As a furniture business, you have to stay on top of all the latest furniture sales trends to attract new customers and increase revenue. Here are a few of the most important trends in the furniture industry:
E-Commerce to Be an Essential Part of Your Business
In this digital age, e-commerce is no longer considered to be just a compliment or add-on. With global e-commerce sales set to reach $6.5 trillion by 2023, it’s vital that your furniture business has an active online store to help you keep up with the competition.
Personalization to Improve Customer Experience
One of the most important trends in furniture is that it’s becoming more personalized every day. This is especially true for millennials, who are looking for furniture that meets their specific needs. To make this happen, retailers are introducing a variety of ways to tailor the shopping experience to fit their preferences and needs. Some of the most popular options are providing cash and carry options, allowing customers to purchase items in-store and pick them up when they arrive, and offering free shipping on orders of $75 or more.
Sustainability to Become an Ever-Larger Concern
As people get more concerned about the environment and what they’re putting into it, many consumers are opting for more sustainable options when it comes to their furniture. This includes using biodegradable materials and recycling materials as much as possible. This trend is expected to continue to grow and has a huge potential for the furniture industry.
Renting to Become an Even More Popular Option
Another trend that’s causing a surge in demand for a specific type of furniture is that more people are renting their homes. This means that more people are looking for furniture that is lightweight, portable, easy to move and affordable.
This can be a big advantage for furniture businesses that offer more affordable options, and it can also provide a unique marketing opportunity for retailers. For example, some brands offer customizable options on their website that allow consumers to choose multiple iterations of a certain style or color. This gives them the chance to find the perfect piece and makes the furniture shopping process easier for customers.
Smart Home & Internet of Things to Be a Key Driver for Furniture Market Growth
As people continue to invest more in technology, smart home technologies are increasingly becoming an important driver for furniture sales. These devices can help individuals do things like control lighting, temperature, and entertainment systems. They can also be used to monitor energy consumption and other aspects of the home.
The COVID-19 pandemic to Impact Consumer Behavior and Manufacturing Trends
During the past few years, the furniture market suffered due to the occurrence of the COVID-19 pandemic that led to a significant decline in residential demand. This caused many families to cut back on spending on non-essentials and reduce their reliance on imported products.
Despite the decline in demand, the furniture industry is expected to recover and record a healthy CAGR over the forecast period. This is thanks to a number of factors, including the increase in housing projects and the rising popularity of e-commerce furniture stores. Moreover, the increasing influx of millennials is also expected to boost the furniture market over the forecast period.