Furniture Report - 2019

The Furniture market is mostly driven by consumer spending in general. Consumer spending takes various factors into account, such as per-capita income, household debt levels, and consumer expectations. The steady increase in disposable income and the consequent rise in living standards are responsible for the continuous growth of the market, as is the constant demand for furniture.
The growing number of internet and smartphone users has not only changed consumer behavior, it has also fundamentally changed the sales channels and retail landscape: Consumers adopted online shopping and Furniture is one of the fastest growing markets in that regard.
The main key player in the Furniture market with regard to market share is the Swedish company IKEA. With more than US$45bn, IKEA has by far the highest sales among furniture companies. However, since eCommerce is further driving the growth of the furniture industry, Wayfair, one of the largest online-only home goods retailers, has major potential with regard to its future business.
The following trends currently shape the market: augmented reality apps, generative designs, eco-friendly materials, and integrated technology. From 3D-printed furniture to smart lightening, the Furniture market is experiencing innovations in design, production, and material.