Russian furniture market in 2024: maintaining growth due to higher product prices

According to tentative data from the Association of Furniture and Woodworking Enterprises of Russia, the Russian furniture production grew in both physical (+12.6% YoY, up to 75.7 million pieces) and monetary terms (+17.3% YoY, up to 522 billion rubles) in 2024. However, the Association believes that the growth value in pieces will reduce to 3–4% once the updated data is published, Rossiyskaya Gazeta (“Russian Newspaper”) informs.

In monetary terms, the trend was positive across all the major categories, the Association notes. The greatest growth occurred in the plastic furniture segment where the production volume reached 3.2 billion rubles (+31%). The production of wooden office furniture also rose considerably: +27%, up to 47.9 billion rubles.

In physical terms, wooden furniture for bedrooms was the growth leader compared to the other segments: +44.1%, up to 11.6 million pieces. The production of metal beds rose by 15.1%, up to 634,000 pieces. The production of wooden furniture for dining and living rooms (including tables and cabinets) surged by 15.6%, up to 3.8 million pieces. The only exception were mattresses and mattress bases whose production reduced by 0.6%, down to 16.7 million pieces.

Alexander Shestakov, Director General at Pervaya Mebelnaya Fabrika and President at the Association of Furniture and Woodworking Enterprises of Russia, notes that the significant difference between the market trends in monetary and physical terms occurred for the first time in two years, which evidences a decline in consumer demand as people are now buying furniture less frequently.

“The general market growth continued in 2024, but it is primarily caused by the fact that products are becoming more expensive. The key reasons for rising furniture prices were the high inflation, the increased key rate, and the higher prices of components, including imported ones purchased for foreign currency,” Alexander Shestakov said.

According to the Association’s forecasts, the market is expected to grow by 13% YoY in monetary terms in 2025, yet production volumes in physical terms may reduce by 2% YoY.