Furniture retail and trade is an important part of the global economy. The furniture industry is comprised of the production, distribution, and retail of furniture for residential and commercial use. Be it in homes, offices, schools, or even outdoors, there are pieces of furniture to be seen almost everywhere. The global furniture market is a multi-billion U.S. dollar industry, which employs large numbers of people around the world. The United States is the largest furniture market in the world, however the APAC region is growing in size and importance, accounting for three of the top five leading markets.
As part of the fast moving consumer goods (FMCG) sector, the furniture market tends to rise and fall based on world economic trends. During a recession, the industry tends to be negatively impacted as consumers cut back on non-essential spending, putting off home redecoration and renovation projects due to lower disposable incomes. This happened most recently during the 2020 coronavirus pandemic, as reflected in IKEA's sales figures. The import and export of furniture is also impacted by such events, however trade values have been growing steadily in recent years. China is the dominant exporter of furniture and the United States leads for imports.
There are a number of sub-markets within this sector. Office furniture, a market encompassing the furnishing and interior of office spaces, is one such example. Desks, chairs, cabinets, and lamps can help to create an optimal working environment, where workers feel comfortable and can be at their most productive. Ready-to-assemble (RTA) furniture is another distinct market. Such furniture comes flat-packed and are assembled on site. IKEA is an example of a RTA furniture retailer.
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In the following 5 chapters, you will quickly find the 27 most important statistics relating to "Furniture market worldwide".