Furniture market to register a mammoth valuation of USD 750 billion by 2024, online shopping trends and millennial lifestyle choices to impact the industry landscape
With the economic recovery in developed countries and emerging markets, furniture market has become one of the verticals that has recorded massive growth in the recent years. Technological advancements, evolving demographics, the stellar rise of social media, changing aesthetic taste and the expanding purchasing power of women are just a few factors that are essentially shaping the present and future scenario in the furniture industry. Moreover, rapid urbanization, increasing trend for renting, increasing disposable income and fast fashion are contributing to the growth of the furniture market as well.
U.S. Furniture Market, By Application, 2017 & 2024, (Thousand Tonnes)
A recent instance of growing purchasing capacity and demand for furniture can be cited through the massive sales figure recorded by Ikea in its first day in India. On the much-anticipated opening day of the first Indian Ikea store in Hyderabad, nearly 40,000 people flocked to the store which resulted in the Swedish furniture retailer recording a revenue of $350,000 even before lunch time of its first day. Ikea has been able to attract such a huge number of customers not only because of its international fame and low process but also because of the evolving taste in furniture that has made the neat, space saving design of Swedish furniture desirable in India. Also, rapid urbanization in countries like India and China has given rise to a vast development of residential real estate sector, propelling the Asia Pacific furniture industry that is expected to amass a revenue of $400 billion by 2024.
Not only residential, but commercial growth in the Asia Pacific region has also been responsible for the growth of the furniture market in the continent. For instance, Thailand, along with Singapore and China are some of the most attractive tourism destinations for international tourist, which has led to a substantial demand for commercial and outdoor furniture as an immense number of hotels and resorts have come to be developed in these nations. In fact, outdoor furniture market is expected to record a commendable CAGR in Asia-Pacific over 2018-2024 and with international tourism frequency rising rapidly, it is anticipated that demand in the commercial furniture market will register steady growth.
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Providing evidence to the anticipation are statistics that suggest international tourist arrival increased from 528 million in 2005 to nearly 1.19 billion a decade later, figures that are expected to reach 1.8 billion by 2030. While Europe attracts the most tourists, visitor spending destination has been led by Dubai where tourists spent $31.1 billion in 2016. Such robust figures inevitably indicate the need of increase for tourist accommodation which in turn will benefit the furniture market on a global scale.
Changing demographics across the world, especially the rise of the millennial generation, will add a potential impetus to the furniture market. As the millennial generation reaches a population of nearly 71 million, they will figure as a driving force for the furniture market. Another trait brought about by the young shoppers in the furniture market is their choice to buy furniture online and choosing to buy cheaper, more fashionable furniture rather than long lasting and traditional ones. Furniture are being treated as a reflection of the buyer as people are engaging with their homes and office spaces in a fashion they might engage with their wardrobe and therefore there is a continual need for update. Online availability of entire list of furniture with prices and options to virtually place furniture in homes or office spaces to check their suitability are also some of the latest trends that are driving the furniture industry further.
As trends and preferences in the furniture market depict a change, furniture manufacturers are rising to the challenge of designing newer, more updated furniture. Industry contenders have also been utilizing the opportunity and prospects provided by the e-commerce segment to further propel furniture market growth.
Author Name : Paroma Bhattacharya
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