Will the global furniture market reach a scale of 770 billion US dollars? How can foreign traders se
Furniture is an important component of the home environment, and the demand for furniture from the general public has been steadily increasing. According to statistical data, the global furniture market is expected to reach $770 billion by 2023, while maintaining a high compound annual growth rate of 5.31% until 2027. So what is the current situation of the global furniture market? How should foreign traders seize the opportunity?
Category analysis
Furniture is widely used in various scenarios, including bedrooms, living rooms, and offices. Based on 2022 data, living room furniture remains the main consumer of furniture, such as sofas and cabinets. Next comes bedroom furniture, including beds, bedside tables, wardrobes, and more.
It is worth noting that due to the previous impact of the epidemic, the global home office furniture market has shown a stable growth trend. It is expected that its market size will reach 51.507 billion US dollars by 2031, so this is also one of the sub categories that foreign traders can consider.
market analysis
The overall development of the global furniture market is not balanced, and from a market perspective, the United States is the preferred market for furniture brands to go global. According to data, the furniture sales in the United States in 2022 were approximately $235.2 billion, accounting for 33.7% of the global market share, followed by European countries such as Germany, France, and the United Kingdom.
In addition to the European and American markets, the Swedish market is also worth noting for foreign traders. Although the ranking of the Swedish market size is not high, its per capita consumption is the highest. In 2022, the per capita consumption in Sweden reached $810.03, while the per capita consumption in the United States was only $706. Of course, due to the influence of population base, even if Sweden has a high per capita, it is difficult to achieve a high position in market rankings.
And how to choose, foreign traders still need to observe the latest trends in the market. You can use tracking data to check the number of furniture buyers and suppliers in the target country. If both show an upward trend, it means that the market has a good prospect. However, if the number of buyers decreases, the prospect is difficult to predict.
(Source: Ueedata.com)
Future trends
Intelligence: Intelligence is a major development trend in all categories, especially smart sleep products. Data shows that the global smart mattress market will reach $2.1 billion by 2025. Intelligence can distinguish itself from other homogeneous products and create higher brand premiums, but its threshold is relatively high.
Sustainable development: Sustainable development is currently one of the most concerning issues for overseas consumers, so overseas customers will also consider sustainable development as one of the factors when choosing suppliers.
Customized furniture: Personalization and customization are also one of the most popular purchasing directions for overseas consumers. Providing customized services can enhance the market competitiveness of products.
The above are some current developments in the global home furnishing market. If you want to learn more or want to obtain tracking data tools, you can message us privately~
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