According to the industry analysis of DBK from INFORMA (a subsidiary of Cisco), a leader in providing commercial, financial and marketing information to the Spanish and Portuguese markets. The review also focused on the retail market associated with the sale of furniture. In 2022, its sales in the «for home» segment increased by 18% to 3.35 billion. euro. Thus, the market recovered almost all the losses associated with the COVID-19 outbreak in 2020.
The post-pandemic recovery in demand for new real estate, as well as the growth of investments, led to a sudden increase in the need for new furniture. Double-digit growth rates were recorded in all branches of furniture products. Most of the business, 71.5% of the total volume or 2.39 billion. euro, fell on the segment of furniture for residential buildings. The kitchen furniture segment accounted for 16.1% of the market, while office furniture accounted for 8.1%.
According to available forecasts, in 2023, 86% of the total sales will come from specialized furniture stores. Non-specialized department stores will take a 14% share of sales. E-commerce plays a big role. Online furniture sales have been increasing at an extremely high rate and since 2018 they have tripled. From the beginning of 2023, a further increase in the volume of industry turnover is expected, which will contribute to an even greater increase in prices.
As for retail chains, it is expected to open a large number of new stores and stores of new formats with an emphasis on the needs of local markets. The e-commerce sector will also continue to grow. There is a tendency towards a gradual concentration of supply. Back in 2021, the five largest distributors accounted for 55% of the market. The largest 10 companies account for 71% of the market.