US Home Furniture Market by Product, Distribution Channel, and Geography - Forecast and Analysis 2023-2027

US Home Furniture Market: Trends, Analysis and Growth Forecast

The US home furniture market is valued at USD 80.15 billion in 2027 with a CAGR of 3.7% between 2022 and 2027. The growth of the market depends on several factors, including Improving the residential construction market, Increasing awareness of home décor ,kitchen and attractive furnishings, and Increasing online sales.

Market Size and Growth Trends

Analysis Period	2017-2027
Market Size (2017) Historic Year	USD 62.00 billion
Market Size (2027) - Forecasted Year	USD 80.15 billion
Historic Opportunity (2017-2021)	USD 3.22 billion
Historic CAGR	1.27 %
Forecasted Opportunity (2023-2027)	USD 13.32 billion
Market Opportunity Transformation Growth	29.27 %
Market Opportunity Capitalization	USD 16.54 billion

 

This household furniture market report extensively covers market segmentation by product and distribution channel. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

Overview of the US Home Furniture Market

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Market: Key Drivers, Trends, Challenges, and Customers Landscape

Home furnishing encompasses a diverse array of pieces designed to enhance the aesthetic appeal and functionality of living spaces. Home furnishing, diverse pieces from global brands like Ashley Furniture Industries and Chinese manufacturers enhance living spaces for people worldwide. From decorating walls with vibrant art to providing functional yet stylish furnishings for kids and optimizing bathroom spaces with elegant surfaces, each piece adds to the home experiences. Functional accessories such as alarm clocks, desks, varied-sized lamps, and decorative pillows contribute to ambience and comfort. Specialized for baby ensures safety and comfort, embodying the balance between practicality and beauty in every corner of the home.

Market Growth Analysis Driver

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 US furniture market during the forecast years.

Market Growth and Trends 

The surging demand for eco-friendly furnishings is a key trend influencing the market expansion. Green furniture 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 furniture 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 home furniture 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.

Challenges and Opportunities in the Market Challenge 

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, 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.

Key Customer Landscape

The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Customer Landscape

Key Players in the Market

Vendors 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.

• American Manufacturing Inc. - The company offers upholstered products such as stationary and motion sofas, sectionals, recliners, and chairs.

The market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

• Ashley Industries
• Bassett Industries
• Berkshire Hathaway Inc.
• Crate and Barrel
• Dorel Industries Inc.
• Ethan Allen Interiors Inc.
• Inter IKEA Holding B.V.
• Klaussner Home Furnishings
• LaZBoy Inc.
• Penney OpCo LLC
• Pier 1 Imports Online Inc.
• Raymour and Flanigan and Mattresses
• Restoration Hardware Inc.
• Roomstogo.com Inc.
• Sauder Woodworking Co.

Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

Furniture Categories and Segments

The market share gain by the living room 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 29.81 billion in 2017 and will continue to grow by 2021. 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.

Distribution Channels and Retail Landscape

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. The has profoundly impacted the traditional landscape of home furnishings store 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 offers a multitude of advantages, including the ease of browsing a vast array of products from the comfort of one's home, comparing prices across different vendors 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.

Market Analysis and Executive Summary

In the realm of home furnishing, the US market for outdoor furniture stands as a burgeoning segment, influenced by the evolving preferences in interior design. The US home furniture market is a multi-billion dollar industry. Online sales of home furniture have been steadily increasing in recent years. Leather and fabric are the most commonly used materials for upholstery in the US home furniture market. Mid-range furniture brands are popular among American consumers. The average American spends around USD1,500 annually on home furniture. The demand for eco-friendly and sustainable furniture has been on the rise in the US market.

The America furniture market has witnessed significant shifts in consumer demographics and buying behavior during the pandemic. With a surge in demand for beds and a renewed focus on dining room setups, home furnishing stores and suppliers have adapted to changing trends. The furniture market in America, represented by major players like Furniture Mart USA, reflects dynamic consumer demographics and preferences. As consumers prioritize comfort and aesthetics, the home furnishing industry is evolving to meet the diverse needs of the market, creating a vibrant and responsive home market seating experience.

Segment Overview

The report forecasts market trends and analysis by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Product Outlook (USD Billion, 2017 - 2027)
  • Living room Product
  • Bedroom Product
  • Storage Product
  • Others 

• Distribution Channel Outlook (USD Billion, 2017 - 2027)
  • Brick and mortar
  • Online mode

Market Scope
Report Coverage	Details
Page number	134
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 3.7%
Market growth 2023-2027	USD 13.32 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	2.68
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	American Furniture Manufacturing Inc., Ashley home stores Ltd., Bassett Furniture Industries, Berkshire Hathaway Inc., Crate and Barrel, Dorel Industries Inc., Ethan Allen Interiors Inc., 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., Steinhoff International Holdings NV, Wayfair Inc., and Williams Sonoma Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market forecasting COVID-19 impact and recovery analysis and future buyer dynamics, and Market condition analysis for the forecast period.
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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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the size of the market in US and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in buyer behavior
• Thorough market analysis and report of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of  market vendors

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