As an important industry closely related to people's daily lives, the furniture industry has always maintained a stable development trend. As the global economy continues to grow and people's living standards continue to improve, the demand for furniture is also increasing year by year.
So, what type of furniture is in highest demand? What is its annual sales volume? This article will explore these issues through an in-depth analysis of the global furniture market.
Global Furniture Market Overview
The global furniture market has maintained steady growth in recent years. According to data from market research company Statista, the global furniture market has reached more than US$500 billion in 2023, and is expected to maintain growth momentum in the next few years. The growth of the furniture market is mainly due to the following factors:
Accelerating urbanization process:
As urbanization continues to accelerate around the world, more and more people are migrating from rural areas to cities, and the demand for furniture among urban residents has increased significantly.
Increase in residents’ income levels:
The increase in income levels of residents around the world has led to rising demand for high-quality, fashionable and multi-functional furniture.
Housing construction and decoration market development:
The booming housing construction and decoration market, especially in emerging economies, has provided strong demand momentum for the furniture industry.
What furniture is in greatest demand?
Among the many furniture categories, those with the highest demand mainly include the following categories: sofas, beds, dining tables and chairs, office furniture and storage furniture. The demand and sales of each type of furniture are as follows:
Sofa:
● Demand analysis: As the core product of living room furniture, sofa is a necessity for almost every family. As people's requirements for quality of life improve, the design, comfort and functionality of sofas have become important considerations when purchasing.
● Annual sales: According to market survey data, the annual sales volume of the global sofa market is approximately 100 million sets. Especially in developed and emerging economies, the demand for sofas continues to grow.
Bed:
● Demand analysis: Beds are a necessity for every family, and their demand is closely related to population and housing construction. In recent years, multi-functional beds and smart beds have gradually become popular among consumers.
● Annual sales volume: The global annual sales volume of beds is approximately 80 million. As people pay more attention to sleep quality, the sales of beds are increasing year by year.
Dining table and chairs:
● Demand analysis: Dining tables and chairs are essential furniture for the home and catering industry. Their demand is mainly affected by the number of families, the development of the catering industry and changes in people's lifestyles.
● Annual sales volume: The global annual sales volume of dining tables and chairs is approximately 60 million sets. Especially in emerging markets, the demand for dining tables and chairs is growing rapidly.
Office furniture:
● Demand analysis: With the development of the global economy and the modernization of the office environment, the demand for office furniture continues to increase. Especially in recent years, the rise of remote working and flexible office spaces has led to strong demand in the office furniture market.
● Annual sales: The annual sales volume of the global office furniture market is approximately 50 million sets. The growth of this market is driven by the continued increase in corporate demand for efficient, comfortable and environmentally friendly office furniture.
Storage furniture:
● Demand analysis: Storage furniture includes wardrobes, bookshelves, lockers, etc., which are widely used in homes and offices. As people's demand for space utilization and storage increases, the market demand for storage furniture continues to rise.
● Annual sales volume: The global annual sales volume of storage furniture is approximately 70 million pieces. The diversified needs of modern families for storage furniture have driven the continuous expansion of this market.
What factors affect the demand for furniture?
There are many factors that affect the demand for furniture, mainly including the following aspects:
Economic development level:
The level of economic development directly affects residents' income and spending power, which in turn affects the demand for furniture. In economically developed areas, residents have strong purchasing power and have greater demand for high-quality and multi-functional furniture.
Population growth and urbanization:
Population growth and urbanization are important drivers of furniture demand growth. The demand for furniture among urban residents is much higher than that in rural areas, and the accelerated urbanization process will further promote the development of the furniture market.
Housing construction and renovation market:
The prosperity of the housing construction and decoration market directly drives the demand for furniture. Both new house decoration and old house renovation require a large amount of furniture, and changes in the housing market have an important impact on furniture demand.
Changes in consumption concepts and lifestyles:
Modern consumers are paying more and more attention to the quality of life and personalized needs, and have higher requirements for the design, function and brand of furniture. Especially the younger generation of consumers are more inclined to choose fashionable, environmentally friendly and intelligent furniture products.
The development of e-commerce:
The development of e-commerce has greatly promoted the growth of the furniture market. The popularity of online shopping platforms allows consumers to purchase furniture quickly and conveniently, expanding the sales channels and market coverage of furniture.
To sum up, sofas, beds, dining tables and chairs, office furniture and storage furniture are currently the most in demand types of furniture, with annual global sales reaching tens of millions of units.