Is There A Quick Or Slow Market For Furniture?

The home furnishings market in North America experienced a slowdown in 2021 due to a surge in demand from consumers who were prioritizing spending on their homes. The global home furniture market is expected to grow by USD 95.7 billion, with a CAGR of 4.72 between 2023 and 2028. The growth of the home furnishing market is influenced by several factors, including evolving consumer preferences and the need for safer living spaces.

In 2021, the home furnishings market was valued at US$ 162.0 billion, with an expected growth of US$ 307.52 billion from 2022 to 2032 at a 6.0 CAGR. The U.S. Home Furniture Market projects to grow by a similar rate. The global home furnishings market is projected to reach US$ 1275490 million by 2032, from US$ 896750 million in 2021, at a CAGR of 5.1 during 2022-2032.

The global home furnishings market is expected to grow at a fastest-growing rate due to rising global consumer demand. Self-care at home products are growing faster over time within the wellness trend, driven by demographic factors. The industry nationally is slowly increasing and is expected to reach $87 billion by 2025.

The global home furnishings market is growing “significantly faster” than the fashion market, with many consumers opting for cheaper, instant brands such as Ikea. Store sales have grown 23 percent since 2019, but this growth has come in spurts, with a decrease in 2020, a 25.6 increase in 2021, and a 1 growth in 2022.

In conclusion, the home furnishings market is expected to continue growing due to various factors, including evolving consumer preferences and the need for safer living spaces.

Is the furniture industry growing?

The global furniture market, valued at USD 516. 66 billion in 2022, is projected to grow from USD 541. 52 billion in 2023 to USD 780. 43 billion by 2030, with a CAGR of 5. 36. Stylish house furnishings enhance living spaces, and growing home decoration and renovation trends drive demand for these products. Consumers prefer highly engineered items like sofas, stools, and chairs for aesthetic appeal in halls and dining rooms, as well as sectional sofas for flexible office use.

The rising demand for sculptural shapes in chairs and stools is expected to provide new opportunities for market growth. However, the COVID-19 lockdown restrictions have led to a decline in sales of upholstery shops worldwide, and people are limiting their purchases to avoid coronavirus infection. This has posed challenges to the overall industry growth during the pandemic period, with the U. S. Department of Commerce reporting a 26. 8 drop in furniture store sales in March 2020.

How big is the home furnishings market?

The global home furnishings market, valued at USD 896. 75 billion in 2023, is projected to grow from USD 942. 48 billion in 2024 to USD 1408. 91 billion by 2032, with a CAGR of 5. 1. The market is segmented into home furniture, home textile, wall decor, and others, and is classified into E-Commerce Sales and In-store Sales based on application. The market is expected to reach USD 1408. 91 billion by 2032.

What is the home furnishings industry?

The home furnishing market in Europe is highly fragmented, with a few furniture retail giants dominating the market. The manufacturing and design and distribution segments lack clear market leaders. The retail segment is characterized by consolidation, driven by retail giants’ desire to acquire smaller peers. The manufacturing segment is likely to follow due to their weaker bargaining position. Sponsor-led interest in the market is mediocre, with around 45 identified assets backed by financial sponsors.

The design and distribution segment sees the most PE-led interest, with approximately 65 of assets being investor-owned. The segment’s limited CAPEX requirements and high flexibility, coupled with the attractiveness of premium players, are key reasons. However, due to the current economic climate and forecasted volume decreases, investor-led interest is expected to be significantly lower in the near future.

What is the forecast for home furnishings?

The Home Furniture Market is projected to reach $720. 9 billion by 2031, at a CAGR of 5. 5 from 2024 to 2031. This growth is attributed to the increasing demand for luxury furniture, customized home furniture, and disposable income. However, factors such as rental furniture preference and availability of suitable raw materials at competitive prices are restraining the market’s growth. Key players’ omni-channel presence, adoption of technology for furniture placement, and urban population growth are expected to generate growth opportunities.

However, the growing demand for second-hand furniture is a major challenge. The market is also influenced by the rise in sustainable furniture and smart furniture trends. Luxury furniture, known for its premium materials, craftsmanship, and designs, is gaining popularity due to its aesthetic value. Luxury furniture brands are expanding their business in urban cities, such as Durian Industries Ltd.’s new store in Jaipur, India. Factors such as disposable income, globalization, urbanization, and evolving consumer preferences are driving the demand for luxury furniture.

What is the outlook for the home furnishings industry?

The U. S. furniture market is estimated to be worth approximately $244 billion, with a projected compound annual growth rate (CAGR) of 3. 91% over the next five years. The expansion of the home furnishings retail sector is being driven by an increase in the number of consumers belonging to younger age groups. Should you believe that you have been impeded in your progress, you are encouraged to contact the site owner for assistance. If you are a WordPress user with administrative privileges, kindly enter your email address and click “Send” to regain access.

What is the market for home decor?

The global home decor market is estimated to be worth approximately 697 U. S. dollars. It is anticipated that the market will expand from a valuation of USD 747 billion in 2023 to a projected value of USD 91 billion. The market is projected to reach USD 1, 097 billion by 2024, up from USD 75 billion in 2023. The market is projected to reach USD 51 billion by 2032, with the Asia-Pacific region accounting for the majority of the market share (45%). In 2023, the market share was 45%.

What is the furniture market situation?

It is projected that the Indian furniture market will reach a value of $32. 7 billion by 2026, representing a compound annual growth rate (CAGR) of 10%. The market is projected to reach $9 billion between 2023 and 2028, driven primarily by demand from northern and southern India, as well as the commercial sector.

Is the furniture business slowing down?

Home furnishings retailers have not recovered from the post-pandemic slump, with major players reporting drops in first-quarter sales due to rising mortgage rates and a slowdown in home sales. RH, an upscale American home furnishings company, reported a 1. 7 net revenue loss for the quarter ending May 4, totaling $727 million, despite the most challenging housing market in three decades, according to CEO Gary Friedman.

What is the future of the home décor industry?

India’s Home Décor market is expected to grow at an annual rate of 8. 78 (CAGR 2024-2029), with revenue reaching INR 1. 95bn in 2024. The United States generates the highest revenue in this segment, at INR 35, 440m in 2024. India’s market is driven by a growing middle class and a strong emphasis on interior design. Key regions include India, France, the United States, Canada, and Denmark. The segment includes accessories and furnishings used to enhance a space’s aesthetic appeal, showcasing unique style and creativity.

Is home decor a niche?

This article provides a guide on identifying profitable online retail niches for home decor and furniture. It emphasizes the importance of a broad and popular category, with numerous sub-niches to explore. To brainstorm these niches, one should gather inspiration from various sources, such as personal interests, social media trends, customer feedback, online marketplaces, keyword research tools, niche magazines, blogs, podcasts, and influencers.

The key is to generate a comprehensive list of ideas without filtering, allowing for a thorough exploration and eventual narrowing down of options. By following these steps, one can effectively start or grow their online retail business.