The furniture and home goods retailer IKEA had a global net income of approximately 806 million euros in the financial year 2024, marking a significant decrease from the previous year. The company’s net income peaked in FY 2016 at 4.2 billion euros but has fluctuated since then. IKEA The Swedish furniture company IKEA was founded in 1943 as a mail-order catalogue before opening its first retail location; it has since made a name for itself as an affordable, modern, and stylish furniture retailer, with a global presence. In 2024, IKEA Group’s annual revenue amounted to 45.1 billion euros, down from 47.6 billion euros in the previous year. IKEA online presence In the financial year of 2024, online sales represented 26 percent of the total retail sales of IKEA. The company's web site ikea.com received 4.6 billion visitors in 2024, an increase compared to the previous year. In 2021, the number of online visits to the IKEA website hit its peak at five billion, likely due to the COVID-19 lockdowns and limited access to physical stores.

The net income of Inter IKEA with headquarters in the Netherlands amounted to 2.2 billion euros in 2024. The reported fiscal year ends on August 31.Compared to the earliest depicted value from 2020 this is a total increase by approximately 468 million euros. The trend from 2020 to 2024 shows, however, that this increase did not happen continuously.

IKEA is an internationally known home furnishing retailer. IKEA’s annual revenue has seen constant growth over the past two decades. In 2024, revenue amounted to over ** billion euros. Where was IKEA founded? IKEA is a Dutch-based Swedish multinational company. It was founded in 1943 as a mail-order sales business and began to sell furniture in 1948. The first IKEA retail store was opened in 1958 in Småland, Sweden. Today it is the world's largest furniture retailer, recognized for its Scandinavian style. In 2024, Europe was home to the most IKEA stores worldwide, with over *** stores across the continent. All other regions accounted for less than *** stores. How does IKEA work? Low prices are the cornerstone of the IKEA business idea and the company always tries to do things as efficiently and cost-effective as possible. The business’ innovations include new materials that contribute more to a sustainable environment, which are also less costly whilst using the newest ways of packaging, handling and transporting materials. Their business model works; IKEA’s worldwide brand value reached almost ** billion euros in 2023.

In 2024, IKEA's brand value amounted to ***** billion U.S. dollars, down from **** billion dollars a year earlier. However, despite the decline, IKEA ranked second behind Equinor among the most valuable brands in the Nordic region in 2024. A global furnishing retailer from Sweden Founded in 1943 in Älmhult, Sweden, IKEA is an internationally known home furnishing retailer. The brand is recognized for its Scandinavian style with low prices and a large range of products. The Swedish company ranked among the highest-valued retail brands in 2024. From the Nordics to the world, offline to online IKEA is present in most major markets across Europe, Asia, and North America. As of December 2024, the retailer operated *** traditional stores worldwide. Approximately, ** percent of these stores were located in Europe. Yet, with online shopping becoming more and more popular, the Swedish retailing powerhouse continues to emphasize online sales alongside traditional retailing. The number of global visits to IKEA's website amounted to roughly *** billion in 2024, which marked an over ** percent increase compared to a year earlier.

In the financial year 2024, the global gross profit of IKEA amounted to roughly 13.9 billion euros, down from around 14.7 billion recorded a year earlier. IKEA's unique selling proposition IKEA is an internationally known home furnishing retailer with the vision of 'creating a better everyday life for the many people'. The company's products are flat-pack, ready to be assembled by the consumer. This allows a reduction in costs and packaging. Low prices are the cornerstone of the IKEA business idea and the company always tries to do things as efficiently and cost-effective as possible. The business’ innovations include new materials that contribute more to a sustainable environment and are less costly or using the newest ways of packaging, handling and transporting materials. IKEA's brand value As of 2024, is not only IKEA the most valuable furniture retailer brand in the world, it is also among the leading retail brands globally, valued at around 22 billion U.S. dollars. The business operates 480 stores and is present in the world's major markets. In 2024, there were almost 900 million customer visits to IKEA stores, and 4.6 billion visits in the company's online webpage IKEA.com.

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Middle East Luxury Furniture Market Size 2025-2029

Middle East luxury furniture market size is forecast to increase by USD 401.7 million at a CAGR of 4.2% between 2024 and 2029.

Middle East Luxury Furniture Market is experiencing significant growth, driven primarily by the increasing number of office spaces and the rising acceptance and demand for eco-friendly products. The region's economic expansion and infrastructure development have led to a surge in commercial construction projects, creating a substantial demand for high-end furniture. Furthermore, the growing awareness and preference for sustainable and environmentally-friendly products are influencing consumer choices, presenting an opportunity for luxury furniture manufacturers and retailers to offer eco-friendly alternatives. However, market growth is not without challenges. Regulatory hurdles impact adoption, with varying import regulations and customs procedures across different countries in the Middle East posing complexities for businesses.
Additionally, supply chain inconsistencies temper growth potential, as ensuring the timely delivery of luxury furniture products to meet the demands of clients in diverse locations can be challenging. To capitalize on market opportunities and navigate these challenges effectively, companies must develop robust supply chain strategies and maintain a strong understanding of regional regulations to ensure seamless market entry and growth.

What will be the size of the Middle East Luxury Furniture Market during the forecast period?

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Middle East, the luxury furniture market is experiencing dynamic growth, driven by the region's high-net-worth individuals and the booming luxury travel industry. Luxury furniture imports are on the rise, with interior design firms and services in high demand for tailored designs that reflect the latest interior design trends, such as art decor, fashion trends, and mid-century modern. Industry partnerships and influencer outreach are essential strategies for luxury furniture brands seeking to penetrate this market. Islamic architecture and traditional craftsmanship also influence design preferences, with intricate details and gold accents popular among consumers. Furniture technology and innovation are key factors in the market, with a focus on furniture maintenance and sustainability.
Omnichannel strategy and multi-channel retailing are also important, with furniture galleries and luxury hotels offering bespoke furniture and Persian rugs to cater to the high-end retail market. Luxury furniture auctions and contemporary design are also gaining popularity, as are space planning and furniture consultants for luxury home builders. Trade agreements and supply chain management are crucial for ensuring quality control and competitive pricing. Property developers are also embracing social responsibility, with a growing emphasis on sustainable furniture and furniture sourcing. Furniture installation and marketing campaigns are essential components of brand building, with luxury experiences and marble countertops adding to the overall appeal of the market. Hand-carved furniture and arabesque designs continue to be sought after, reflecting the region's rich cultural heritage. Furniture sourcing and furniture technology are also critical areas of focus for businesses looking to succeed in this dynamic and growing market.

How is this market segmented?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Residential
  Commercial


Distribution Channel

  Offline
  Online


Material

  Wood
  Metal
  Glass
  Leather
  Plastic
  Others


Product Category

  Seating
  Tables
  Storage
  Beds


Geography

  Middle East and Africa

    Kuwait
    Oman
    UAE

By Application Insights

The residential segment is estimated to witness significant growth during the forecast period.

In the Middle East luxury furniture market, the residential segment is experiencing notable revenue growth compared to the commercial segment. This segment encompasses various items like lounge chairs, ergonomic chairs ottomans, benches, sofas, side and coffee tables, dining and kitchen tables, wooden furniture, outdoor seating furniture, dining and side chairs, stools, and more. Major players in this industry include MillerKnoll, IKEA, and Minotti. The primary drivers of this segment's growth are the increasing demand for multifunctional, multipurpose residential home furniture, such as foldable beds and extendable sofa sets. The market also includes sub-categories like sustainable furniture, leather furniture, wood furniture, metal furniture, designer furniture, and bespoke furniture.

Additionally, the market is influence

Representing a slight decrease in comparison to the previous financial year, IKEA UK registered total sales amounting to about *** billion British pounds in the financial year 2024. In the previous financial year, sales reached a total of roughly *** billion British pounds.

Romania's furniture exports were worth *** billion euros in 2024, making it one of the biggest exporters in Europe. Aramis Invest was the leader in the furniture market with a revenue of over *** billion Romanian lei, followed by Ikea Romania, with a revenue of *** billion Romanian lei. Jysk registered the highest net profit - *** million Romanian lei, while Ikea and Mobexpert did not declare their net profits.

From 2004 to 2024, the net revenue of Amazon e-commerce and service sales has increased tremendously. In the fiscal year ending December 31, the multinational e-commerce company's net revenue was almost *** billion U.S. dollars, up from *** billion U.S. dollars in 2023.Amazon.com, a U.S. e-commerce company originally founded in 1994, is the world’s largest online retailer of books, clothing, electronics, music, and many more goods. As of 2024, the company generates the majority of it's net revenues through online retail product sales, followed by third-party retail seller services, cloud computing services, and retail subscription services including Amazon Prime. From seller to digital environment Through Amazon, consumers are able to purchase goods at a rather discounted price from both small and large companies as well as from other users. Both new and used goods are sold on the website. Due to the wide variety of goods available at prices which often undercut local brick-and-mortar retail offerings, Amazon has dominated the retailer market. As of 2024, Amazon’s brand worth amounts to over *** billion U.S. dollars, topping the likes of companies such as Walmart, Ikea, as well as digital competitors Alibaba and eBay. One of Amazon's first forays into the world of hardware was its e-reader Kindle, one of the most popular e-book readers worldwide. More recently, Amazon has also released several series of own-branded products and a voice-controlled virtual assistant, Alexa. Headquartered in North America Due to its location, Amazon offers more services in North America than worldwide. As a result, the majority of the company’s net revenue in 2023 was actually earned in the United States, Canada, and Mexico. In 2023, approximately *** billion U.S. dollars was earned in North America compared to only roughly *** billion U.S. dollars internationally.

As of financial year 2024, the United States was H&M's second largest market with net sales of over ** billion Swedish kronor. The only market ahead of the U.S. was Germany, where the H&M group recorded over ** billion Swedish kronor worth of net sales in 2024. H&M’s presence in Germany Germany being H&M’s largest market may be partially due to the fact that the majority of German consumers recognize the brand instantly. In 2023, brand awareness in Germany was at an all-time high of ** percent, meaning that many shoppers were able to identify the brand just by its logo or written name. Another contributing factor would be the number of store locations, as Germany has the most H&M stores in Europe. Swedish retail giants With global brands like H&M and IKEA, Sweden has established itself as one of Europe’s retail powerhouses. In fact, flat-pack furniture retailer IKEA is one of the most valuable retail brands worldwide. Brand value describes the worth of a brand based on the implication that the owner of a well-known brand name can generate more money compared to that of a less popular brand name.

The retail industry encompasses the journey of a good or service. This typically starts with the manufacture of a product and ends with said product being purchased by a consumer from a retailer. As a result of globalization and various trade agreements between markets and countries, many retailers are capable of doing business on a global scale. Based on retail sales generated in the financial year 2021, Walmart was by far the world's leading retailer with retail revenues reaching over 572 billion U.S. dollars.

U.S. companies dominate global retail
Many of the world’s leading retailers are American companies. Walmart and Amazon are examples of American retailers doing business around the world. The domestic retail market in the United States is also very competitive, with many companies recording substantial retail sales. The success of U.S. retailers can also be seen through their performance in online retail. Amazon is a prime example of this, with the company’s sales revenue flourishing over the previous years in line with the rise of e-Commerce worldwide.