United Kingdom Multifunctional Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The United Kingdom Multifunctional Furniture Market is poised to grow at a CAGR of 4% during the forecast period.

The increase in consumer disposable income, improved quality of life, and growing development of new residential projects across the country are likely to drive the industry’s growth. The ongoing smart city developments along with the growth of the construction industry are projected to create a substantial need for multifunctional home furniture. In 2021, London and five European partner cities have triggered investment of USD 302.8 Million in smart technologies through the Sharing Cities Programmed that would surge the inclination of customers toward modular multifunctional furniture. UK is the second home furniture consumer in Western Europe (WE), providing about 17% of Western Europe’s demand, and the third importer, absorbing about 15% of Western Europe’s imports. Online competitors are also continuing their upward path and blurring the boundaries between online and offline experiences with their own takes on the conventional store idea. The UK furniture distribution is the greatest share of non-specialist retailers, due to the significant presence of different channels like e-commerce, hypermarkets, homeware retailers, and department stores compared to the other European countries.

The steady growth in disposable income and the consequent rise in living standards are responsible for the continuous rise of the market, as is the constant demand for furniture. The growing number of internet and smartphone users has not only changed customer responses but has also fundamentally changed the sales channels and retail landscape. The adoption of online shopping by customers has made furniture one of the fastest-growing markets in that regard.

UK Multifunctional Furniture Market Trends

Rising Disposable Income and Urbanization are Fueling the Demand for Multifunctional Furniture

The rise in urbanization has fueled the demand for accommodation and subsequently boosted the housing market and the reductio size of apartments. Consumers are looking for inspiring folding furniture designs that emanate relaxation, elegance, and comfort as their lifestyle improves, and thus the trend toward the adoption of folding furniture grows. The rising urbanization of the population is expected to positively impact the growth of the multifunctional furniture market over the forecast period.

Sofas that double up as beds, study units that can be folded away, and beds that can be stood up against the wall are among items expected to be in demand, fueled by shrinking homes and a growing affordable housing sector across the World. Ongoing urbanization and upliftment of the population's living standard in the United Kingdom are expected to drive the demand for space-efficient and reasonably priced furniture market.

Residential Sector is Leading the UK Market

The residential sector is expected to dominate the market in the United Kingdom due to the larger requirement of furniture items within a home as compared to commercial buildings. The rising population, burgeoning need for quality housing and infrastructure, along with the increasing trend of nuclear families are favoring infrastructure development. Ecommerce is increasing in the UK as customers prefer to shop online instead of in physical stores. The changing trends in the home and living concepts are transforming the buying patterns of customers. The emergence of new opportunities for customers to shop online is one of the key factors boosting the online purchase of multifunctional furniture such as chairs, tables, and sofas.

UK Multifunctional Furniture Market Competitor Analysis

The report covers major international and local players operating in the UK multifunctional furniture market. In terms of market share, the market is highly fragmented, as many unorganized players are also present in the industry. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets. Companies including Ikea Industry Group, Dorel Industries Inc., Haworth, Inc., Ashley Furniture Industries, and DFS Furniture, among others have been profiled in the report.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support