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Trends Transforming The Home Goods Outlook in 2023

Furniture is a must for everyone. People need a place to sit and relax. They also need items to greet guests in an office and when sitting outside on their front porch. Furniture manufacturers and designers have rushed to fill this bill with items they know their clients will love. As a result, the furnishing industry remains a largely robust sector of the economy right now. It is likely to remain so that companies pay attention to key market sectors and deliver items that please today’s consumers.

E-Commerce

Buying furniture online was once confined to a small sector of the market. However, this market is starting to hold impressive promise as more people realize the advantages of buying their furnishings from home. Major brick-and-mortar retailers continue to explore the possibility of reaching into this market and seeing if customers will follow in their wake. Online retailers like Amazon have seen furniture sales grow by more than fifty percent. This year is expected to see more sales growth in e-commerce. People are looking at many smaller items like pillows, curtains, and other items that can be shipped easily, even long distances. This makes it possible for retailers to offer them reduced shipping rates. Larger items are also being shipped. People who know how to assemble things can order them, have them delivered, and save money compared to standard furniture shopping.

Eco-Friendly Design

Buyers looking for furniture want items that are in tune with the earth. They’re looking for pieces made from sustainable woods and other materials that can be harvested repeatedly. Under these circumstances, it is no wonder that designers are paying close attention to what they want and why they’re looking for certain items. One area likely to see even more growth is of the outdoor furniture market. People want to find items they can bring outdoors as they relax and greet their guests. They also want items that can withstand changing weather conditions, from rain and snow to heat and humidity. This demand for quality items made with an eye to the future is part of why the American outdoor market is expected to surpass twenty-three billion in the coming years.

Fewer New Homes

One trend that concerns industry watchers is that of housing. Housing affects many industries, including the furniture industry. When people buy homes, they start to think about ways to furnish them. Many people bring furniture but just want a few updates to help them transform the new space. Others prefer a newly decorated space that speaks of their personality and outlook. People looking at furniture trends have noted that housing starts decreased by .09% during the new year. Housing starts can indicate that fewer people are thinking about moving. It also indicates that demand for new homes may be falling in some parts of the country. At the same time, it can also indicate that people simply plan to remodel their homes. In that case, they’ll still look for new ways to furnish it.

Home Office Furnishings

More and more people are working from home. Some people can telecommute, enabling them to relax at home and avoid slamming into the office every day. They’re also choosing to open a home office to greet their private clients in a safe and protected space. Workers not only need a comfortable place to relax as they work. They also need items to make clients feel at home once in their office. These are some reasons that home office growth should see a six percent increase in the coming year. In addition, more people want quality items that provide enough seating and room if they hire someone to work with them.

Luxury Global Markets

One of the many areas of furniture is luxury, well-crafted, upscale items; People love beautiful items they can admire and touch in their own homes. Around the world, this part of the market has begun to take off. People have the more personal income to spend. They want to have something of value for it. It’s not surprising that furniture designers have risen to this challenge and gone beyond it. The market for luxurious furniture should reach more than thirty billion in the coming years as people seek the highest possible value for their dollars. People can now find wonderful items to pick from for use in their own homes. They find details like elegant leather and varied woods can offer them something to appreciate. Luxury furnishing is one trend that is expected to continue to take off.

Marketing to Millennials

The next generation is just coming into their own. They’re moving out of the house and the dorm. As they do so, they realize they want a well-furnished home. Studies indicate that millennials have increased their share of this market to 24.6%, making them one of the world’s leading markets for furniture purchases. Furniture marketing efforts are focusing more on this sector of the economy than ever before. Marketers understand this group has money to spend and wants to aim for quality items to make their home shine and simultaneously keep value. Directing funds to this market will likely pay off as the public learns to distinguish between various furniture brands. Creating an image in this market sector can pay off with long-term, highly loyal, and happy customers.

More Than One Function

Modern homes vary greatly in the amount of space they offer. As a result, people are looking for items that can do different duties in the same piece. The market for items that can be used in varied ways should continue to take off and be an important part of the overall furnishing markets. Those who want to find a sofa that can be converted into a bed or a bookshelf for extra storage underneath are helping to push this market to new heights. Over the next few years, growth in this area is expected to exceed 7.5%, making it one of the liveliest parts of the furnishing markets and one that will probably see even more growth.

Steady Growth

Furniture sales are expected to hold steady this year. Many people continue to need items for their homes, dorms, and other places such as the office. Spending on home furnishings has increased by .02 percent. This kind of growth means furnishing companies have what they need to meet their client’s needs. Steady growth allows for furnishing companies to stay on top of the field. They know that the inventory they have on hand is likely to remain admired by clients and sought after. Having a steady group of clients to buy items means that companies can count on a steady source of income all year long. It also means they can hire the help they need to please clients and know there will be work for them. A stable industry allows companies to make plans and then carry them out.

The United States Plays a Prominent Role

Experts continue to focus on the American markets when surveying the global furnishing markets. Americans continue to provide a large share of the raw materials required to create new items. They also provide a large consumer market likely to provide a great deal of opportunity for companies poised to take advantage of it. Americans remain the largest importers of furniture across the globe. There were more than 24.5 billion imports of furniture in the United States. Americans love items that are made in the United States. They also love items that are made in other parts of the world. The global markets allow people to find many items they can buy when they hit their local furniture markets. This makes it easier for people to find the items they want in markets throughout the United States. Even smaller cities here typically offer many possibilities that can transform any ordinary room into a marketable showplace. The net result is lovely, elegant rooms that have that global furnishing touch.

Wood Furniture Highly Popular

Wood has long been a mainstay of furniture construction. People love wood. It’s full of texture and pleasing to the eye. They like how durable it is and how much character it adds to any home. So it’s understandable that designers are using it in all furniture forms today. People love different types of wood, such as pine and oak. They like how each item is subtly different from the next. At the same time, they also want wood that isn’t as heavy and doesn’t necessarily require a lot of money to buy. One type of wood that remains ideal for varied furniture types is made of many different kinds of wood. This is known as particleboard. Consumers can expect to see a lot more particle board when they are searching for furnishings to purchase.