There have been several significant events in recent times which have impacted the furniture and household items industry. One such example is the shift in working patterns. Employees are increasingly making use of the opportunity to work remotely. As a result, an increased number of people have set up office space for themselves at home. One significant problem for the furniture industry has been the global supply chain issues witnessed over the past years, especially since many products sold in Europe and the Americas have to be transported long distances from countries such as China.
Estimated value of the furniture market worldwide from 2020 to 2027 (in billion U.S. dollars)
Further details: Visit original statistic Estimated value of the furniture market worldwide from 2020 to 2027 (in billion U.S. dollars)
By 2027, the global furniture market is expected to reach 726 billion U.S. dollars in value, up from just under 560 billion dollars in 2022, representing a growth of around 30 percent over the period. These sales are made up of many different products to furnish all rooms of the house. Other household items also hold a significant market value, such as appliances for the kitchen and laundry.
Global furniture marketSize of the ready-to-assemble (RTA) furniture market worldwide from 2021 to 2027 (in billion U.S. dollars)
Further details: Visit original statistic Size of the ready-to-assemble (RTA) furniture market worldwide from 2021 to 2027 (in billion U.S. dollars)
The global ready-to-assemble furniture market is expected to reach over 18 billion dollars in value by 2027, up from 13.8 billion dollars in 2022, representing an increase of 32 percent over the period.
Ready-to-assemble furniture is perhaps most well known because of IKEA. The brand's furniture has become the go-to for many apartment dwellers and home owners due to the cost saved and the ease of transport by assembling furniture one's self.
Monthly retail sales of furniture and home furnishing stores in the United States from 2017 to 2022 (in million U.S. dollars)
Further details: Visit original statistic Monthly retail sales of furniture and home furnishing stores in the United States from 2017 to 2022 (in million U.S. dollars)
For furniture and home furnishing retailers in the United States, sales remained relatively stable in 2022, compared to the previous year. In June 2022, sales totalled 11.9 billion U.S. dollars. This was slightly more than the 11.7 billion dollars in June of the previous year. November 2021 saw the highest sales, at almost 12.8 billion dollars. Overall, furniture e-commerce in the U.S. was estimated to generate a revenue of 149 billion U.S. dollars over 2022.
Office furnitureSales of selected furniture and home goods retailers in the United States in 2021 (in billion U.S. dollars)
Further details: Visit original statistic Sales of selected furniture and home goods retailers in the United States in 2021 (in billion U.S. dollars)
Wayfair was the leading furniture and home goods retailer in the United States in 2021, in terms of sales. The company generated sales of over 11 billion U.S. dollars in that year. The North American branch of Swedish retailer IKEA came in fourth with sales of roughly six billion dollars. This is despite the fact that IKEA's main market is Europe, by a considerable margin.
IKEA
Furniture, furnishings, and household items comprise everything that is purchased to support either the functioning or aesthetics of a home or business. In essence, this includes everything from a table and chairs to batteries and paper towels. The industry includes both manufacturers that sell their goods to retailers, manufacturers which exclusively sell their own products in their own stores, and manufactures that do both.
Furniture can be further segmented into home furniture and office furniture and then further categorized according to their role. One of the most recognizable brands serving both consumers and business is ready-to-assemble furniture maker IKEA. Household items is a broad category with many segmentations ranging from cookware and flatware, appliances, decorative accessories, to consumer staples like office supplies, and household maintenance products.
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