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The US home furniture market is valued at USD 11.7 billion at a CAGR of 3.2% between 2023 and 2028. The market's growth is influenced by several factors, including the revitalization of the residential construction sector, heightened awareness of home decor and appealing furnishings, and the surge in online sales. These elements collectively contribute to the market's expansion, reflecting the growing interest in enhancing living spaces and the increasing preference for online shopping for home-related products.
The resurgence of residential construction in the US is driving the demand for interior decor and attractive furnishings, stimulating market growth. Simultaneously, the growing awareness of home decor trends is inspiring consumers to invest in products that enhance the aesthetic appeal of their living spaces. The rise in online sales platforms has also made it easier for consumers to access a wide range of home decor products, further boosting US home furniture market growth.
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The market share gain by the living room furniture segment will be significant during the forecast period. Customers with higher purchasing power are likely to spend more on living room , such as sofas and couches, entertainment units, and tables and tabletops, which is driving the growth of this segment.
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The living room segment was valued at USD 30.2 billion in 2018. Key players are innovating different sofa styles to make their products suitable for the changing preferences of clients. Convertible sofas and chairs for outdoor porches and lawns are some of the items preferred by buyers. Folding table, console tables, camping tables, and 3-in-1 tables are also gaining popularity among shoppers in the US. These factors are driving the evolution of the segment.
Online Mode
Over 70% of US households purchase new furniture every 5 to 10 years. Online furniture sales account for approximately 15% of the total US home. This has profoundly impacted the traditional landscape of home furnishings stores globally. As client demand for convenient, tech-savvy solutions surges, the world of furniture stores has seen a significant shift towards virtual platforms. Online furniture shopping trends offer a multitude of advantages, including the ease of browsing a vast array of home furniture products from the comfort of one's home, comparing prices across different companies worldwide, and accessing a diverse range of styles and designs at one's fingertips along with delivery. This digital revolution has not only transformed the way shoppers shop but has also paved the way for innovative marketing strategies and enhanced accessibility of home furnishings stores offline and online.
The market is experiencing significant changes driven by online orders and the supply chain, which have been impacted by global trade and rising material costs. The skilled labor shortage is a challenge, affecting the production of new product lines. Despite this, the market is buoyed by factors like economic growth and consumers' spending power, particularly in the luxury furniture market. Materials such as wood, leather, and metal in finishes like rose gold, gold, and brass are popular. The market also caters to diverse preferences, offering furniture in sculptural or massed ways. With the economic recovery, the home furnishings industry is witnessing a rise in demand, attracting luxury interior designers and consumers seeking luxury experiences.
Improving the residential construction market is notably driving market development. The development of the real estate industry analysis in the US is attributed to factors such as the increasing number of households. The rise in the number of working women has increased the demand for service apartments and single-story houses. This, in turn, is boosting the demand market.
The increasing immigrant population in the US is also fueling the rapid expansion of the real estate industry. Highly qualified, affluent immigrants invest heavily in real estate and home furnishings. In addition, many young adults are forming households. These factors will drive the growth of the market during the forecast years.
The surging demand for eco-friendly furnishings is a key trend influencing the market expansion. Green or eco-friendly furniture is expected to gain momentum in the coming years, with the rising demand for sustainable products. The growing awareness of durability, sustainable and eco-friendly furniture, and green furnishings has increased. More than 60% of consumers prefer eco-friendly and sustainable options when making a purchase decision. Hence, manufacturers are catering to the demands of consumers without causing any damage to the environment.
Crate and Barrel, a North American industry retailer, works directly with the Tropical Forest Trust to provide products, including the plantation-grown teak Pacifica dining collection, Blake media cabinets, accent tables, and occasional chairs. It also provides innovative designs such as Cabria dining, Faulkner media, Dawson bedroom, and Basque dining. Such offerings by manufacturers and retailers will support the market enlargement during the forecast years.
The inherent threat from the re-used furnishings market may impede the market expansion. Many millennials prefer reused or refurbished furnishings, especially those with low financial stability. They buy refurbished furniture items at lower prices, which impacts the revenues of the sellers of new furniture.
For instance, the Product is no longer considered a one-time investment, as it becomes outdated in a very short period with the introduction of newer styles at frequent intervals. This has led to a slowdown in the market in the last few years. Discarded product is resold to new home buyers, which reduces the demand for contemporary furniture items. These factors will challenge the development of the market during the forecast duration.
The US home furniture market research and growth report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the US home furniture market industry report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in market growth and forecasting.
The US home furniture market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The US home furniture market industry report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is dynamic, influenced by diverse lifestyles and the growing popularity of ready-to-assemble (RTA) furniture. E-commerce plays a crucial role, offering convenience to consumers. The market caters to various settings, including homes, hotels, and offices, both indoors and outdoors. There's a high demand for housing, driving the need for furniture. Online retailing is a key trend, with a focus on multifunctional furniture and handcrafted authenticity alongside mass-produced pieces. Materials like metals and blackened metals are popular, reflecting modern tastes. As the real GDP grows and travel and luxury goods thrive, the market is witnessing increased investments, particularly in home décor.
Furthermore, the market offers a wide range of furniture, including beds, chairs, cupboards, Murphy sofas, and sofa beds, catering to various needs and preferences, especially in metropolitan areas. Ambience, home renovation, and residential homes are driving factors, with a focus on essential goods and convenient and comfortable sitting positions. Furniture like sofa beds caters to small-sized flats and houses, providing smart furniture solutions. The market is influenced by population density, cost per square foot, and urban areas, shaping consumer choices and market trends.
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Industry Scope |
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Report Coverage |
Details |
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Page number |
133 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.2% |
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Market growth 2024-2028 |
USD 11.7 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.06 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
American Furniture Manufacturing Inc., Ashley Global Retail LLC, Bassett Furniture Industries Inc., Berkshire Hathaway Inc., Crate and Barrel, Dorel Industries Inc., Ethan Allen Interiors Inc., Godrej Interio, Inter IKEA Holding B.V., Klaussner Home Furnishings, LaZBoy Inc., Penney OpCo LLC, Pier 1 Imports Online Inc., Raymour and Flanigan Furniture and Mattresses, Restoration Hardware Inc., Roomstogo.com Inc., Sauder Woodworking Co., Sleep Number Corp., Wayfair Inc., and Williams Sonoma Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecasting period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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