“Challenging” is one word that’s been used to describe the current residential furniture market. New residential furniture orders dropped 7% in August 2024 compared to the year prior, with shipments down 10%, noted Mark Laferriere, assurance partner at Smith Leonard in the October issue of Furniture Insights. However, on a positive note, new orders were up 12% compared to July figures and are up 1% for the year-to-date, “though that spread has continued to narrow with the last four months’ declines,” Laferriere said.

He added, “Certain economic factors do seem to be slowly inching in the right direction, though most people we spoke to [at High Point], as well as thought leaders in the industry, believe that an increase in housing inventory and activity will be needed for the industry as a whole to fully recover. However, this is all nothing new for the industry and most companies have figured out how to survive and even thrive in the current environment as they await a return to normalcy, hopefully by the middle of 2025.”

As for what’s trending in furniture styles, at the fall High Point Houzz noted collections featuring faunal and floral motifs, warm, earthy colors, rounded/curvy furniture shapes paired with square or rectangular accents, textures and natural materials.

The 2024 Wood Industry Almanac is sponsored by IMA Schelling Group.

Click on the infographic to enlarge. 

Quick Stats (Includes items not shown in print.)
• Allied Market projects the North American furniture market to reach $400.07 billion by 2030 at a CAGR of 4.9%.

• IMARC forecasts the global RTA market, $14.7 billion USD in 2023, to reach $22.5 billion by 2032, at a CAGR of 4.7% during the forecast period 2024-2032. The increasing need for modular and space-efficient furniture is driving the demand.

• The American Home Furnishings Alliance announced the second annual Furniture Safety Week will be Oct. 6-10, 2025. The industry-wide campaign raises consumer awareness of furniture-related safety issues, particularly those that impact small children. 

• MRFR projects the global furniture market to reach $932.11 billion by 2032 at a CAGR of 3.02%. The market is estimated at $734.81 billion in 2024. Eco-friendly and smart furniture are driving demand in both the residential and commercial sectors.

• The global luxury furniture market is estimated to grow by $9.54 billion USD at a CAGR of 5.16% (2024-2028), according to Technavio.

• The Quebec residential furniture industry accounts for nearly 45% of jobs in the sector in Canada, according to the Association of Furniture Manufacturers of Quebec.

Market Data Sources: U.S. Bureau of Labor Statistics, U.S. Census Bureau, Statistics Canada, Smith Leonard, Statista, Provoke Insights, Houzz, IMARC, Allied Market Research, American Home Furnishings Alliance (AHFA), Association of Furniture Manufacturers of Quebec (AFMQ), AFAMJAL, Market Research Future (MRFR), Technavio.  Category: Residential furniture includes wood & upholstered furniture, casegoods, RTA, bedroom & youth, entertainment units.