Living Room Furniture - South Korea

South Korea

In South Korea, the revenue generated in the Living Room Furniture market is estimated to be US$2.94bn in 2024.
It is projected that the market will experience an annual growth rate of 2.34% (CAGR 2024-2029).
When compared to other countries worldwide, in the United States generates the highest revenue in this segment, amounting to US$73,080m in 2024.
Taking into account the total population figures, it can be observed that in South Korea, per person revenues reach US$56.82 in 2024.
The South Korean market for living room furniture is currently dominated by sleek, minimalist designs that prioritize functionality and space optimization.

Key regions: Worldwide, India, France, Denmark, Brazil

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Analyst Opinion

The Living Room Furniture market in South Korea is experiencing significant growth and development.

Customer preferences: South Korean customers have shown a strong preference for modern and minimalist living room furniture designs. They value sleek and clean lines, as well as functionality and practicality. Additionally, there is a growing demand for space-saving furniture solutions, as many South Korean homes have limited living space. Customers also prioritize high-quality materials and craftsmanship, as well as eco-friendly and sustainable furniture options.

Trends in the market: One of the key trends in the South Korean Living Room Furniture market is the increasing popularity of smart furniture. With the rise of smart home technology, customers are looking for furniture that integrates seamlessly with their digital lifestyle. This includes features such as built-in charging ports, wireless connectivity, and voice control capabilities. Smart furniture not only enhances convenience but also adds a touch of modernity to the living room. Another trend in the market is the growing demand for multifunctional furniture. As South Korean homes become smaller and more compact, customers are seeking furniture that can serve multiple purposes. For example, a sofa that can transform into a bed or a coffee table with built-in storage compartments. Multifunctional furniture allows customers to maximize their living space and optimize functionality.

Local special circumstances: South Korea has a unique cultural context that influences the Living Room Furniture market. Traditional Korean design elements, such as the use of natural materials like wood and the incorporation of traditional patterns, continue to be popular among customers. Many South Koreans value the concept of "hanok" or traditional Korean houses, which emphasizes harmony with nature. As a result, there is a demand for furniture that can blend traditional and modern aesthetics.

Underlying macroeconomic factors: The South Korean economy has been growing steadily in recent years, which has contributed to the development of the Living Room Furniture market. Rising disposable incomes and increasing urbanization have led to a higher demand for furniture products. Furthermore, the government's efforts to promote the housing market and encourage home ownership have also stimulated the demand for living room furniture. In conclusion, the Living Room Furniture market in South Korea is witnessing growth and development driven by customer preferences for modern and minimalist designs, smart and multifunctional furniture, as well as the influence of traditional Korean aesthetics. The underlying macroeconomic factors, such as economic growth and government initiatives, have also contributed to the expansion of the market.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.