The U.S. home furniture market is predicted to grow by $13.32 billion over the next four years, a 3.7% compound annual growth rate, according to a new forecast by Technavio.
“Improving residential construction market is notably driving the U.S. home furniture market growth,” said the Technavio report. “The growth of the real estate industry in the U.S. is attributed to factors such as the increasing number of households. This, in turn, is boosting the demand for home furniture in the U.S.”
The report cited an “increasing immigrant population” as helping to speed the sector’s growth, and it identified a “surging demand for eco-friendly furniture” as being the primary trend during this period as more consumers seek out sustainable products. However, a possible kink in this forecast could be a movement away from acquiring new furniture.
“The inherent threat from re-used furniture market may impede the U.S. home furniture market growth,” the report warned. “Many millennials prefer reused or refurbished furniture, especially those with low financial stability. Furniture is no longer considered a one-time investment, as it becomes outdated in a very short span of time with the introduction of newer styles at frequent intervals.”
