How big is the furniture industry in the US?

How big is the furniture industry in the US?

Revenue in the Furniture market amounts to US$239.40bn in 2022. The market is expected to grow annually by 3.45% (CAGR 2022-2026). The market’s largest segment is the segment Living Room Furniture with a market volume of US$71.97bn in 2022.

What industry is furniture sales?

The global home goods industry refers to the manufacture, distribution and retail of home furniture, household decorative accessories, soft furnishings (draperies and curtains), appliances, cookware and gardening equipment.

How much furniture is sold in the US?

In 2020, furniture store sales in the United States were estimated to reach 65.83 billion U.S. dollars, up from 63.6 billion registered a year earlier. By 2021, this value was forecast to reach 68 billion U.S. dollars, while the sales for furniture and bedding were projected to reach 119.8 billion U.S. dollars.

What demographic buys the most furniture?

Younger Shoppers Will Want Cash and Carry Furniture Millennials, who are now the largest furniture buying demographic, simply don’t shop that way. Younger shoppers, who have grown up in an ecommerce-driven world, are used to instant gratification when they make purchases.

What is the target market for furniture?

Baby boomers are continuing to downgrade into smaller homes and millennials are the target audiences on the radar for most furniture brands.

How many furniture companies are in the US?

There are 3,836 Household Furniture Manufacturing businesses in the US as of 2022, a decline of -0.6% from 2021. Has the number of Household Furniture Manufacturing businesses in the US grown or declined over the past 5 years?

Are furniture sales up?

Furniture and bedding sales are estimated to reach nearly $120.4 billion this year, up 4.5% over 2020, driven in large part by a rebound in retailing despite the continuing pandemic. The 4.5% increase is the highest since 2012, when spending rose by the same year-over-year percentage.

What age group buys furniture?

U.S. consumers in the 35-44 age group spend more, on average, for residential furniture than any other age category. Next highest is the 45-54 age group.

How is the furniture industry doing?

The U.S. demand for furniture is expected to reach $67.7 billion in 2025, rising at an annual growth rate of 2.7% from $59.3 billion in 2020, according to the report Furniture: United States by Freedonia Focus Reports, a division of

How do you attract customers to furniture?

5 Ways to Generate Furniture Customers From Existing Sales

  1. Build Relationships with Furniture Customers.
  2. Make It Easy for Furniture Customers to Share Online.
  3. Create Engaging Content for Furniture Customers.
  4. Start a Referral Program for Furniture Customers.
  5. Target Existing Furniture Customers.

How can I increase retail furniture sales?

Here is a 7 step guide on increasing sales in the furniture business.

  1. Step 1: Recognise Your Customer’s Needs.
  2. Step 2: Give Customers an Omnichannel Experience.
  3. Step 3: Make the Most of Social Media Platforms.
  4. Step 4: Don’t Overlook Your Website.
  5. Step 5: Train Your Sales Personnel.
  6. Step 6: Provide Excellent Customer Service.

Furniture and home furnishings stores generated about 116 billion U.S. dollars worth of sales in 2018. Home ownership, another important factor contributing to home goods demand is increasing as employment levels rebound.

How much do consumers spend on furniture each year?

As consumer demand for high-end home goods increases, companies are focusing on high-quality goods to fare better against mass-merchandise outfits. In 2018, the average annual expenditure per consumer unit on furniture in the United States amounted to over 518 U.S. dollars; with about 140 U.S. dollars of that being spent on sofas.

What does the future hold for the retail furniture industry?

Over the years to come, leading players in the U.S. retail furniture industry are likely to concentrate their efforts on product innovation and environmentally friendly business practices, goods and packaging.

How did the recession affect the furniture industry?

During the economic recession, the industry was negatively impacted as consumers cut back on non-essential spending, putting off home improvement projects due to lower disposable income. Furniture and home furnishings stores generated about 116 billion U.S. dollars worth of sales in 2018.