People who bought new homes when interest rates were low may consider buying furniture for their new property. While they can buy old furniture to save money, the current situation has seen lower prices for furniture when stores shifted to online sales to save on maintaining a physical store.
This is just one of the many trends in the home furnishing market that emerged recently. These trends demonstrate the robustness of the industry that has remained strong despite some supply-chain challenges.
When the pandemic started, consumers shifted to shopping online, which compelled businesses to follow suit. Furniture retailers also explored online selling as they tried to reach their market on the internet. This offered consumers a convenience they did not normally experience when they went to a physical store.
Similarly, retailers saw the big opportunity since it expanded their market from a specific locality to just about anywhere in the world. Major retailers saw an increase in furniture sales after offering their products online. These retailers expect revenues to continue increasing. Selling online allows them to reduce prices since it will not require them to display their stores’ products.
Additionally, small items, such as pillows and curtains, are easily shipped, allowing retailers to offer lower shipping fees. Consumers who had a knack for putting things together can also save money on delivery fees since they can purchase these items disassembled, which have a lower shipping cost than assembled furniture.
Home Office Equipment
Telecommuting allowed people to work from home and avoid the daily struggle of going to and from the office. The arrangement was highlighted when companies asked their employees to work from home due to the pandemic.
With the increasing number of remote workers, sales of home office equipment will go up as well. Since many of these remote workers will have the arrangement for a long time, they may have to make their home office comfortable so that they’ll be productive at work. Aside from a good table and chair, they may also get other furniture to make them comfortable, including a footrest, seat cushion, and a lumbar pillow.
They may even modify their home office to allow them to accept private clients. This means they have to add more furniture to make their clients feel comfortable and safe. Remote workers may look for a seat for visitors or private clients. It’s also possible for remote workers to add another table and seat in case they’ll hire someone else to work with their side hustle.
There is also a market for luxury furniture among new homeowners. Some of them want to have these luxury items to enhance their home. The market for luxury furniture is already starting to pick up and may reach around $6 billion by 2024.
Even as luxury furniture is challenging to make, designers are up for the challenge and may try to outdo each other in creating designs that attract their buyers’ attention. They will use a wide range of materials, including elegant leather or high-quality wood.
These designers may even use a reliable laser engraver to personalize the furniture they create for specific buyers. Engraving the initials of buyers can increase the sentimental value for these customers. These buyers usually have an eye for the details on the furniture and will appreciate the features the designers will add to the product.
Multifunctional furniture will also gain popularity as people will look for items that offer more than one function—for instance, converting a sofa into a bed or a bed that offers storage under it. Other multifunctional furniture includes a living room table that will convert into a computer table, which is an appealing option for employees who have a work-from-home arrangement with their companies.
The market for these types of furniture will continue to grow, especially for homes that have limited space, like studios and small apartments. The growth will continue over the years and may go past the 7.5 percent growth rate. This makes this segment of the furniture market quite promising for furniture manufacturers.
Another trend in the furniture market is the market for eco-friendly designs. Buyers in this segment of the furniture market look for furniture that has an eco-friendly appeal to them. These items are typically made of sustainable wood that is harvested several times. The material is also strong enough to withstand harsh weather since some buyers prefer getting outdoor furniture that features an eco-friendly design.
The furniture market was largely left untouched by the pandemic. It is also expected to grow in the coming years even as new trends have emerged to meet its customers’ needs.