Market Trends of Furniture and Home Furnishing Store Industry
Increasing popularity of DIY furniture and home decor
The DIY furniture market is expanding due to changes in lifestyle and an increase in modern home renovations. The availability of contemporary home renovations encourages people to build outdoor gardens and galleries in their houses, for which they purchase do-it-yourself outdoor furniture to improve the aesthetic appeal of their houses. Another factor fuelling the DIY furniture market's expansion is the world's rapid urbanization and globalization.
The rising standard of living is a result of increased urbanization. The demand for creative do-it-yourself furniture products may rise quickly because of technological advancements. The factors anticipated to propel market growth include the expansion of Furniture Stores with attractive products.
North America is Witnessing a Surge in Demand for Home Furnishings
Increasing household numbers are among the factors contributing to the Noth America real estate industry's growth. Consequently, the region market for furniture for homes is seeing growth. Additionally accelerating the real estate industry's growth is the region growing immigrant population. Home furnishings are becoming more and more in demand as North America residential construction picks up steam and the country's residential activity rises. This is especially true for newly purchased homes. It is anticipated that this will increase market demand.
The United States Census Bureau estimates that there were almost 139 million household units in the previous year. In current year, there were approximately 1.0 million new housing units added to the single-family and multifamily housing stock. It is projected that through forecasted period, the average annual number of new households will be approximately 1.22 million.
