Top 5 Furniture Industry to watch in 2022 And Beyond
In recent years, continued expansion in building construction and growing disposable income levels have fuelled furniture demand in the United States.
According to the research Furniture: United States by Freedonia Focus Reports, a branch of MarketResearch.com, demand for furniture in the United States is predicted to reach $67.7 billion in 2025, up 2.7 percent annually from $59.3 billion in 2020.
From the influence of COVID-19 to the expansion of e-commerce, the research identifies a number of important furniture trends to keep an eye on.
1. COVID-19’s Impact on the Furniture Market
In 2020, demand for furniture fell when workplaces, schools, and restaurants closed briefly to contain the spread of COVID-19. In this uncertain economic climate, businesses have cut costs and reduced overhead, resulting in decreasing demand for business and institutional furnishings.
While many remote employees were confined at home, they purchased furnishings for their home offices and updated their living areas, which helped to mitigate the drop. Furthermore, as more social activities went outside, the outdoor furniture industry developed.
2. Increased Online Furniture Sales
Furniture e-commerce was also boosted by the COVID-19 epidemic. Non-essential companies shuttered during the early phases of the epidemic, and many people purchased through online stores like Wayfair and Amazon to avoid being exposed to COVID-19. As a result, large furniture companies established internet presences, either internally or through purchase.
However, the boom of e-commerce in the furniture sector has been ongoing for years prior to COVID. The retail business went progressively online as a result of the “Amazon effect,” thanks to prominent sites like Overstock.com and Joss & Maine.
Because of the convenience, younger consumers, such as millennials, are more ready to buy stuff online, even if they can’t see and feel the products beforehand. Yardbird, BenchMade Modern, Burrow, Article, and Joybird are just a few of the new direct-to-consumer furniture brands aimed at millennials (which was acquired by La-Z-Boy).
3. Growing Demand for Eco-Friendly Furniture
Sustainability has become a hot concern in a variety of businesses, including the furniture industry.
Business and consumer interest in green products, as well as a greater focus on sustainability, have affected furniture producers. Furniture created from recycled materials or more sustainable woods like acacia, bamboo, or salvaged wood can have a lower environmental effect.
Some well-known furniture firms have sustainability-oriented product lines.
4. Workspaces that are more adaptable
Employees are no longer chained to their workstations as remote work has grown more widespread and technology has advanced, and workplace designs and office furnishings have altered dramatically.
Office settings with flexible workspaces have replaced cubicles and private offices, allowing workers to work in groups of various sizes and, in some situations, utilise workstations rather than assigned chairs. This sort of structure can assist to handle a changing workforce, which includes an increasing proportion of remote workers who may only come into the office on rare occasions or for essential meetings.
5. Obesity and the Requirement for More Roomy Furniture
Flexible workplaces aren’t the sole thing influencing office furniture design. Another concern that firms must consider is obesity.
Obesity now affects about 40% of individuals in the United States, up from 15% in 1990. As organisations attempt to accommodate greater body proportions in both dimension and weight, growing obesity levels have had an influence on furniture design, particularly for office chairs.
The average office chair can support up to 300 pounds, whereas bariatric seats may support up to 600 pounds. Taller chair backs and broader seats and bases are common features of bariatric chairs.
Checkout our in trend and customized furniture and home decor/renovation services at Oceanic6 Solutionz.