LONDON, Nov. 20, 2019 /PRNewswire/ -- The Business Research Company published a report "Global Household Furniture Market By Segment (Wood Furniture, Metal Furniture, Plastic Furniture), By Company (IKEA Holding B.V, Ashley Furniture Industries, La-Z-Boy Incorporated Country) And By Trends – Global Forecast To 2023". According to the report, wood furniture segment in global household furniture market will gain $13.5 billion of global annual sales by 2023.
The global household furniture market (https://www.thebusinessresearchcompany.com/report/household-furniture-market) grew from $184.3 billion in 2014 to $235.3 billion in 2018 at an annual growth rate of more than 6%. The household furniture market benefited from the increase in internet penetration globally, leading to an increase in online purchases of furniture products, during the historic period. For instance, in 2018, the number of internet users globally were 4.021 billion, an increase of 7% from 2017. This increase in internet coverage boosted the sales of household furniture products through e-commerce sites and mobile applications. E-commerce sales of furniture products in the USA, for example, increased from $26 billion in 2016 to $29 billion in 2017. These factors contributed to the demand for household furniture products during the historic period.
Online Stores Selling Furniture
Household furniture companies are increasingly selling their products through online portals. Online stores are either resellers or furniture manufactures. Services offered by these online platforms include free home delivery, assisted assembly and installation, easy return policies, and online customization. These facilities give a higher flexibility to the customers than the physical stores. For instance, CustomeFurnish.com offers customization options to its users, allowing them to select the material, color, and design of the upholstery, and frame of the product.
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Customers Prefer In-Store Purchases
Despite the benefits of selling household furniture products online, surveys have shown that customers prefer buying furniture in physical stores. According to a survey conducted by HFN Magazine in 2017, millennials made 63% of their interior furnishings purchases in-store (a brick-and-mortar store). Similarly, according to a report by Smarter HQ, around 50% of millennials preferred in-store purchases.
According to another survey conducted in the US by Bizrate Insights in 2018, 71.8% of respondents preferred physical retail stores for buying furniture, home furnishings and accessories, whereas around 18% preferred shopping through digital channels.
Economic Growth And Lifestyle Changes Will Drive The Global Household Furniture Market
The global household furniture market will grow from $253.3 billion in 2018 at an annual growth rate of more than 8%. The household furniture market is expected to benefit from steady economic growth forecast for many developed and developing countries. The US economy is expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow faster than the developed markets. According to the International Monetary Fund (IMF), India's real GDP growth in 2019 and 2020 is expected to be 7.4% and 7.7% respectively, and China's real GDP growth in 2019 and 2020 is expected to be 6.2%. These factors are expected to increase the demand for household furniture. Additionally, greater economic growth is likely to drive public and private investment, joint ventures, and foreign and direct investment in the end-user markets, thereby driving the demand for light weight and premium household furniture products. In August 2017, Godrej Interio, the furniture arm of Godrej Group, announced plans to invest approximately INR 4,000 million ($61.5 million) in the next three years to expand its production capacity in India, to keep pace with the growing demand for household furniture in the country.
The household furniture market will also benefit from increasing preference for smaller households and an increasing number of single-person households. The proportion of single-person households in Japan, for example, was 34.5% in 2015, and is expected to grow to around 40% by 2040. The demand for smaller houses is increasing in part because of rising property costs globally. This is boosting the demand for lightweight and portable furniture products because of their compact size and low costs, which is likely to drive the household furniture market during the forecast period.
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