Global Off-the-Shelf Second-Hand Furniture Market Grows at a Staggering CAGR of 10.5%

Introduction

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.

Market Dynamics

Rising Awareness to Reduce Furniture Disposal for Better Environmental Conditions Drives the Global Market

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.

Regional Analysis 

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. 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%, generating USD 14.06 billion 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.

Key Highlights

• The global off-the-shelf second-hand furniture market 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).
• 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.

Competitive Players

1. IKEA
2. Beverly Hills Chairs
3. Steelcase
4. London Aerons
5. Rework Chicago
6. eBay Inc.
7. Craiglist
8. Etsy
9. Lushpad
10. Yelp
11. AptDeco
12. Furnished

Recent Developments

• May 2024 - By offering used furniture for sale, the New Coupar Angus print business hopes to benefit the local community. J&As, the new Coupar Angus print shop, will sell second-hand furniture. At 4 George Street, the store opened, taking Bits and Bob’s place.
• December 2023 - Willem Zwiers, a design student, created a modest furniture collection out of salvaged secondhand books that are on display at Dutch Design Week at the Design Academy Eindhoven graduate show. Aside from a bookcase constructed from various self-help books and Bibles, the range also includes a side table and desk lamp under Transformed Remnants.

Segmentation

1. By Type
   1. Kitchen Furniture
   2. Dining Furniture
   3. Living Room Furniture
   4. Bathroom Furniture
   5. Bedroom Furniture
   6. Outdoor Furniture
2. By Applications
   1. Residential
   2. Commercial
3. By Distribution Channel
   1. Online
   2. Offline