Home Furnishings Stores in Canada - Industry Market Research Report

Sit a spell: Companies will likely continue to contend with strong external competition

Throughout 2023, Canadian home furnishing stores, for the most part, performed poorly. The combination of economic uncertainty and an extremely volatile housing market decreased demand for home furnishings. Uncertainty in the housing market in 2018; however, caused by new mortgage regulations and concerns of a potential bubble hurt the industry. As more stringent mortgage regulations went into force in 2018 and 2020, the industry continued to struggle. Overall, revenue is expected to decline during the current period, but has been aided by an increase in consumer spending. Revenue is still expected to decrease at a CAGR of 1.9% to $4.9 billion over the five years to 2023, including a 0.3% rise in 2023 alone, when profit is set to reach 4.2% revenue. This growth in 2023 can be mainly attributed to the steady economic recovery after the peak of the pandemic, as economic conditions slowly begin to stabilize.

Operators in this industry retail a range of home furnishing goods, including curtains, draperies, blinds, shades, cookware, glassware, dinnerware and decorative accessories. Merchandise is purchased from domestic, and in some cases international, manufacturers and wholesalers and then sold to consumers. Retailers that primarily operate as home furniture stores, used merchandise stores, electronic shopping outlets or mail-order houses are not included in this industry.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.