The furniture market is massive, with total sales of $101.41 billion in 2013, and it’s only expected to continue growing.
Furniture is the third most expensive thing a family will purchase after a house and a car. And with more and more millennials entering the housing market in coming years, the industry can only grow further. In fact, experts are actually predicting that the industry will reach a massive $186.5 billion by 2023.
One report, by Credence Research, explains why such growth is expected, including the concept that furniture “has become an integral part of human life.”
One of the biggest reasons for this immense predicted growth is that the global real estate market is growing, especially in the United States. Urbanization and a changing lifestyle, combined with increasing population and personal disposable income, especially in Asian countries, is expected to bolster the sales from 2016 to 2023.
It also helps that there is a wide range of products available to the many individuals who wish to spend a little extra money on things like luxury furnishings.
And even luxury furnishings are expected to grow alongside normal furniture into 2023, and at a sizable rate of 4.92%.
The Credence report was created based on in-depth market analysis from Research and Markets and includes input from industry experts. They cover the market landscape and the growth potential and prospects over the next few years and have a discussion on which key vendors will operate in the market.
According to the report, the largest trend that is gaining ground in the market is a demand for eco-friendly and green furnishings. This is widely due to an increase in awareness about green furniture in the Americas and Europe, and a developing awareness in countries like China.
These statistics are only estimations of the future of the furniture market, and time will tell if they hold true based on changes in trade and technology.