ALMANAC: RESIDENTIAL FURNITURE
The Freedonia Group forecasts household furnishings demand to reach $34.9 billion in
2021. According to the report, Household Furniture: United States, improvements in the
residential housing market and increases in disposable personal income will help spur sales.
While women typically initiate furniture purchases, the gap is shrinking, according to Impact
Consulting. This could impact advertising, which has traditianally targeted women.
Maple is one of the prevalent species used in solid wood and veneered furniture, according
to a report from the Appalachian Hardwood Manufactur.
Market Data Sources: U.S. Bureau of Labor Statistics, U.S. Census Bureau, Smith
Leonard, American Home Furnishings Alliance, Appalachian Hardwood Manufacturers Inc. (AHMI), Impact Consulting, Statista, High Point Market, International
Market Centers, The Freedonia Group. Category: Residential furniture includes:
wood & upholstered, casegoods, RTA, bedroom & youth, entertainment units.
Source: U.S. BLS, Consumer Expenditure Survey 2016, average dollars spent.
Despite a slow start in 2017, the residential furniture
industry continues to demonstrate steady signs of improvement, both in solid wood and panel-based products,
with the latest year-to-date figures from Smith Leonard’s
Furniture Insights showing a 6% gain in new orders over
the first eight months of 2016, with shipments up 5%.
This optimism was back by attendees and exhibitors at
this year’s furniture markets. And while competition from
imports will continue to be a challenge, the demand for custom and batch-one production, offered by North American
manufacturers, will offset it.
So what’s trending? Small, multi-functional furniture
and furniture that doubled as art were seen in a few
showrooms at the High Point Market. Also noted in the
High Point Style Report was the trend for furniture with clean
lines, as well as a mixing of patterns and textures that
bring to mind a retro, or even deco feel. The Appalachian
Hardwood Manufacturers Inc. also noted an increase in
solid wood furniture showings in high-end, mid- and even
lower-priced furniture pieces, “by manufacturers who have
learned that consumers understand the benefits and value.”
With regards to purchasing, while consumers continue
to flock to brick and mortar stores, online is fast-growing
as a buying channel for furniture and home furnishings.
Consumer spending on furniture
A recent study by Impact Consulting found
more than 78% of consumers shopped at
three or fewer stores before making their
furniture purchases; about 12% purchased
online. Redecorating was the reason given
by 38% of those making purchases.
U.S. residential furniture shipments (in billion $)
Source: : Statista, U.S. Census Bureau
Source: Statistics Canada & U.S. Census Bureau (NAICS 337121, 337123)
2017 2018 2019
Canadian residential furniture exports & imports
2014 2015 2016
Exports $729 million $901 million $1.003 billion
Imports $2.058 billion $2.232 billion $2.200 billion
Trade Balance -$1.329 billion -$1.331 billion -$1.197 billion