A report by Mordor Intelligence reveals that the home furniture market size in Saudi Arabia is estimated to be USD 4.49 billion in 2024 and is expected to reach USD 5.98 billion by 2029, growing at a CAGR of 5.91% during the forecast period (2024-2029).
Mordor Intelligence's report reveals that the living room furniture and bedroom furniture are among the segments of the furniture market in Saudi Arabia, which are generating the largest amount of revenue. The report states that living room furniture and bedroom furniture are among the segments of the furniture market in Saudi Arabia, which generate the most revenue with continuous growth over the years.
The report states that the total population of Saudi Arabia is growing at a CAGR of 5.91% over the forecast period (2024-2029). <The total population in Saudi Arabia is continuously increasing, with rising residential spaces leading to increased demand by households for home furniture. As the economy recovers from the negative impact of the pandemic, the country's urban population is growing, leading to a rise in commercial space as well as luxury/premium furniture.
<With the emergence of COVID-19, retail furniture sales in the Kingdom have seen a decline due to restrictions. With the introduction of remote working in commercial spaces, the demand for furniture has also declined. To minimize the decline in revenue sales, furniture companies have started making their products available through e-commerce and other online channels.
Online furniture market sales during this period began to increase as more retailers began to offer their products online and more people began to purchase products through e-commerce. Among the brand share, Amazon has a share of over 50% in Saudi Arabia, making furniture from major brands Costco, Easy Home, Target, and others available through online sales channels.
As payment options are increasing, more retailers are starting to offer their products online and more people are starting to buy products through e-commerce. <With the increasing number of payment options available in online purchase methods for credit cards, EMIs, and others, as well as lucrative offers available from sellers, selling furniture online has become an easy way to use and buy. With this trend, online purchase options open up new revenue streams, enabling manufacturers to increase their furniture sales. <Contract furniture in the Kingdom is also seeing continued growth from the local government as well as commercial businesses. The share of home ownership is also experiencing continuous growth in the country and is expected to reach more than 70% in the coming years, signaling a rise in business for furniture manufacturers. Riyadh, Jeddah, Mecca, Medina and others are emerging as leading cities in Saudi Arabia, creating sales opportunities for the furniture market.
Riyadh, Jeddah, Mecca, Medina and others are emerging as leading cities in Saudi Arabia. <According to MODOR Intelligence, the rising number of residential apartments in the Kingdom and rising modern infrastructure facilities are expected to stimulate the demand for home furniture market due to customer's interest in furniture and home décor. In the Kingdom's furniture market revenue, the share of bedroom furniture is more than 19%, with a continuous increase in revenue over the years. <With apartments and villas occupying the leading spaces in residential sectors in the Kingdom, they are emerging as segments with increasing demand for bedroom furniture as people prefer apartments in cities. In addition, after recovering from COVID-19, the country's hospitality sector is seeing a rise in business and a resumption of demand for bedding and bedroom furniture.
