Home Furniture Market in US|North America Size to grow by USD 13.32 billion between 2023-2027
According to a research report “ Home Furniture Market in US|North America” by Product (Living room furniture, Bedroom furniture, Storage furniture, Others) Distribution Channel (Brick, mortar, Online mode)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 13.32 billion, at a CAGR of over 3.7% during the forecast period. The real estate sector's growth in the US is anticipated to fuel the home furniture market expansion in the coming years. This trend is primarily driven by the increasing number of individuals and families forming households. Notably, the workforce participation rate of women has seen a substantial rise, leading to a surge in demand for service apartments and single-story residences. Consequently, the demand for home furniture is experiencing a notable uptick due to this demographic shift. Furthermore, the declining unemployment rates among women signify a significant consumer base for the housing and furniture industries.
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By Product, the Living room furniture segment is projected to dominate the market size in 2024
The home furniture market in North America encompasses sales from various traditional distribution channels, specifically brick-and-mortar stores. This segment includes conventional retailers such as convenience stores, specialty stores, department stores, and single-source stores. Notable specialty stores, like Mattress Firm, Mattress One, Sit 'n Sleep, and America's Mattress, dominate the bedding market. Furthermore, there are leading lifestyle product retailers, such as RH, Williams-Sonoma, and IKEA, which offer an extensive range of furniture, home decor accessories, bedding, houseware accessories, apparel, personal care goods, and small appliances in their physical stores.
By Distribution Channel, Brick segment is expected to hold the largest market size for the year 2024
The North American home furniture market holds a significant market share in the living room furniture segment. Consumers with elevated purchasing power are inclined towards investing substantially in premium living room pieces, including sofas, couches, entertainment units, and tables and tabletops. The trend towards multifunctional furniture has gained momentum due to the decreasing living spaces in the US. As a result, there is a growing demand for versatile seating options, such as transformable chairs or sectional sofas, which can serve multiple purposes in smaller living quarters. This shift in consumer preferences has positively impacted the market growth for home furniture in the US.
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The Home Furniture Market in US|North America growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The home furnishings industry in North America, specifically the luxury furniture market, has experienced significant growth in recent years, driven by economic recovery and consumers' increasing spending power. This sector caters to the demand for luxury experiences and is often influenced by trends set by high-end interior designers. Key trends in the luxury furniture market include the use of blackened metals, brass, gold, and rose gold accents, as well as an increased focus on eco-friendly furniture made from wood and other sustainable materials. The industry has also seen a rise in online retailing, with consumers increasingly opting for the convenience and accessibility of shopping from home. However, the sector faces challenges such as a skilled labor shortage, rising material costs, and disruptions to global trade and supply chains due to the pandemic. New product lines and lifestyle trends continue to emerge, with a growing focus on sustainability and functionality. Despite these challenges, the future looks bright for the home furnishings industry as economic growth continues to fuel demand for high-end furniture for both residential and commercial applications, including offices.
Market Research Overview
The Home Furniture Market in North America, particularly in urban areas with high population density, has experienced significant growth in recent years. With consumers' spending power on the rise and a focus on home remodeling and renovation, essential goods such as sofas, beds, chairs, and home décor have become essential investments. The trend towards smart furniture solutions, like Murphy sofas and multifunctional pieces, reflects the need for ambience and functionality in living spaces. The furniture industry and home furnishings industry have seen a surge in demand for luxury goods, including leather, wood, and metals in blackened, brass, gold, and rose gold finishes. However, raw material costs and a skilled labor shortage have posed challenges for manufacturers. New product lines, eco-friendly furniture, and online retailing have emerged as solutions to these issues. The economic recovery and real GDP growth have also boosted demand for furniture in offices, hotels, and homes. Lifestyles continue to evolve, with consumers seeking entertainment, dining, and travel experiences, as well as luxury interior designers and global trade shaping the market. The rise of e-commerce and ready-to-assemble (RTA) furniture has further disrupted traditional business models, making it an exciting time for the Home Furniture Market in North America.
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