Global Furniture and Floor Coverings market is witnessing increased demand for multi-functional and innovative products. Number of single- and two-person households is increasing across several developed markets, resulting in demand for small and portable furniture. Customers are also seeking storage, multi-purpose, foldable, and technology-driven furniture over traditional large and extravagant furniture to deal with reduced floor space. Furniture and Floor Coverings retail sales at global level are led by the US. Following the recession, the US furniture market was heavily affected but now witnessing an uptrend due to an increase in sales of new and pre-owned houses. By 2019, China is expected to surpass the US on the back of increasing disposable income, a growing urban population, and government initiatives to develop affordable housing. Online will be the fastest-growing channel with a rise in internet penetration in developing markets and the impending saturation of existing popular categories, such as clothing and electronics.
– Demand for small, portable, and multi-functional furniture is driving global furniture and floor coverings’ retail sales. The global furniture and floor coverings market is forecast to reach US$695 billion by 2019, growing at a CAGR of 5.3%
– Online will continue to be the fastest-growing channel at a CAGR of 16.6%, while home furniture and homewares retailers will dominate global furniture and floor coverings’ sales but will record slow growth of 4.2%
– Asia-Pacific became the largest market in 2014 with total sales of US$184 billion, and is expected to remain the largest and fastest-growing region with a CAGR of 10.3% during 2014-2019, backed by significant increase in sales in China and India
– China will become the largest market on the list of top 10 largest furniture and floor coverings markets, followed by the US and Germany
