The coronavirus outbreak had a significant impact on the North American furniture industry. As a result of the lockdown, there is now a new trend of working from home. During the outbreak, there was a boom in the buying of home office furniture. Customers are increasingly buying furniture online to upgrade their houses to fit the needs of modern life. According to data from Emarsys and GoodData, online orders for all things, from necessities to home maintenance and furnishings, have increased by more than 80% in North America since January 2020.
Some of the primary reasons driving the growth of home furniture goods in the North America include the rising residential building industry in nations like the United States and Canada. Construction and sales of new homes are expected to surge in key Canadian cities, particularly in the high-rise sector. In addition, an increase in the number of single-person families is increasing demand for home furnishings such as living, bedroom, and kitchen furniture.
DIY furniture is also becoming increasingly popular among millennials, and the availability of such items is projected to boost furniture sales through online retail outlets. Consumers' increasing environmental consciousness is having a positive influence on their purchasing decisions, and sustainable furniture is becoming more popular in the region. Furthermore, there is a tremendous increase in the development of green homes in the United States, which is paving the way for eco-friendly furniture goods. Furthermore, the rising migration of manufacturers in the region with handcrafted furniture goods developed in the U.S. American Eco Furniture, LLC is resulting in the advancement of the furniture sector in North America.
The US housing construction is gaining momentum and there is increasing residential activity in the country which is fueling the demand for home furniture products as new home purchases witness a rising demand for furniture products. This is further expected to spur market demand. As per the US census bureau, the number of household units in 2018 was nearly 139 million. Single-family and multifamily housing starts also added around 1.0 million new housing units in 2019. It is estimated that household formations will average around 1.22mn per annum through 2028. The demand for the housing market remained strong in the country due to a healthy economy and positive demographics. This increasing number of housing units which include both multi-family and single-family housing completions will further fuel the demand for home furniture in the country in the forecast period.
Online furniture purchases are increasing significantly in the area, with roughly 69 percent of North America's largest furniture stores offering eCommerce. Buying furniture online is growing more popular as buyers appreciate the convenience and comfort of logistics and delivering furniture products to their home. Many furniture businesses are using online storefronts and e-commerce platforms to establish a strong online brand presence and enhance sales.
Retailers such as IKEA, Wayfair, and Amazon have made significant investments in their online presence, obtaining a considerable market share in online sales of home furniture goods such as living room furniture, bedroom furniture, and kitchen furniture. Retailers are also developing new brands to boost their online presence. For example, Amazon launched two private furniture label labels, "Rivet," which focuses on mid-century modern furniture designs, and "Stone & Beam," which focuses on upmarket designs.
The North America home furniture market is competitive with the presence of many players. The manufacturers are focusing on launching new products complemented with innovative designs. The leading furniture brands are focusing on personalization in product offerings which is gaining popularity among the various consumer groups. In addition, the growing preference of e-commerce platforms by customers to purchase home furniture products is likely to help the market players to expand their market presence.
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Some of the primary reasons driving the growth of home furniture goods in the North America include the rising residential building industry in nations like the United States and Canada. Construction and sales of new homes are expected to surge in key Canadian cities, particularly in the high-rise sector. In addition, an increase in the number of single-person families is increasing demand for home furnishings such as living, bedroom, and kitchen furniture.
DIY furniture is also becoming increasingly popular among millennials, and the availability of such items is projected to boost furniture sales through online retail outlets. Consumers' increasing environmental consciousness is having a positive influence on their purchasing decisions, and sustainable furniture is becoming more popular in the region. Furthermore, there is a tremendous increase in the development of green homes in the United States, which is paving the way for eco-friendly furniture goods. Furthermore, the rising migration of manufacturers in the region with handcrafted furniture goods developed in the U.S. American Eco Furniture, LLC is resulting in the advancement of the furniture sector in North America.
Key Market Trends
United States Witnessing Rising Demand for Home Furniture Due to Increased Construction Activity
The US housing construction is gaining momentum and there is increasing residential activity in the country which is fueling the demand for home furniture products as new home purchases witness a rising demand for furniture products. This is further expected to spur market demand. As per the US census bureau, the number of household units in 2018 was nearly 139 million. Single-family and multifamily housing starts also added around 1.0 million new housing units in 2019. It is estimated that household formations will average around 1.22mn per annum through 2028. The demand for the housing market remained strong in the country due to a healthy economy and positive demographics. This increasing number of housing units which include both multi-family and single-family housing completions will further fuel the demand for home furniture in the country in the forecast period.
Rising E commerce Sales of Home Furniture Products
Online furniture purchases are increasing significantly in the area, with roughly 69 percent of North America's largest furniture stores offering eCommerce. Buying furniture online is growing more popular as buyers appreciate the convenience and comfort of logistics and delivering furniture products to their home. Many furniture businesses are using online storefronts and e-commerce platforms to establish a strong online brand presence and enhance sales.
Retailers such as IKEA, Wayfair, and Amazon have made significant investments in their online presence, obtaining a considerable market share in online sales of home furniture goods such as living room furniture, bedroom furniture, and kitchen furniture. Retailers are also developing new brands to boost their online presence. For example, Amazon launched two private furniture label labels, "Rivet," which focuses on mid-century modern furniture designs, and "Stone & Beam," which focuses on upmarket designs.
Competitive Landscape
The North America home furniture market is competitive with the presence of many players. The manufacturers are focusing on launching new products complemented with innovative designs. The leading furniture brands are focusing on personalization in product offerings which is gaining popularity among the various consumer groups. In addition, the growing preference of e-commerce platforms by customers to purchase home furniture products is likely to help the market players to expand their market presence.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS & INSIGHTS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Ashely Furniture Store
- IKEA
- La-Z-Boy
- Berkshire Hathway Inc
- MiseWell
- Rooms To Go
- Bassett Furniture
- Deurope
- Palliser
- Durham Furniture
- Artage International
- Bermex
- American Eco Furniture LLC*
Methodology
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