Russia Furniture Market Overview, 2028

Russia Furniture Market Overview, 2028
The development of commercial real estate, corporate offices, and co-working spaces has fueled demand for office furniture in Russia. Russia has a long history of craftsmanship and artistic traditions. Traditional woodworking techniques, intricate carvings, and handcrafted details are often valued in furniture design. These elements reflect the country's heritage and continue to influence modern furniture production. Russian culture has a preference for opulent and ornate designs, influenced by the grandeur of historical palaces and architecture. This inclination towards intricate detailing can be seen in furniture designs that feature decorative motifs, elaborate carvings, and rich embellishments. Traditional folk art and ethnographic influences often find their way into furniture design, showcasing regional patterns, colours, and motifs that represent various cultures within Russia. Family is a cornerstone of Russian culture, and furniture often serves as a focal point for gatherings and social interactions. Large dining tables, comfortable seating areas, and multifunctional furniture cater to the importance of communal spaces. While traditional influences persist, modern Russian furniture designers often blend these elements with contemporary aesthetics to create pieces that resonate with changing lifestyles and design preferences.

According to the research report ""Russia Furniture Market Overview, 2028,"" published by Bonafide Research, the Russia Furniture market is expected to grow at more than 6% CAGR from 2023 to 2028. Russia's economy has been showing signs of recovery and growth, contributing to increased consumer confidence and purchasing power. As disposable incomes rise, consumers are more inclined to invest in furniture for their homes and businesses. Evolving lifestyles, including changing family dynamics, remote work trends, and urban living, drive the need for adaptable and functional furniture. Consumers seek pieces that cater to their changing needs and provide comfort and convenience. Increased exposure to global design trends through the media and the internet has heightened consumer awareness of interior design aesthetics. People are investing more in creating visually appealing and well-designed living spaces. Consumers in Russia are increasingly valuing well-designed and aesthetically pleasing furniture that aligns with their interior design preferences. The growing interest in creating visually appealing and harmonious living spaces has driven the demand for furniture pieces that contribute to the overall ambiance. The focus on interior design often coincides with home improvement and renovation projects. Consumers seeking to update their living spaces are likely to invest in new furniture that enhances the redesigned interiors. Social media platforms have become key sources of design inspiration. Consumers are exposed to a wide array of design ideas and trends, which influence their furniture purchasing decisions. Based on the material types segment, which includes wood, metal, plastic, glass, and others, in Russia, glass Furniture is a growing market. Glass furniture pieces often have a modern and sleek aesthetic that appeals to contemporary design preferences. The transparent and reflective qualities of glass can contribute to an open and airy atmosphere, making spaces feel more spacious and visually appealing. Furthermore, glass is a versatile material that can be used in various furniture designs, from tables and shelves to cabinets and partitions. Its adaptability allows designers to create a wide range of styles to cater to different interior design concepts.

Based on the product types, the segment includes beds, tables, and desks; sofas and couches; chairs and stools; cabinets and shelves; and others. Among them, the beds are leading the market with the highest market share; further, the cabinets and shelves are growing markets. Cabinets and shelves serve practical purposes by providing storage for various items such as books, dishes, clothing, and electronics. Consumers appreciate furniture that combines functionality with aesthetics, allowing them to declutter their spaces while maintaining a visually pleasing environment. Open-concept living spaces are becoming more popular, creating a demand for furniture pieces that serve as both storage solutions and design elements. Open shelves and display cabinets can contribute to the overall aesthetics of a room by showcasing decorative items or collections. Based on the Category segment, which includes outdoor and indoor, the outdoor segment will grow during the forecast period by 2028. Russians often appreciate outdoor living spaces, especially during the warmer months. The desire to create functional and inviting outdoor areas for relaxation, dining, and socialising has driven the demand for outdoor furniture. Russia experiences distinct seasons, with a significant portion of the year characterised by cold weather. As a result, when the weather is pleasant, people tend to spend more time outdoors and invest in outdoor furniture to enhance their outdoor experiences. Furthermore, the application segment includes residential, Office, hotel, and Others (Hospital Furniture), among which the office segment is a growing market in Russia. Russia's growing economy and commercial development have led to an increase in the establishment of businesses, corporate offices, and commercial spaces. This has driven the demand for office furniture to furnish these workplaces. The shift towards modern and innovative office designs that prioritise employee comfort, collaboration, and productivity has influenced the demand for new and ergonomic office furniture. Employers are investing in furniture that enhances the work environment and supports the well-being of their workforce. Distribution channels include specialty stores, supermarkets, hypermarkets, online, and others. In Russia, supermarkets and Hypermarkets are growing as distribution channels for the furniture market. As retailers seek to differentiate themselves and capture a larger share of consumer spending, they are expanding their product range to include non-food items like furniture. This diversification allows supermarkets and hypermarkets to attract a broader customer base.

Considered in this report

• Geography: Russia
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• Russia Furniture with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Material

• Wood
• Metal
• Plastic
• Glass
• Others

By product

• Beds
• Tables & Desks
• Sofa & Couch
• Chairs & Stools
• Cabinets & Shelves
• Other

By Category

• Indoor
• Outdoor

By Application

• Residential
• Office
• Hotel
• Others (Hospital Furniture)

By Distribution Channel

• Specialty Stores (Traditional Stores, Branded Furniture/Flagships Stores, Lifestyle Stores, Home Centers)
• Supermarkets and Hypermarkets (Department Stores, Discount Department Stores)
• Online
• Others (Office Supply Stores, Buying Through a Designer)

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations and organisations related to the Furniture industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.