Home Furnishings Stores in Canada - Market Research Report (2014-2029)
New York, United States
Last Updated: October 2024
NAICS 44229CARevenue
$9.6bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
42,242
Businesses
8,468
Wages
$X.Xbn
Home Furnishings Stores in Canada industry analysis
Home furnishing sales have faced significant volatility in recent years. Revenue gains during the early stages of the pandemic can be attributed mainly to rising disposable income and a growing residential construction sector. During this time, many traditional stores had to pause operations to prevent the spread of the virus, but stores with online shopping platforms benefited from rising demand. Elevated inflation and rising interest rates led to revenue losses in 2022 and 2023, as consumers were discouraged from making discretionary purchases. However, improving economic conditions has enabled revenue to begin recovering from these losses. As a result, revenue will swell at an estimated CAGR of 2.4% to $9.6 billion through 2024, including a 4.0% jump that year alone.
Trends and Insights
- Residential construction activity is weakening because of rising interest rates. Falling housing starts often leads to lower demand for home furnishings, negatively impacting retailers.
- Middle-aged consumers are retailers’ largest customers. These buyers are typically the most established and wealthiest demographic, allowing them to allocate more resources toward discretionary purchases.
- Ontario has the most locations due to its large cities and thriving business climate. Ontario is one of Canada’s prime regions for both residential and non-residential construction, making it highly attractive to retailers.
- Stores can boost sales by offering lower prices, broad product ranges and excellent customer service. Consumers today are highly price-sensitive, so competitive pricing strategies can significantly increase a store's performance.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 2.4 % over the past five years, to reach an estimated $9.6bn in 2024.
Trends and Insights
Unfavorable macroeconomic conditions impact sales
- Home furnishings are generally considered discretionary as they are not needed for a home to become functional, and buying these products can be postponed until consumers can. Because of this, heightened economic uncertainty tends to cause sales to weaken.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Economic recovery to fuel a rebound
- Consumer confidence has begun to recover, a trend that will continue over the coming years. As consumers become more confident in economic conditions, they may be more willing to purchase big-ticket items and even splurge on expensive name-brand products.
Biggest companies in the Home Furnishings Stores in Canada
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
HomeSense | 1,799.5 | 249.8 | 13.9 |
To view the market share and analysis for all 1 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Kitchenware and home furnishings, Window coverings and textile goods and Furniture. Kitchenware and home furnishings is the largest segment of the Home Furnishings Stores in Canada.
Trends and Insights
Kitchenware and home furnishings are the most popular products
- Kitchenware and home furnishing products include decorative items, such as lamps, mirrors, lampshades, pots, pans, china, glassware, eating utensils and other forms of cookware and cooking accessories.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Furniture Stores in Canada
- Used Goods Stores in Canada
- E-Commerce & Online Auctions in Canada
Complementors
- Floor Covering Stores in Canada
International industries
- Lamp & Lighting Stores in the US
- Kitchen & Cookware Stores in the US
- Manchester Retailing in Australia
- Houseware Retailing in Australia
- Manchester Retailing in New Zealand
Table of Contents
About this industry
Industry definition
Operators in this industry retail a range of home furnishing goods, including curtains, draperies, blinds, shades, cookware, glassware, dinnerware and decorative accessories. Merchandise is purchased from domestic, and in some cases international, manufacturers and wholesalers and then sold to consumers. Retailers that primarily operate as home furniture stores, used merchandise stores, electronic shopping outlets or mail-order houses are not included in this industry.
What's included in this industry?
Retailing kitchenwareRetailing curtains, draperies, slipcovers, vertical and horizontal blindsRetailing towels, sheets, blankets and table linensRetailing decorative accessoriesRetailing outdoor and patio furnitureRetailing small electric/personal care appliances Retailing soft-surface floor coveringCompanies
HomeSensePurchase this report to view all 1 major companies in this industry.
Related Terms
RADIO-FREQUENCY IDENTIFICATION (RFID) BIG-BOX STOREONE-STOP SHOP STOREIndustry Code
NAICS 44229 - Home Furnishings Stores in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Residential construction activity is weakening because of rising interest rates. Falling housing starts often leads to lower demand for home furnishings, negatively impacting...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Middle-aged consumers are retailers’ largest customers. These buyers are typically the most established and wealthiest demographic, allowing them to allocate more resources t...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Ontario has the most locations due to its large cities and thriving business climate. Ontario is one of Canada’s prime regions for both residential and non-residential constr...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each province in 2024
- Number and share of revenue each province accounts for in 2024
- Number and share of wages each province accounts for in 2024
- Number and share of employees in each province in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Stores can boost sales by offering lower prices, broad product ranges and excellent customer service. Consumers today are highly price-sensitive, so competitive pricing strat...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Large companies leverage economies of scale to stay competitive. Major furnishing stores use their purchasing power to secure discounted products, allowing them to offer lowe...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of HomeSense's performance by revenue, market share and profit margin from 2018 through 2024
Detailed analysis
- Description and key data for HomeSense, and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Retailers are facing growing competition from secondhand websites. Platforms like Craigslist, Facebook Marketplace and OfferUp allow consumers to buy home furnishings at lowe...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Elevated operating costs pressure profit. Higher purchase and rent expenses negatively impact retailers' profitability despite growing consumer demand for home furnishings.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Assets (2017-2022)
- Liabilities (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Home Furnishings Stores industry in Canada in 2024?
The market size of the Home Furnishings Stores industry in Canada is $9.6bn in 2024.
How many businesses are there in the Home Furnishings Stores in Canada industry in 2024?
There are 8,468 businesses in the Home Furnishings Stores industry in Canada, which has grown at a CAGR of 7.5 % between 2019 and 2024.
Has the Home Furnishings Stores industry in Canada grown or declined over the past 5 years?
The market size of the Home Furnishings Stores industry in Canada has been growing at a CAGR of 2.4 % between 2019 and 2024.
What is the forecast growth of the Home Furnishings Stores industry in Canada over the next 5 years?
Over the next five years, the Home Furnishings Stores industry in Canada is expected to grow.
What are the biggest companies in the Home Furnishings Stores market in Canada?
The biggest company operating in the Home Furnishings Stores market in Canada is HomeSense
What does the Home Furnishings Stores in Canada include?
Retailing kitchenware and Retailing curtains, draperies, slipcovers, vertical and horizontal blinds are part of the Home Furnishings Stores industry.
Which companies have the highest market share in the Home Furnishings Stores in Canada?
The company holding the most market share in Canada is HomeSense.
How competitive is the Home Furnishings Stores industry in Canada?
The level of competition is high and increasing in the Home Furnishings Stores industry in Canada.
