As furniture industry statistics reveal, consumer needs have changed a lot.
Just think about it. How did you go about furnishing your home office when the pandemic hit?
Did you have to improvise with kitchen stools and coffee tables, or were you lucky enough to already have a sturdy desk in a separate room?
The sector went through quite the transformation in 2020 and 2021, and we bring you the most interesting numbers and facts from the furniture industry.
Top 10 Furniture Industry Statistics
- Metal furniture sales are expected to hit $139.9 bn in revenue by 2027.
- Home furniture market is expected to grow by $8 billion in four years.
- The U.S. furniture market in 2020 was in second place by size.
- In 2018, 90% of consumers were interested in “green furniture.”
- Unemployment rates will be around 5.7% throughout 2021.
- 2021 is expected to see a 4% furniture industry growth rate.
- Global furniture sales revenue is expected to hit $294 billion 2022.
- 14% of consumers buy their furniture online.
- Statistics from 2020 predicted industry growth of 2% by 2024.
- China spent $68.6 billion on furniture in 2018.
US Furniture Industry Statistics
There was a marked increase in demand for environmentally-friendly products, as plastic fell to third place among favored materials. Asia is the leading sector, and the furniture market there as a whole is poised to grow.
1. Metal furniture sales are expected to hit $139.9 billion in revenue by 2027.
Global furniture industry stats have shown some interesting insight into the materials used in the industry. As they reveal, metal, wood, and plastic are the most used materials.
The current analysis also predicts that over the next seven years (2020-2027), metal, wood, and plastic segments are projected to have the most growth.
Furniture industry market statistics predict that metal furniture sales are expected to grow by 4% by 2027.
The wood furniture market segment is also expected to grow 4% over the next seven years, and plastic is close behind with a projected CAGR of 3.2%.
2. Furniture industry statistics from 2020 predicted a growth of 2% by 2024.
(PR Newswire, Research and Markets)
The industry data from 2020 predicted that the US home furniture market should grow at a CAGR of $2 over the following four years.
In revenue, that would mean an $8.1 billion increase for the period between 2020 through 2024.
3. The U.S. furniture market in 2020 was in second place by size.
(The Business Research Company)
Market size insights for the year show that the furniture market of North America accounted for 21% of the global total.
The largest segment was the Asia-Pacific, which comprised 45% of the world’s furniture market in 2020.
4. Home furniture market is expected to grow by $8 billion in four years.
Home furniture industry statistics also show that the market’s CAGR should grow by 2% from 2020 to 2024.
Even though the coronavirus pandemic affected retail and many other industries, it’s actually been lucrative for the furniture industry.
5. In 2018, 90% of consumers were interested in “green furniture.”
Green furniture industry trends have been steadily growing over the years. Data from 2020 has shown a steep incline toward eco-friendly solutions.
In 2018, the HKTDC conducted a survey and found that 90% of consumers were interested in “green furniture.”
This marked a drastic increase from 2015 when the number of people who would pay extra for eco-friendly materials was just 70%.
Pet adoptions increased during the pandemic and so has the spending on pets. The latest data shows that the pet furniture market is expected to reach a 5.8% CAGR by 2026.
Global Furniture Industry Statistics
Even though American consumers spend the most, the rest of the world is following in our footsteps.
7. China spent $68.6 billion on furniture, homeware and home decor in 2018.
Right behind them was the US with $65.1 billion. Japan spent a much lower, but still impressive, sum of $13.4 billion.
Germany and the UK followed with $7.3 and $7 billion respectively.
8. Australian furniture market is expected to reach a 14 billion AUD (10.84 billion USD) revenue by 2022.
According to Australian furniture industry statistics, the number of households in the Land Down Under is expected to grow from 8,196.6 thousand in 2017 to 9,160.3 thousand by 2022.
Hence, the furniture market should grow to some 10 billion US dollars, based on the current Australian furniture industry stats.
9. Global furniture sales revenue is expected to hit $294 billion 2022.
With China and the US as the biggest online furniture purchasers, the current global furniture revenue is at about $190 billion.
The industry data predicts a 11.9% annual growth, which should result in a $294 billion revenue in the next year.
10. IKEA was worth $58.7 billion in 2018.
Facts about the furniture industry show that the world-known Swedish company has some of the most affordable Scandinavian-style furniture that has accumulated an incredible customer-base and fortune.
11. With a €22 billion ($26.6 billion) turnover, Germany was the number one furniture producer in Europe in 2018.
Not only is Germany at the top of the furniture industry game, the data also reveals that the country’s kitchen furniture has the highest export share at 38.9%.
Furniture Industry Statistics for 2021
Not many definitive statistics are available for the first quarter of the year, but the prognosis is generally optimistic. Experts predict growth in revenue and reduced unemployment.
12. Unemployment rates will be around 5.7% throughout 2021, as furniture industry stats show.
The sudden job losses brought on by the pandemic have significantly affected the furniture industry.
In November 2020, the industry unemployment rate was 6.7%. In 2021, it is expected to decrease due to the availability of vaccines.
Based on the furniture industry performance statistics, we can expect an unemployment rate of 5.7% for this year. Moreover, we can expect it to remain at that level throughout most of 2021.
13. 2021 is expected to see a 4% furniture industry growth rate.
With the economy recovering from the COVID-19 outbreak, the home furnishing industry is expected to grow by 4% and reach approximately $120 billion in worth.
Furthermore, store sales are projected to increase by 3.3% resulting in $68 billion in revenue.
14. Commercial furniture market is expected to have a CAGR of 7% from 2020–2027.
(Grand View Research)
According to the office furniture industry statistics, eco-friendly furniture sales are expected to grow between 2020 and 2027.
The main reason for this is the increasing purchase rate from millennials and Generation Z consumers.
The trend started in the residential furniture market but is now spilling over into the commercial sector as well, as the furniture industry facts show.
In particular, sustainable and wellness-oriented office furniture is becoming the norm. The commercial furniture market is expected to have $59.82 billion revenue by 2027.
15. Home furniture rental industry revenue has reached $672.21 million in 2021.
Furniture rental industry statistics reveal that the sector has managed to hit a hefty revenue, even though its market size has declined on average 3.1% between 2016 and 2021.
The sector declined faster than the economy overall but is expected to grow.
Furniture Industry Trends of 2020
Here are the five most significant trends that shaped the landscape of furniture manufacturing and retail in 2020. Customer demands have changed, and businesses have had to adapt rapidly.
16. 14% of consumers buy their furniture online.
The most important of all recent furniture retail industry trends is the growing presence of e-commerce solutions.
People are increasingly relying on devices and social media to do their shopping in all areas of retail.
Furniture stores are now offering more viewings online and even using virtual reality technology to allow people to try out new furnishings before buying them remotely.
And even though most consumers prefer buying larger furniture in-store, retail furniture industry statistics reveal that the number of online shoppers is increasing.
17. Multifunctional furniture market is expected to reach $13.2 billion in revenue by 2027.
(Research Nester, About Manchester)
Undoubtedly one of the biggest indoor furniture industry trends last year was the multifunctionality craze.
There is a significant need for furnishing solutions that make the most of limited room or apartment space, especially since the majority is working from their home because of the pandemic.
18. Standard office chairs today can support up to 300lbs.
Office furniture industry trends have become more accommodating to plus-size bodies. More and more businesses and employers are investing in providing adequate support to obese employees.
In particular, office chairs have become much larger, sturdier, and more durable.
According to U.S. furniture sales statistics in manufacturing, a standard office chair can currently support up to 300lbs.
There are also specialized varieties called bariatric chairs, which have wider seats, wider bases, taller backs, and can support up to 600lbs.
19. New trends in the furniture industry try to accommodate the elderly.
2021 stats on the retired populace present evidence that retirees are becoming an increasingly important consumer demographic in the industry.
Therefore, accessibility-centric furniture, such as adjustable beds and armchairs, is now being built to appear more aesthetically pleasing to the customer.
20. 9,680 tons of furniture ended up in landfills in 2018.
Furniture industry statistics have shown that social justice has found its way into the trade.
People want to buy ethically sourced and ethically manufactured products, and this trend is expected to continue throughout 2021 and beyond.
There is significant pressure on retailers to trace and prove the origin of their furniture.
Customers now require credible assurance that the laborers building their new furnishings are being treated fairly and that the materials are sourced without harming the environment.
How big is the furniture industry?
In 2020, the global furniture market value was $509.8 billion. In 2021, the industry revenue so far amounts to $1,371,983. Specifically in the US, the furniture market had approximately $233 billion in revenue in 2020.
Is the furniture industry growing?
The industry is growing and its growth rate is expected to hit 3.5-4.18%, depending on sources.
Assuming the lower point growth rate of 3.5% holds, forecasts for the market cite a projected value of approximately $650.7 billion by 2027.
Who buys the most furniture?
Millennials are consistently the most avid furniture and bedding shoppers.
Millennial spending statistics show they made up 35% of all furniture and bedding purchases in the US in 2016. Two years later this number went up to 42%.
According to furniture industry retail stats, the Generation X is closely behind. In 2016, Gen Xers made up 32% of the industry shoppers. Their participation reached 38% in 2018.
Baby boomers show more of a change in their shopping rate. In 2016 they were the second biggest buyer demographic at 33%, but in 2018 they fell to third place, making up only 20% of US furniture shoppers.
What percentage of furniture is sold online?
According to the latest data, furniture and home furnishings made up 13% of the total e-commerce retail sales in 2018 in the US. The revenue from these sales totaled $65.1 billion.
Online shopping statistics for 2021 predict a further rise in the numbers.
The data on the e-commerce market sector signal that furniture and home furnishings will amount to 14% of all sales in 2022. The expectation is that online sales of furniture will generate $99.887 billion in income.
How many furniture companies are there in the US?
There are currently 27,595 furniture stores in the States. The number is enormous, even though it represents a 0.9% decline compared to 2020.
Furniture industry statistics reveal the industry has seen some significant changes over 2020, and they’re continuing into 2021. Unemployment rates have dropped, and the market is projected to grow.
Online shopping became the new norm, and people want to buy ethically produced and eco-friendly items.
Sustainability, multifunctionality, and wellness support are the key selling points in the furniture industry this year.