Westford, USA, June 22, 2022 (GLOBE NEWSWIRE) -- Global furniture industry is a large and complex with many different types of products. The global furniture market primarily caters to domestic, business, and commercial segments. As a result, there are a variety of furniture manufacturers, including small businesses and major companies. The industry produces a wide variety of items, including chairs, tables, couches, and beds. The furniture industry is largely affected by economic factors, such as fluctuations in the price of commodities and imported goods. Additionally, the furniture industry is affected by social trends, such as changing consumer preferences. For example, one of the biggest changes in recent years has been the rise in interest in sustainable practices. Many people are now looking for furniture that can be recycled or reused. This trend is likely to continue, as more and more people become environmentally aware and started avoiding plastic furniture.
Domestic Furniture Industry is Holding More than 60% of the Global Furniture Market
The furniture industry is quickly growing and is expected to continue holding more than 60% of the global furniture market by 2028. As per our SkyQuest Technology Consulting, domestic furniture exports have grown by 6.9% every year between 2018 and 2021, and are expected to grow at a CAGR of 7.5% through 2028 thanks to rising disposable incomes worldwide, increased urbanization, growing leisure activities, and increasing inclination of millennial towards home buying. Some of the leading players in the domestic furniture market are IKEA, Crate & Barrel, Macy's, The Home Depot and Bed Bath & Beyond. These companies are selling furniture online as well as through their physical stores. Most of these players are also investing in e-commerce platforms to increase their reach and explore the market potential.
It has also been observed that people are becoming more environmentally conscious, which means they're looking for products that don't harm the environment. Additionally, people are beginning to age and want furniture that can accommodate their changing needs. Finally, there's a growing interest in home decorating trends that focus on natural materials and minimalism.
Some of the key challenges faced by the domestic furniture market include lack of diversity in design, high production costs and low margins. There is a need for domestic players to focus on innovation and new marketing strategies to expand their business footprint.
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People are Increasingly Buying Multipurpose Furniture; How Manufacturers are Responding?
The furniture market is constantly growing as people are increasingly buying multipurpose furniture. Multipurpose furniture is great for saving space, and it's also becoming popular because it can be used for a variety of purposes. The concept is especially becoming popular among millennials. According to our recent study, 58% of millennials in India and 45% of Generation Z are likely to buy furniture online. Consumers purchasing furniture who are in the age group of 25–45 years old care about modern furniture design and functionality. In line with this, brands active in the furniture market are designing furniture that is chic and functional to improve their market revenue "For example, a coffee table can be innovated into a storage unit or display unit while still having a complex design. For the same price, consumers can purchase different products with multiples functions."
This has led manufacturers to create more versatile furniture that can be used for a variety of purposes. In order to respond to this trend, some manufacturers have created furniture that can be used as both a bed and a couch. Others have developed furniture that can be converted into different objects, such as a desk or a storage unit. Whether it's multipurpose furniture or specialized furniture, manufacturers are finding ways to meet the needs of customers.
Virtual Furniture Showroom Has Become New Trend in Global Furniture Market
The virtual furniture showroom is becoming a popular trend among consumers across the globe. This is because it allows them to see and try out different pieces of furniture before they buy it. Additionally, this trend has helped to reduce the amount of time that people have to spend looking for furniture.
With the increasing popularity of online shopping, businesses are turning to virtual furniture showrooms to help customers make purchases. Virtual furniture showrooms allow customers to interactively explore different pieces of furniture before making a purchase. This new trend has already become popular with online shoppers and is expected to continue growing in popularity in the years to come.
In furniture market sales, the shopping process typically involves viewing items in person. Now, a variety of new technologies such as AI, machine learning, AR, and VR and approaches are being introduced to boost furniture sales through online and mobile channels. Wayfair, Amazon and Target have launched AR apps that allow users to shop for items by placing them in their desired rooms. Meanwhile, Walmart has launched a home destination for furniture shopping with visual search technology to meet growing customer demand, now including over 150k products on the site.
Despite the benefits of virtual furniture showrooms, some challenges still remain. One challenge is that businesses need to ensure that their virtual furniture showrooms are user friendly and easy to navigate. Another challenge is that businesses need to create content for their virtual furniture showrooms that is engaging and informative.
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Milan Furniture Fair 2022: Sustainable Practices is Shaping the Global Furniture Market
There is little demand for luxury furniture these days, according to Milan Furniture Fair organizers. This is mainly due to the current economic climate and the slow growth of the global economy. Some luxury furniture manufacturers have seen a slight uptick in sales in recent years, but overall demand is down. Many people are choosing to buy less expensive furniture instead of spending more on high-end pieces.
One reason why luxury furniture is not in high demand and contributing substantially to the market revenue is that many people no longer view furniture as an essential part of their lifestyle. Instead, they view it as an accessory that can be used to enhance their home decor.
Apart from this, we found some other key takeaways:
- Renewed interest in natural materials and sustainable design
- Renewed focus on comfort and ergonomics
- Renewed focus on style and fissionability
Rising Concerns About Inflation Hampering Growth of Furniture Market
The growth of the furniture market is challenged by rising inflation rates. This has caused many consumers to hesitate in making large purchases, or at least to postpone them. This lack of purchasing power has led to the many branded furniture stores to offer deep discounts and attractive offers and some are already struggling to keep the stores open in some of part of Middle East. The slowdown in the economy might be a bigger problem for furniture retailers than inflation, as it is difficult to increase prices when demand is weak.
Recently, there have been news reports about companies raising prices on furniture across North America and Europe in order to compensate for the rising prices of goods and services. This has caused a lot of people to rethink their spending habits. The Department of Labor recently released data that showed average hourly pay didn't increase by as much as economists had expected over the past year. This has caused some people to believe that the inflation rates are likely to continue increasing in the near future. This could have an adverse effect on the furniture market, as people may start to reconsider buying expensive furniture.
Above All, Asia-Pacific is Offering Loads of Opportunities for Manufacturers Who are Looking Tap into Unorganized Furniture Market
If you're looking to tap into the rapidly growing and unorganized furniture market in Asia-Pacific, you're in for a good time. According to a recent report by SkyQuest Technology Consulting, the region is projected to grow at a CAGR of 5.1% from 2022 to 2028. This growth is likely to be driven by increasing population and urbanization rates, as well as an increase in the number of people who are moving into new homes or apartments. As a result, there is an expanding market for furniture that can fulfil the needs of these new residents.
A number of factors are contributing to the growth of the Asian furniture market. Rising disposable incomes are driving demand for high-quality furniture that is both affordable and stylish. Additionally, the population is continuing to grow rapidly, which means there is an increasing need for more seating and storage space. This is further supported by increasing number of middle-income households. With the population of people aged over 65 years set to exceed 900 million by 2025, the Asia-Pacific region is expected to account for a majority of the global furniture market. In addition, there are projected to be 1.5 billion people aged between 18 and 64 years who will be looking to purchase furniture in the next decade. This means that there is a huge opportunity for manufacturers who are looking to tap into the unorganized furniture market, which is majorly catered by local and regional players.
China is expected to lead the Asia-Pacific furniture market until 2028, followed by India, Japan and South Korea. China's furniture industry has been growing rapidly due to strong domestic demand and increasing investment in new manufacturing facilities.
In Japan, the aging population and increased demand for residential spaces are driving growth in the furniture market. South Korea's furniture market is also forecast to grow significantly due to increasing consumer spending and growing interest in home design trends.
The India furniture industry is one of the most highly dependent industries on imports. Manufacturers in India produce a high percentage of the world's furniture, but this manufacturing sector is heavily reliant on foreign suppliers. The Make in India campaign promises to turn this around by creating more jobs in the Indian furniture industry and increasing domestic production. In order to tackle inflation impact, manufacturers like IKEA have started resourcing their raw materials needs through local suppliers and are avoiding importing them from international market. For instance, India witnessed over 8% inflation in furniture industry, which already affected the major giants operating in the market and compelled them to revisit their growth strategies and goal.
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A Glance on Leading Furniture Producing Countries
In the global furniture market when it comes to appealing and luxury furniture, Italy has established itself a leader. The country is known to supply world class furniture across the globe. It has a long history of creating high-quality pieces that are known for their beautiful design, quality materials, and craftsmanship. However, in the last three years, it faced several challenges in procuring raw materials and keep up with the rising raw material prices, weakened demand.
The US furniture industry is seeing some major shifts as of late. This includes a rise in the number of people choosing to buy furniture online, as well as an increase in the popularity of natural materials. In addition, companies are starting to focus on sustainable practices, as they realize that doing so is a wise investment.
After the Italy, Poland is a big producer and exporter of furniture. This is because Polish furniture is of high quality, affordable, and easy to assemble. Furthermore, the country has a skilled workforce that can quickly assemble the furniture for export. In fact, Poland was the largest exporter of furniture in the world in 2017. Along with high exports, this has helped make Poland one of the wealthier countries in Europe.
Top Player in Global Furniture Market
- IKEA (Netherlands)
- Ashley HomeStore (US)
- Restoration Hardware (US)
- Kartell (Italy)
- Williams Sonoma (US)
- La-Z-Boy Furniture Galleries (US)
- Raymour & Flanigan (US)
- American Signature (US)
- Roche Bobois (France)
- Ethan Allen (US)
- Gucca Italy (Malaysia)
- Bassett Furniture (US)
- Crate and Barrel (US)
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