US Furniture Market 2019
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.