- Revenue in the Furniture market amounts to US$361,820m in 2020. The market is expected to grow annually by 4.3% (CAGR 2020-2023).
- In global comparison, most revenue is generated in the United States (US$233,037m in 2020).
- In relation to total population figures, per person revenues of US$426.70 are generated in 2020.
Nowadays, consumers are replacing their furniture more frequently than in the past, which is largely due to increasing standards of living and a steady increase in disposable income across the board. These are some of the factors driving the continuous growth of the Furniture market. Moreover, aesthetic reasons coupled with the need for consumers to be comfortable in their apartment, as evidenced by the Living Room and Dining Room segment being the largest segment of the Furniture market, and the adoption of online shopping are major contributing factors to the constant growth of the market.
Furniture retail in the United States is a very important aspect for the country's economy. The global home goods industry refers to the manufacture, distribution and retail of home furniture, household decorative accessories, soft furnishings (draperies and curtains), appliances, cookware and gardening equipment. During the economic recession, the industry was negatively impacted as consumers cut back on non-essential spending, putting off home improvement projects due to lower disposable income. Furniture and home furnishings stores generated about 116 billion U.S. dollars worth of sales in 2018.
Furniture Manufacturer’s Association International
California Furniture Manufacturers Association