Expanding Building Construction to Spur Furniture Purchases

CLEVELAND, July 19, 2021 /PRNewswire/ -- US demand for furniture is forecast to grow 2.7% per year in nominal terms through 2025, according to Furniture: United States, a report recently released by Freedonia Focus Reports. Expansion of residential and commercial building construction activity and continuing macroeconomic growth will drive gains across segments. In addition, new architectural trends and shifts in consumer taste will support replacement purchases. Demand is expected to expand 3.1% in 2021, representing a recovery from COVID-caused declines in 2020, as offices, hotels, schools, and restaurants reopen. Faster gains will be tempered by the surge of household furniture purchasing in 2020, which will reduce replacement demand. Additionally, the large number of business and restaurant closures will introduce large amounts of furniture into the used market, which will impede gains as firms and consumers continue to take advantage of the cost savings associated with purchasing used items.

Demand for institutional furniture is forecast to outpace both the household and office market segments, expanding 3.3% annually through 2025. Suppliers will benefit from robust growth in institutional building construction, particularly in the areas of education and healthcare. However, the dominance of low-cost imports for most products in this segment will restrain price increases, constraining demand.

These and other key insights are featured in Furniture: United States. This report forecasts to 2021 and 2025 US furniture demand and shipments in nominal US dollars at the manufacturer level. Total demand and shipments are segmented by product in terms of:

• household
• institutional
• office

To illustrate historical trends, total demand, total shipments, the various segments, and trade are provided in annual series from 2010 to 2020.

Items excluded from the scope of this report include:

• cabinets and countertops
• custom architecture and woodwork
• establishments exclusively manufacturing furniture parts
• mattresses and box springs
• outdoor furniture articles made of ceramic, concrete, or stone
• partitions, shelving, showcases, and stands
• used, recycled, and refurbished furniture

Re-exports of household and office furniture are excluded from demand and trade figures.

This report includes the results of a proprietary national online consumer survey of US adults (age 18+). This Freedonia Focus Reports National Survey has a sample size of approximately 2,000, screened for response quality, and representative of the US population on the demographic measures of age, gender, geographic region, race/ethnicity, household income, and the presence/absence of children in the household.

More information about the report is available at:
https://www.freedoniafocusreports.com/Furniture-United-States-FF20016/?progid=91541 

About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Consumer Goods reports can be purchased at Freedonia Focus Reports or MarketResearch.com.

Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:

• total historical market size and industry output
• segmentation by products and markets
• identification of market drivers, constraints, and key indicators
• segment-by-segment outlook in five-year forecasts
• a survey of the supply base
• suggested resources for further study

Press Contact:
Corinne Gangloff
+1 440.842.2400
[email protected] 

SOURCE The Freedonia Group