Comprised of production, distribution, and retail, the furniture market on a global scale is a multi-billion-dollar industry. The United States is among the largest furniture markets in the world, with an import value of almost 73 billion U.S. dollars. However, the APAC region is rapidly growing in size and importance, with China right behind the United States in terms of revenue. China is also the leading exporter of furniture, valued at over 80 billion U.S. dollars.
Online and offline key players
Founded in Sweden and now known all over the world, IKEA is one of the most valuable retailers globally, with a value of over 21 billion U.S. dollars. Favored for their minimalistic designs, affordability, and easy-to-build furniture, IKEA garnered over 860 million visits to their brick-and-mortar stores in 2023. Meanwhile in the digital world, Wayfair is a prominent furniture e-retailer, with over twenty million active customers. Despite delivering worldwide, the United States remains Wayfair’s biggest market, accounting for four fifths of its net revenue.Consumption of household furniture worldwide
Albeit recovering from the last few turbulent years, the furniture market seems to be moving towards stability, if consumer behavior is anything to go by. Household expenditure on furniture has been rapidly growing in countries like Denmark and Germany. Additionally, one in two U.S. consumers plan to spend at least 500 U.S. dollars on furniture this upcoming year and one in five expect to exceed the 2,500-dollar-mark.The furniture market is heavily influenced by world economic events. During times of uncertainty, it tends to be negatively impacted as consumers cut back on non-essential spending, putting off home redecoration and renovation projects due to lower disposable incomes. In a similar fashion, the market recovers and flourishes in synchroneity with the rest of the global financial environment.
