UK Multifunctional Furniture Market Size

UK Multifunctional Furniture Market Analysis

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.