The Market for Off-the-Shelf Second-Hand Furniture is witnessing increased awareness of environmental sustainability, exemplified by initiatives like IKEA’s ‘Buy Back’ program in select EU nations since November 2020. This encourages customers to sell back used furniture and aligns with IKEA’s commitment to becoming a fully circular firm by 2030, utilizing only recyclable, sustainable, or reusable products.
New York, United States, Jan. 18, 2024 (GLOBE NEWSWIRE) — Due to people fleeing to different cities because of the coronavirus lockdowns, unemployed millennials returning to live with their parents, and bored-induced renovation, many people have been selling their furniture at affordable costs. The growing acceptance of old furniture encourages sustainability, lessens the need for raw materials, and minimizes carbon footprint. Businesses like IKEA are putting new strategies into practice, which will help them gain ground in the second-hand furniture industry.
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Rising Awareness to Reduce Furniture Disposal for Better Environmental Conditions Drives the Global Market
According to Straits Research, “The global off-the-shelf second-hand furniture market growth was valued at USD 29.80 billion in 2021. It is projected to reach USD 58.58 billion by 2030, growing at a CAGR of 7.80% during the forecast period (2022-2030).” Steelcase, a furniture manufacturer and designer, is implementing a circular economy business model and trying to increase the amount of easily disassembled and recyclable furniture. In addition, setting timelines for implementing environmentally friendly practices is becoming more common among corporations, local governments, and well-established organizations. For instance, IKEA introduced a new “Buy Back” initiative in November 2020 in a few EU countries to encourage customers to sell back their used IKEA furniture. IKEA will then sell the furniture for regular pricing. The business has pledged to employ exclusively recyclable, sustainable, or reusable materials to achieve full circularity by 2030.
Growing C2C and B2C Online Stores Creates Tremendous Opportunities
The primary factors boosting the furniture market are the global construction boom and increased residential and commercial infrastructure investments. The number of restaurants, resorts, hotels, and shopping malls will rise in industrialized nations as wealth and disposable income levels rise. New technology, design, and materials push producers to innovate more quickly, which benefits merchants of luxury and cutting-edge furniture as well. The increased use of mobile devices worldwide has contributed to the growth of e-commerce. Thanks to mobile devices, people are transacting more passively and flexibly online. Additionally, payment systems are being changed by fintech companies, making them secure and simple to use. These factors are anticipated to create tremendous opportunities for the global off-the-shelf second-hand furniture market over the forecast period.
North American off-shelf second-hand furniture industry share is expected to grow at a CAGR of 5.30% during the forecast period. It is projected that the market in North America will expand as second-hand furniture becomes more readily accessible through online shops like eBay and Amazon. In the US, used furniture sales are anticipated to increase. The market for North American off-the-shelf used furniture is growing significantly due to the greater accessibility of used furniture through online and offline channels. Consumers are embracing a variety of furniture styles that can satisfy their needs.
Europe is expected to grow at a CAGR of 4.95%, during the forecast period. The two countries that contribute the most to the European market for second-hand off-the-shelf furniture are Germany and the United Kingdom. The market for off-the-shelf used furniture in Europe is expected to rise during the estimated period due to the rising need to maximize return on investment and the increasing importance of charity shops as a significant offline shopping destination for second-hand furniture products. The sector is also increasing due to clients’ rising need to reduce costs across Europe.
- Based on type, the global off-the-shelf second-hand furniture market is bifurcated into kitchen furniture, dining furniture, and others. The living room furniture segment is the highest contributor to the market and is expected to grow at a CAGR of 5.20% during the forecast period.
- Based on application, the global off-the-shelf second-hand furniture market is bifurcated into residential and commercial. The residential segment owns the highest market share and is expected to grow at a CAGR of 6.25% during the forecast period.
- Based on distribution channels, the global off-the-shelf second-hand furniture market is bifurcated online and offline. The offline segment is the highest contributor to the market and is expected to grow at a CAGR of 4.55% over the forecast period.
- North America is the most significant shareholder in the global off-shelf second-hand furniture market and is expected to grow at a CAGR of 5.30% during the forecast period.
The global off-shelf second-hand furniture market’s major key players are IKEA, Beverly Hills Chairs, Steelcase, London Aerons, Rework Chicago, eBay Inc., Craiglist, Etsy, Lushpad, Yelp, AptDeco, and Furnished.
- In September 2022, IKEA and Swedish House Mafia partnered to democratize at-home music creation and allow many music enthusiasts to express their ideas. The outcome is the OBEGRNSAD collection, which includes more than 20 goods and will be available worldwide in October 2022.
Global Off-the-Shelf Second-Hand Furniture Market: Segmentation
- Kitchen Furniture
- Dining Furniture
- Living Room Furniture
- Bathroom Furniture
- Bedroom Furniture
- Outdoor Furniture
By Distribution Channel
- North America
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Originally published at https://www.einpresswire.com/article/682182670/by-2030-the-off-the-shelf-second-hand-furniture-industry-is-expected-to-witness-a-revenue-surge-projected-at-usd-58-58-billion-with-a-notable-cagr