Top 7 Furniture Industry Trends For 2024

What’s in store for the furniture market in 2024? Having made it through the uncertainty of the pandemic and adapted to the aftermath of increased demand for online shopping and at-home office furniture, furniture manufacturers and retailers are hoping for an easy year. While economic and political uncertainty will still influence the furniture market, furniture companies can make this year a good one by staying on trend.

The Importance of Knowing Industry Trends

Trends have always been important to the furniture industry as colors and styles go in and out of fashion. That being said, there are other market trends beyond color schemes and stylistic choices such as technological developments and customer demands that determine whether a company rises to the top of the competitive landscape or gets left behind. By aligning your business with current and future trends, you can meet customer needs in terms of the product you deliver and how you communicate it. So, if you’re planning to create positive business outcomes this year, stay on-trend.

How is the Furniture industry doing?

Overall, the furniture market is a good one to be in. The global furniture market is expected to grow from $541.52 billion in 2023 to $780.43 billion in 2030 at a CAGR of 5.36%. That’s a healthy level of consumer spending, driven by a healthy interest in home renovation and using furnishing to make a house feel like a home. The furniture industry is leaning into multiple high-potential drivers of growth from the popularity of reclaimed wood to support sustainability to luxurious furniture brands that offer customized furniture with smart features.

7 Top Furniture Industry Trends for 2024

So what trends are worth investing in now to generate positive business outcomes in 2024?

#1 Continued online furniture sales

Online retail is here to stay. Since the growth of online shopping in the furniture market was driven by the pandemic and the Amazon effect, customers (especially younger generations such as millennials) have become comfortable with the convenience of shopping online. It’s a particularly effective driver of growth for niche manufacturers and retailers because they can reach a much higher volume of customers in their target audience compared to a brick-and-mortar store.

#2 Sustainable furniture is the future

There is a much greater awareness of the damage our purchasing habits can do to the environment. In response, consumers are moving towards sustainable commerce that actively works to preserve the environment for future generations. The biggest trend within sustainable furniture is the use of reclaimed wood. This involves reusing and recycling wood to create new pieces of furniture instead of sourcing new wood. There is also a move towards types of wood that are more sustainable to source new such as acacia and bamboo.

#3 Marketing furniture through social selling

Social media is an effective marketing platform for creating touchpoints in the customer journey because millions of people browse at least one social media platform every day. Additionally, social media platforms like Instagram and Pinterest are visual-based. An aesthetic image of a piece of furniture can catch the eye of potential customers. Within the world of social media marketing is influencer marketing. By finding people with an established social media audience who align with your target audience, you have an in with potential customers and therefore an opportunity to reach and convert more customers.

#4 CGI product imagery

How a piece of furniture looks in the customer’s home will always be a top buying factor while furniture shopping. Instead of having to imagine whether a piece fits based on the description and image, customers can see what it would look like in their home for themselves with CGI product imagery. This type of image can be overlayed on tablets and smartphones for a realistic preview of the product. Try before you buy technology is gaining popularity due to the reliance on ecommerce.

#5 Manufacturing-As-A-Service (MaaS)

Previously furniture manufacturers mostly operated behind the scenes, taking their products to market through distributors and retailers. Many are seeing the value of cutting out the middleman and dealing directly with buyers which has been coined Manufacturing-As-A-Service (MaaS). This works well in the commercial sector and for customized furniture as manufacturers could make products to order, streamlining the demand and supply process.

#6 Inclusive furniture

In an effort to ensure furniture meets the needs of all consumers, furniture manufacturers are making pieces that suit different sizes and body types. The technology is available to accommodate larger body sizes in both dimension and weight whether designing ergonomic office furniture or cozy home furniture. For example, while most office chairs only hold up to 300 pounds, bariatric chairs can hold up to 600 pounds.

#7 Smart furniture

Another product innovation furniture manufacturers are exploring is smart furniture. These are pieces that are connected to the smart home network with capabilities such as charging mobile devices, browsing the Internet and listening to the news or radio. In a digitalized world, this takes multifunctional furniture to a whole new level.

Furniture Industry Market Outlook: Analysis & Forecast

With the furniture market predicted to grow at a CAGR of 5.36%, there’s a lot to get excited about. Furniture companies can tap into the residential market, providing everyday people with furniture pieces that reflect their lifestyles and personal styles at their price point. They can also tap into the commercial market, selling furniture solutions to businesses and organizations that need the right equipment to run their operations. There’s a lot of room for product innovation, especially in terms of making furniture manufacturing more eco-friendly and how furnishings can become part of the smart home.

7 Key Factors Influencing Shoppers While Buying Furniture

As well as thinking about market trends and industry forecasts, consider what your customers are thinking about when they make a buying decision about your furniture pieces.

Cost

The cost of furniture can either lower the risk of purchasing making a sale more likely or reflect the quality of the piece, making a purchase feel like a good investment. It depends on what your target audience prioritizes.

Quality

Across the board, customers look for good quality pieces within their budget. They want to buy furniture that will last them for years to come with little wear and tear.

Brand

Some furniture brands have a reputation for being particularly stylish or particularly reliable. Those are the brands that customers will be immediately drawn to.

Maker

Especially in the luxury furniture market, the maker matters. Part of the appeal of buying high-end furniture is to have name-brand pieces.

Size of home

Customers can only realistically buy furniture that fits the room sizes in their homes. That’s going to be very different for couples in a studio flat compared to homeowners of a 3-storey house.

Style

Different people prefer different styles. From minimalists to maximalists and everyone in between, customers will be looking for furniture that matches their personal style.

Comfort

Our homes are our safe spaces. Whatever the style, size, maker or price tag, a piece of furniture should be comfortable to use.

The Future of the Furniture Industry

With a CAGR of 5.36% for the next 5 years or so, the furniture industry will grow with the growing population, particularly the urban population, as this increases the need for modern homes and workplaces. Furniture today and in the future serves more than a functional purpose. It reflects an intentional lifestyle such as natural and sustainable or high-tech and cutting edge. The furniture market will innovate to fulfill these various lifestyle needs while also more effectively meeting practical needs.

Is the Furniture Industry Slowing Down?

Despite the projected growth over the next few years, there are still some economic factors creating hurdles for furniture companies. The furniture market’s response to the pandemic may have skewed expectations. Consumers were buying a lot more furniture during that period as they adapted to working from home or took the extra time and expendable money to dedicate to home renovations.

At the moment, consumers aren’t quite as spend-happy, especially as the cost of owning a home has increased, slowing down new construction and leaving consumers with less to spend on furnishings. However, the economic situation is very likely to change, freeing up consumer spending and supporting furniture sales. Whatever the economic situation, the thing that matters the most is what consumers prioritize. Sell furniture that aligns with their priorities such as eco-consciousness and you will reach your customer base.

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