Market Trends of North America Home Furniture Industry
This section covers the major market trends shaping the North America Home Furniture Market according to our research experts:
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.
