from the sale of furniture, home décor items, kitchenware, and other related products. Here you will find a list with a description of each of them and other possible sources of profit such as online sales, wholesale, and retail.

Projecting Expenses

In this section, all the regular expenses related to keeping the living and dining room products business running will be described. The list of operating expenses includes rent/mortgage, wages, maintenance and repairs, utilities, insurance policies, advertising, inventory acquisition, and others.

Some of the key companies operating in the living & dining room furniture market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In May 2022, IKEA launched a range of modular living & dining room furniture, designed to provide better storage solutions.

– In June 2022, Ashley HomeStore launched a range of modern living & dining room furniture, designed to provide better comfort and aesthetics.

– In July 2022, Wayfair launched a range of mid-century modern living & dining room furniture, designed to provide better style and comfort.

Some of the prominent players in the living & dining room furniture market include:

– IKEA
– Ashley HomeStore
– Wayfair
– La-Z-Boy Incorporated
– Williams-Sonoma, Inc.
– Ethan Allen Interiors Inc.
– Restoration Hardware, Inc.
– Herman Miller, Inc.
– Crate & Barrel
– Pottery Barn

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global living and dining room products market based on product type, distribution channel, and region:

1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)

– Furniture
– Lighting
– Textiles
– Decorative Accessories
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: Who are the Leading Players in the Global Living & Dining Room Products Market?
[A]: Some of the key players in the global living & dining room products market are IKEA, Ashley Furniture Industries, La-Z-Boy Incorporated, Steelcase Inc., Herman Miller, Inc., Godrej & Boyce Mfg. Co. Ltd., Styrolution Group GmbH, Dorel Industries, Inc., and HUIYUAN Furniture Group.

[Q]: What are the Key Factors Driving the Global Living & Dining Room Products Market?
[A]: The global living & dining room products market is driven by factors such as the increasing number of nuclear families and the rising disposable income of the population. Additionally, the emergence of e-commerce platforms and the growing trend of purchasing furniture online are some of the factors propelling the market growth.

[Q]: What is the Regional Outlook of the Global Living & Dining Room Products Market?
[A]: North America is expected to dominate the global living & dining room products market owing to the increasing demand for living & dining room furniture in the region. The Asia Pacific is expected to be the fastest-growing region in terms of revenue. The increasing disposable income, rising consumer awareness, and growing urbanization are some of the factors propelling the growth of the market in this region.

[Q]: What Are the Major Product Types in the Global Living & Dining Room Products Market?
[A]: The major product types in the global living & dining room products market are furniture, lighting, and accessories. Furniture is expected to be the fastest-growing product segment in the forecast period.

[Q]: What Strategies Are Being Used by Market Players to Increase Market Share?
[A]: The key strategies used by the market players to increase their market share include product development, innovation, and mergers & acquisitions. Companies are focusing on developing technologically advanced and innovative products to attract more customers. Additionally, the companies are also focusing on expanding their product portfolio through mergers and acquisitions to increase their market share.