Thanks in part to a societal-wide uptick in time spent at home, 2021 saw only hastened growth in the furniture industry, which officially doubled its volume from 2000 to last year. That amounts to over $500B per annum in revenue worldwide, with interest in Living Room Furniture driving the market. And growth is only expected to increase. 

Analysts have predicted an industry CAGR of 5.1% through 2022, presumably amounting to around $600B in global sales and $160B in US sales. Reports also suggest that millennials will continue to make up the bulk of the prime furniture-buying demographic as they age into the 40-55 age range. 

Along with the steady growth in the demand for furniture items has come new tastes and trends across the furniture market. In this article, we outline these trends as well the new opportunities and threats resulting from the new developments.  

Top Trends

Ergonomic and Corner Softening 

Rounded shapes coupled with minimalistic design are signature to ergonomic furniture. Recently, the ergonomic style has risen in popularity among the larger trend of corner softening, which seeks to minimize the exposure of harsh edges in space. 

In-demand items within the ergonomic and corner-softening theme include sofas, as pictured here, as well as corner racks, round hallway hangers, floor vases, bean bags, and poufs. 

Furniture Transformer 

Already well-established in Europe, multi-functional furniture has also gained traction in the US of late. Consumers enjoy the flexibility of multi-functional furniture along with its convenience for smaller living spaces. 

Among the items in this category are tables that transform into beds, leave-in wardrobes and podiums, and TV panels that transform into a workspace. 

Future Gadgets and Smart Design 

The growing fascination with tech among consumers has incentivized furniture-makers to incorporate intelligent features into their designs. Popular “smart” applications include charging stations built into furniture, beds that adjust according to posture and snoring, and sofas that remember comfort preferences. 

Comfort 

Upon spending an increased amount of time inside, furniture buyers have reaffirmed that comfort is king. As such, softly upholstered items have experienced no trouble finding new homes, along with adjustable sofas, hammocks, and recliners. 

Opportunities 

Heightened Lifestyle Expectations 

Despite financial challenges over the pandemic, consumers have experienced in general an increase in disposable income, and with it, heightened lifestyle expectations. Certain demographics, such as urbanites, have grown accustomed to greater luxury and convenience, allowing them not only to increase spending on furniture but also more expensive furniture items. 

Smart furniture, as mentioned before, has particularly found higher demand. 

Rise of Sales Channels 

The pandemic spurred an upsurge in online shopping, which has strengthened eCommerce opportunities across all industries, including furniture.  

Moreover, new technologies have adapted and improved the remote shopping experience. Augmented reality (AR), for instance, has afforded customers an immersive virtual browsing experience. Popular AR furniture shopping applications can be found here. 

Work-from-Home 

Remote work is still the norm for a large portion of workers, with some companies even deciding to go digital in the long term. As a result, the need for home office setups will help drive the sales of certain items like desks, chairs, and workspace accessories. 

Threats

Logistical Complications 

While the pandemic has contributed to a host of favorable trends in the furniture industry, it has also introduced certain complications, including supply chain issues. 

Worker shortages and increased regulations have at times bottlenecked deliveries, both from manufacturers to stores and stores to consumers. This bottleneck can make keeping up with customer demand difficult for businesses. 

Ideally, this issue is short-term and will find a remedy when the pandemic eventually eases. 

Demographic Changes 

Traditionally the largest furniture-buying segment, the Baby Boomer population is shrinking. Such a decrease will leave somewhat of a consumer vacuum for furniture over the next decade. 

Unemployment and Inflation 

Both unemployment and inflation have risen in recent years and remain at heightened levels. As with every other industry, these metrics will increasingly discourage furniture buying the higher they rise. 

Tying the Room Together 

Among the various opportunities and threats facing the furniture industry in 2022, the anticipated net result is ultimately growth.  Likely, most of this growth will occur in the areas falling under the trends mentioned above, but predictions indicate that the industry as a whole will feel this rise. 

Looking to increase your sales on leading marketplaces? Whether you’re a new entrant or an experienced furniture manufacturer, Cymax Group can help you amplify your business. Talk to us today to know how we can help you.