Content of the study:
The furniture market - Italy

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MARKET SUMMARY

1.1 Definition and scope of the study

The furniture market includes different types of accessories:

  • Furniture (tables, sideboards and other cabinets);
  • Kitchen furniture;
  • Upholstered (sofas, armchairs and benches);
  • Bed linen;
  • Bathroom furniture;
  • Garden furniture;

The furniture market in Italy continues to register positive performances, dictated both by domestic consumption and by strong exports - Italy is among the world's leading manufacturers of furniture. Due to the very long life of furniture, brands rely on three factors to increase their sales: fashion (especially in the kitchen), the construction of new homes and the mobility of the population. In a market historically controlled by the actors present in the physical points of sale (e.g. Ikea, Leroy Merlin), traditional brands are increasingly finding themselves in difficulty in response to the increase in e-Commerce and used trade.

The market study covers the following products: furniture, kitchen furniture, sofas, armchairs and benches, bedding, bathroom furniture and garden furniture. We explicitly exclude complementary products such as decorative items, lighting, appliances and flatware from this market.

1.2 The global market

The global furniture market was valued at ***.* billion dollars in ****. It is expected to grow at a compound annual growth rate (***) of *.*% and reach a value of ***.* billion dollars by ****.

Global furniture market World, ****-****, in billions of dollars Source: ****

 The main drivers of this market are:

Increased urbanisation Rising ...

1.3 The Italian Market

In **** the Italian furniture market was valued at nearly ** billion euros, signifying a *% increase from the previous year. This market was at an all-time high in ****, reaching a value of **.* billion euros, then shrunk to **.* billion euros in ****. Since then, it has been slowly recovering.

  Production value and evolution of ...

1.4 Imports & exports

In the United Nations Comtrade database, which tracks import and export flows of goods and services all over the world, the code ** corresponds to 'furniture, including bedding, mattresses, mattress supports, cushions and similar stuffed furnishings, lamps, lighting fittings and the like'. This allows us to identify Italy as one of the ...

1.5 Impact of COVID-19

**** was a stable year for the furniture market, which was largely spared by the economic effects of the COVID-** pandemic and the lockdowns and halts in economic activity it provoked. The domestic market had no substantial increases in imports and a *% increase in exports, supported by a more dynamic foreign demand ...

DEMAND ANALYSIS

2.1 Italians and their furniture

Italians seem to be a population that appreciates furniture. In fact, when looking at both continental and national figures this observation holds true.

When comparing household consumption on furniture and home furnishings with other countries in Europe, Italy ranks second only behind Germany. Italian households spend more on furniture than countries ...

2.2 Determinants & macrotrends of demand

The demand for interior design is tightly linked to some macro trends in other markets and Italian demographics.

The Italian real estate market is an important factor that must be analysed to assess the demand for interior design, as the construction of new residential and non-residential units represents a potential new ...

2.3 Furniture and decoration in Italian hoseholds

The current trend towards more personalisation of various areas is strongly reflected in the way people decorate their living environment. This leads to an increasing demand for customized furniture for interior decoration, both for personal spaces and in business environments. 

Given this trend of customization, it is important to understand what ...

2.4 Online shopping habits

According to Economyup, **% of customers choose and buy only in physical stores; about **% look for the product online but then buy it in a physical store; less than **% buy online; the few that remain choose in store and then buy online. A strong majority, about **%, who still buy in store, but ...

2.5 Latest trends in demand

The new trends in demand are quite varied and sometimes unrelated, however, manufacturers have been able to keep up with what consumers seem to want most.

Greener furniture

The latest trends in housing and furnishings tell us that green, understood as people's orientation towards what is eco-sustainable and environmentally friendly, is ...

2.6 Italians and interior spaces

When observing Italian's opinions and dissatisfaction in terms of their interior living spaces and aspects related to the house we can see that aspects related to furniture are very important. 

Response to the question: "On a scale from * to **, how satisfied are you with the following aspects related to your house?" Italy, ...

MARKET STRUCTURE

3.1 Overview of the market's structure

The value chain of the furniture market comprises several steps and players. The value chain starts with the different providers of raw materials, which can vary greatly depending on the furniture or home decor piece desired. After the manufacturers of furniture and home decor receive the raw materials, they transform them ...

3.2 Main players

The Italian furniture scene is fragmented, with more than **.*** companies, with a very high number of SMEs and auto entrepreneurs (***).

The biggest players in Italy include international giants such as Ikea and Iris but large Italian companies such as Poltronesofà, Natuzzi, and Chateau d'Ax. These are the big furniture companies, which ...

3.3 Fragmentation

According to Il Sole ** Ore, the Italian furniture and home decor market is populated by ** thousand players. Hence, the market is highly fragmented, with many small players that operate mainly on a local level.

More specifically, we can look at the players operating in the furniture market. In ****, there were **.*** companies ...

3.4 A focus on distribution

Research carried out by Federmobili analysed the average characteristics of the shops selling furniture. 

The average surface area of the shops is about *,*** square metres, with *.* employees. The shops offer is quite varied: **% of the shops have a range of products that includes medium-economical lines plus high-end design brands; **% offer high-end ...

ANALYSIS OF THE OFFER

4.1 Typology of the offer

The furniture market includes a large variety of products, which are summarized below (***):

Beds and mattresses Sofas and upholstered armchairs Tables, desks, and bed-side tables Chairs Bathroom furniture Kitchen furniture Storage space: libraries, wardrobes, cupboards Home decor accessories: pillows, carpets, mirrors, paintings, vases, lamps, chandeliers, lighting etc.

The most common products ...

4.2 Segmentation of the offer

In the Istat database the production of furniture is categorised under the Ateco code ***. In **** this sector had a revenue  **.* billion euros and employed ***.*** people.

This code classifies four kinds of furniture production:

Furniture for offices and commerces Furniture for the kitchen Mattresses & bedding Other furniture (***)

Understandably, a majority of the ...

4.3 A highly cyclical production located mainly in Northern Italy

Since the beginning of ****, the Italian production of furniture hasn't experienced any drastic changes, and it has kept following recurring trends. On average, the production reaches its maximum points in July and in October. These high points are not accidental, but they are scheduled to compensate the significant drop in production ...

4.4 Focus on the Milan Furniture Fair

In the furniture market, Italy continues to be a leading nation in the world. According to FederlegnoArredo figures, the Belpaese is on the podium of the best furniture manufacturers, with the furniture industry's big names growing above average. The leadership in the sector is consolidated in a long tradition that combines ...

RULES AND REGULATIONS

5.1 General regulations

There are various bodies responsible for developing draft standards:

CEN (***) in Europe ISO (***) worldwide

 CEN and ISO are responsible for the development of European and global standards in line with market needs, but there is a standardisation body for each country. Worldwide, ISO has already developed nearly ** *** International Standards and ...

5.2 National, regional and municipal regulations

In Italy there are regulations for furniture that apply at a national level. Regions and municipalities often act on their own discretion.

At the national level there are numerous laws, normatives and decrees dealing with issues such as environmental cleanliness of furniture and fire hazards. Below is a non-exhaustive list:

D.P.R. ...

POSITIONING OF THE ACTORS

6.1 Segmentation

  • Iris Mobili (Mondo Convenienza)
  • IKEA Italia
  • Poltronesofà
  • B&B Italia
  • Nardi
  • Natuzzi

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Reviews (1)

The furniture market - France

Publicado en 07/03/2022 by Olivier RICARD - Cosmmy

"Structured study with good macro and micro data. Also gives good focus and thinking to approach the market and its segments Also opens up interesting avenues and sources to go further depending on one's needs."