The furniture industry is a large and diverse one that focuses primarily on domestic, business and commercial products. It is a competitive market that is highly dependent on economic and social factors as well as evolving consumer preferences.
The global furniture market is valued at $595 in 2021 and is likely to exceed $722 by the end of 2028. It is driven by the need for different types of furniture in different spaces, which is fuelled by increasing industrialization and rapid urbanization rates.
Online sales are expected to reach US$294 billion by 2022.
The online furniture sales market has been growing rapidly over the years and is a great way for furniture manufacturers to reach new customers. In addition, the Internet provides consumers with convenience and time-efficiency.
In addition to online shopping, furniture retailers are also increasingly integrating augmented reality technologies into their marketing and sales strategies. These innovations allow customers to visualize the look and feel of a product in their home or office before purchasing it. This allows them to make informed decisions and avoid buying a piece of furniture that won’t fit their space.
Another emerging trend is the desire for luxury and eco-friendly green furniture. While this is a bit more expensive than traditional furniture, it has become a popular choice among buyers who want to purchase environmentally friendly products that will last them for generations to come.
According to SkyQuest Technology, the furniture industry in Asia-Pacific is projected to grow at a CAGR of 5.1% from 2022 to 2028. This region is undergoing rapid growth in terms of urbanization, population, and housing construction. This growth will also drive the demand for commercial and residential furniture in the future.
With the furniture industry on the rise, a number of new and innovative trends are gaining popularity. Some of these include augmented reality, which is an emerging technology that allows people to visualize their purchase in real-time and helps them make more informed choices.
For example, IKEA is introducing an augmented reality application called Place that lets shoppers place a virtual 3D model of their desired furniture in their home or office. Walmart and Target have also launched apps that use augmented reality technology to let shoppers shop for furniture in a virtual room.
In addition to a variety of technological approaches, furniture manufacturers are also making investments in the design and manufacturing of their products. Many companies are now experimenting with designs that are more personalized and fit the lifestyles of their customers.
Moreover, furniture makers are working to create aesthetics that match the personality of their customers. This helps them build a more cohesive brand and attract more customers.
The furniture industry in the United States is thriving and has seen record-breaking sales over the past several years. In fact, the United States spends $114 billion on furniture each year.
Despite these staggering figures, there are still many challenges for the furniture industry. This includes increasing competition from importers and declining home prices. However, if businesses are able to capitalize on these challenges, the industry can see a strong rebound in its fortunes.
