Report: Furniture market reach $685.6 billion by 2028

High-end furniture is leading sales growth worldwide.

Photo By IMARC GROUP

The global furniture market size reached $655.6 billion in 2022, and that number is expected to jump to $685.6 billion by 2028, according to a recent survey.

The market research company, the IMARC Group, released a report titled "Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," which found that high-end furniture is in demand and is a major factor leading to the sales growth around the world.

Furniture considered for the report included a movable and ergonomic object, comprising chairs, tables, cupboards, desks, sofas, beds, and cabinets, which are utilized for seating arrangements, storage purposes, and enhancing the aesthetic value of space. It is manufactured using different materials like wood, plastics, glass, iron, and marble and designed with skilled craftsmanship. It is durable, requires little maintenance, and offers elegance, attraction, and sophistication to any room. It also provides a long shelf life and can be easily cleaned by wiping the surface.

Click here for a free sample copy of this report.

According to the report, rapid urbanization and the rising purchasing power of consumers are also favoring the growth of the market. Moreover, the growing number of nuclear families is driving the sales of foldable and compact furniture that can be readily arranged in smaller spaces. In addition, due to the increasing adoption of work-from-home (WFH) models in various industry verticals, there is a rise in demand for furniture as it helps create a safe and productive environment in which to work while maintaining business continuity.

Consequently, key players are launching ultra-modern designs that relieve the strain and fatigue of users while being seated for long hours. They are also introducing a smart desk that is equipped with sensors and can record space utilization data and help correct the seating posture of individuals. This, in turn, is contributing to the growth of the market.

Apart from this, the expanding number of shopping malls, restaurants, cafes, theaters, stores, airports, offices, and hotels, is providing a thrust to the growth of the market. Furthermore, product manufacturers are introducing multi-purpose furniture with improved aesthetics, functionality, comfort, and storage capacities. They are also offering customization solutions to tailor the requirements of the consumer. In line with this, due to the growing influence of social media platforms on the purchasing decision of consumers, leading manufacturers are extensively financing digital marketing campaigns and celebrity endorsements to expand their consumer base.

This, in turn, is creating a positive outlook for the market. Besides this, there is a rise in consumer preferences towards replacing aging furniture with in-trend and cost-effective furniture, which is providing lucrative growth opportunities to market players operating in the industry. Additionally, the emerging trend of shifting to multiple locations for different purposes is increasing the adoption of easy-to-move furniture. This is anticipated to provide a favorable market outlook.

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About the author
Larry Adams | Editor

Larry Adams is a Chicago-based writer and editor who writes about how things get done. A former wire service and community newspaper reporter, Larry is an award-winning writer with more than three decades of experience. In addition to writing about woodworking, he has covered science, metrology, metalworking, industrial design, quality control, imaging, Swiss and micromanufacturing . He was previously a Tabbie Award winner for his coverage of nano-based coatings technology for the automotive industry. Larry volunteers for the historic preservation group, the Kalo Foundation/Ianelli Studios, and the science-based group, Chicago Council on Science and Technology (C2ST).