Market Trends of United States Home Furniture Industry
Growing Sales of Bedroom Furniture is Driving the Market
The rising demand for multifunctional furniture is expected to bolster the growth prospects of the bedroom segment. Real estate prices have plummeted significantly, leading to a considerable reduction in house sizes. As rooms are getting smaller, customers are increasingly looking for compact and easily movable furniture to allow for efficient use of the available space. To cater to such requirements, the vendor companies have introduced multifunctional furniture with storage facilities. Beds with additional storage spaces are becoming more popular in the country. There is also a rising demand for convertible furniture in the country, which has functionalities beyond traditional furniture use.
Rising Consumer Expenditure on Furniture Products is Driving the Market
With more people choosing stylish and high-quality furniture because they have more money and a better way of life, the US furniture market is likely to see stronger growth in both domestic sales and exports. The average annual expenditure on furniture per consumer unit increased from USD 355 in 2010 to USD 715.6 in 2021, which reflects the healthy growth of the market. The trend is likely to keep going, making up for the damage that COVID-19 did to the country's economy.
