GCC Home Furniture Market Size

GCC Home Furniture Market Analysis

• The growth in the interior design market and the rising increase in the construction of new buildings are some of the major factors fueling the growth of the home furniture market in the GCC region. Interior design is one of the fastest-growing industries in the Gulf, and the GCC interior design market is worth nearly USD 18 billion currently. The GCC’s continued construction boom ahead of Expo 2020 has also driven demand for the interior design market, especially in areas, like UAE and Saudi Arabia.
• Some of the top reasons for driving furniture and furnishing purchases in the GCC countries include home improvements and innovations. There is a growing inclination of homeowners toward customizing their houses and an increased willingness to invest more in refurbishing and renovating them. Another rising purchase trend has been observed toward luxury furniture products.
• As per an article published by Home Furniture Business, the increasing penetration of the internet and e-commerce has fostered the growth of furniture and home furnishings industry in the GCC. Online stores are also gaining popularity in the region at a CAGR of nearly 16%. Many companies, like IKEA, are also putting in efforts toward their online retail stores and are offering benefits, like free delivery and installation to customers who shop online.
• The countries from GCC are heavy importers of furniture with the majority of the imports from countries, like China, Italy, Turkey, Germany, the United States, Poland, and Malaysia.