Few things are more inherently human than our desire to make the spaces we live and work in appealing. And nothing can help us more in that endeavor than to find a beautiful piece of furniture that will fit our vision to perfection. While most of us spare little (if any) thought when it comes to furniture industry statistics, we have gathered some pretty interesting facts about this industry, as well as several stats related to both the global and the US market. Let’s delve into the fascinating world of the furniture market, which true furniture aficionados will find fascinating, not to mention useful.
The Top 10 Furniture Industry Statistics and Facts
- The oldest pieces of wooden furniture in existence today are more than 2,700 years old.
- The Badminton Cabinet, worth $36.7 million, is the most expensive piece of furniture ever sold to date.
- An undisputed giant among the home furnishing stores is Furnitureland South in Jamestown, North Carolina.
- In 2018, a 40% share of the pet furniture industry was dog furniture.
- As the furniture industry retail stats show, the most popular piece of upholstered furniture in America is the sectional sofa.
- US consumers spent $114 billion on furniture in 2018.
- Furniture revenue per capita in the US for 2020 is $790.
- Germany is the leading force in furniture production and sales in Europe.
- Most furniture in the world is produced in China.
- Obesity is driving the production of larger furniture.
A Medley of Furniture Industry Market Statistics and Fun Facts
1. The oldest pieces of furniture ever found are more than 2,700 years old.
(Premium)
A plethora of wooden chairs and tables were discovered in the ancient city of Gordion, Turkey, and are thought to be more than 2,700 years old. Some of these precious pieces are linked to the famed King Midas.
2. The most expensive piece of furniture ever sold is the Badminton Cabinet.
(Money INC)
A true work of art due to its intricate ornamentation and precious-stone inlays, the Badminton Cabinet was sold for the mouth-watering price of $36.7 million. It can now be found at the Liechtenstein Museum.
3. According to the furniture market statistics, upholstery falls in third place among the most expensive items people buy.
(ProCleanersNJ)
Following directly after the expenditures of buying a house and car, upholstery seems to take a high third place on the list of the most expensive items a person will buy throughout their lifetime.
4. Obesity is driving the need to manufacture larger furniture.
(Market Research)
As 40% of Americans are classified as obese, larger furniture is a necessity to accommodate larger people. This is especially important for employers since they need to fit their employees with larger office chairs. Hence, the bariatric chair has become a handy solution as it can withstand the weight of up to 600 pounds.
5. According to the furniture industry trends for 2020, versatile furniture is in high demand.
(Market Research)
People living in small places need furniture that can accommodate their needs. Hence, smaller, multi-purpose commercial furniture pieces seem to be gaining popularity among buyers.
6. The global luxury furniture market is expected to be worth $30.3 billion by 2023.
(Statista)
Furniture industry statistics for 2022 point out that the demand for luxury and eco-friendly furniture made of recycled materials is growing. The largest high-end furniture market is still Europe, but India and China are catching up. Eco-friendly furniture may be more expensive to manufacture, but the demand is on the rise due to environmental concerns.
7. Furnitureland South in Jamestown, North Carolina, is the biggest furniture store in the world.
(Only in Your State)
As the “top dog” among home furnishing stores, Furnitureland South features 1.3 million square feet of home decor and furniture. There are more than 1,000 furniture manufacturers to choose from and some truly unique pieces of furniture on offer.
8. In 2020, the US furniture rental industry is worth $710.1 million.
(IBISWorld)
Furniture rental industry statistics show that despite the 2.8% decline in furniture rentals in the past five years, this sector still managed a healthy turnover of $710.1 million. However, a further decline of 1.8% is expected in 2020.
9. Charles Darwin invented the office chair in the 1840s (sort of).
(Office Team)
In order to be more efficient and move around his office faster, Charles Darwin fitted his chair with bed legs made of cast iron and then stuck some castors on them. The chair has been preserved to this day and can be seen in his office, which is now an English Heritage site.
Furniture Industry Statistics According to Type of Furniture
10. In 2018, a 40% share of the pet furniture market was dog furniture.
(Statista, GVR)
Global data show that the pet furniture market was worth around $2.21 billion in 2019. It’s expected that the value will reach $3 billion by 2025. Pet beds and sofas made up more than 35% of the market in 2018. These numbers shouldn’t come as surprise considering that about 67% of US households own a pet.
11. The most popular piece of upholstered furniture in America is the sectional sofa.
(Next Day Blinds, Statista)
While the sectional sofa leads in popularity among Americans, the industry statistics for upholstered furniture in the US show that this portion of the market was worth around $16.7 billion in 2018. The value is expected to surpass $20 billion by 2023.
12. The office furniture market in the US saw revenue of $15.4 billion in 2020.
(Statista, Research Nester)
However, the global market for office furniture is expected to grow further. If the forecast turns out to be correct and a CAGR of 6.7% happens over the 2017–2024 period, the market will be worth around $87.6 billion by 2024, office furniture industry statistics infer.
13. On the global scale, the outdoor furniture market for 2018 was worth $16.8 billion.
(GVR, IBISWorld)
All those who like spending their time in the garden probably won’t be surprised that the global outdoor furniture market is expected to grow by 5.9% from 2019 to 2025. Meanwhile, total revenue in 2019 in the US for outdoor furniture was $2 billion.
While the number of businesses recorded a decline, the US outdoor furniture industry statistics show an annual growth rate of 1.3% for the period between 2014 and 2019. In fact, this branch of industry employs 7,982 workers.
14. Flexible workspaces have given rise to novel office furniture designs.
(Market Research)
As our jobs and the accompanying technology constantly evolve, workspaces follow suit. Shared workstations, as well as mobile elements that allow for more movement in the office, are gaining popularity.
Global Furniture Business Statistics
15. Online furniture shopping is gaining momentum around the world.
(Woodworking Network)
China and the US are top players in online furniture sales, earning $68.6 billion and $65.1 billion respectively in 2018. The worldwide online sales saw revenue reaching $190 billion for the same year. If the furniture industry stats are anything to go by, the expected online furniture sales by 2022 should be around $294 billion.
Whether people are shopping for the best organic mattress or a new home office chair, chances are that they’ve at least looked it up online. It would be interesting to do a furniture industry analysis on the online shopping habits of purchasers.
16. US consumers spent $114 billion on furniture in 2018.
(Coresight Research)
Following the steady growth, 2018 saw a 6.7% increase due to the strong economy. Additionally, more and more customers are turning to online furniture purchases. Indeed, Wayfair and Amazon are leading the way and raking in substantial revenue because of this trend, furniture retail statistics show.
17. The brand value of the Swedish IKEA is $58.7 billion.
(Financial Post)
Known throughout the world for its Scandinavian-style furniture and affordable prices, this company sells most of its furniture in the now well-known flat-pack form. As the biggest furniture retailer in the world, IKEA’s net worth is estimated to be $58.7 billion.
18. Furniture revenue per capita in Europe for 2020 is $463.24.
(Statista)
While we’re only at the start of 2020, the European furniture market statistics show that the revenue has reached $393.6 billion, with an expected annual growth of 1.6% for the 2020–2023 period. The most popular pieces of furniture in Europe continue to be dining room and living room furniture.
19. For 2020, the furniture revenue per capita in the US is $790.
(Statista)
As depicted by the US furniture industry statistics, the American market has managed $261.5 billion in revenue in the furniture industry in 2020 so far. Annual growth of 0.7% is expected in this sector over the next three years.
20. Revenue from the homeware and furniture market in Australia for 2020 has already reached nearly $1.3 billion.
(Statista, Brandon Gaille)
According to the latest Australian furniture industry statistics, the furniture business could be worth around $1.8 billion by 2024 if the annual growth rate comes close to the expected 9.1%. Also, some 26,000 Australians are currently employed in the furniture retail industry and an additional 54,000 work in furniture manufacturing.
21. Germany is the leading force in furniture production in Europe.
(Ambista)
Italy is no longer the “capo di tutti capi” in the European furniture market. In fact, furniture manufacturing statistics point out that Germany sits at the very top of this pyramid with a turnover of more than $23 billion (€22 billion) in 2018. Specifically, kitchen furniture has the highest export share at 38.9%.
22. The majority of furniture in the world is produced in China.
(Panels&Furniture)
The global furniture industry statistics show that 40% of all the furniture in the world is produced in China. This is followed by the US with 14%, Germany with 5%, Italy with 4%, India also 4%, Poland with 3%, and Japan, Vietnam, the UK, and Canada with 2% respectively. Additionally, China also leads in exported furniture, at approximately $51 billion in 2017.
FAQ
How big is the furniture industry?
According to Grand View Research, the worldwide furniture market was worth around $480.7 billion in 2017. Meanwhile, Statista reports that this value was around $545.46 billion in 2018, which clearly points to constant growth in this sector. By 2025, the global furniture market should be worth around $654.6 billion.
(GVR, Statista)
Is the furniture industry growing?
As mentioned, this industry is on the rise, and according to available data from Global Market Insights, the expected compound annual growth rate from 2019 to 2026 will be approximately 5%, which could see the value of global furniture ventures reach $886.83 billion by 2026.
(GMI)
How many furniture stores are there in the US?
Available data shows that there are 29,291 furniture shops in America in 2020. The number of stores carrying furniture hasn’t declined over the last five years. It’s projected that there will be a 0.4% growth in the number of stores this year.
(IBISWorld)
What age group buys the most furniture?
Data points out that Millennials (born 1981–1996) represent the group most likely to buy furniture, though they spend $583 on average per capita. However, members of Generation X (1965–1980) actually spend more per person since they average $640. Baby Boomers (1946–1964) spend around $514, while people born in 1945 or earlier spend $207 on furniture.
(U.S. Bureau of Labor Statistics)
Conclusion
The furniture industry facts paint an optimistic picture for this segment of the economy. It’s hard to imagine that we will ever dispense with furniture—but keeping a weather eye on the trends and changes is a smart move.
New players such as China and Germany are entering the furniture market and having great success. The convenience and popularity of e-commerce are changing the way we shop for furniture. The increasing worry for the planet is becoming a driving force behind the demand for eco-friendly furniture.
Furniture industry statistics clearly show that changes in traditional workspaces are inspiring new lines of office furniture. Furthermore, our not-so-healthy habits and sedentary lifestyles are driving the manufacturing need for larger and larger pieces.
This is an interesting, dynamic market that keeps evolving and is being kept alive and thriving by a curious synergy composed of our needs and our love of all things beautiful.
Sources:
- Ambista
- Brandon Gaille
- Coresight Research
- Financial Post
- GMI
- GVR
- GVR
- GVR
- IBISWorld
- IBISWorld
- IBISWorld
- Market Research
- Market Research
- MoneyINC
- Only In Your State
- Panels&Furniture
- Penketh Group
- Premium
- ProCleanersNJ
- Research and Markets
- Research Nester
- Statista
- Statista
- Statista
- Statista
- Statista
- Statista
- Statista
- Statista
- Statista
- Statista
- United Consumer Financial Services
- U.S. Bureau of Labor Statistics
- Woodworking Network
