Market Outlook 14 minutes Premium

US Furniture Market 2019

US Furniture Market 2019

Executive Summary

We review the recent development of, and outlook for, the $114 billion US furniture retail market.

  • The US furniture industry has been on a steady growth curve driven by a strong economy, with consumer spending on furniture reaching $114.2 billion in 2018, up 6.7%, according to the US Bureau of Economic Analysis (BEA). 
  • Uncertainty in the housing sector as housing permits and starts decline represent headwinds.  
  • Millennials, the largest consumer group in the US, have become a key target market for furniture retailers, and retailers are shifting offerings to more effectively reach this group.
  • E-commerce as a channel for furniture shopping is becoming increasingly popular, especially among millennials, and companies such as Amazon and Wayfair have capitalized on this trend to become formidable players in the sector. 
  • Brick-and-mortar stores remain the format of choice for the majority of US consumers, but establishing a strong omni-channel presence has become imperative in a sector in which research online, purchase offline is commonplace.

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