Furniture Sales In US

Project Overview

Furniture retail and trade is important part of global economy. Continued growth in building construction and rising disposable income levels have boosted the demand for furniture in the U.S. in recent years.

Nowadays, consumers are replacing their furniture more frequently than in the past, which is largely due to increasing standards of living and a steady increase in disposable income across the board. These are some of the factors driving the continuous growth of the Furniture market. Moreover, aesthetic reasons coupled with the need for consumers to be comfortable in their apartment, as evidenced by the Living Room and Dining Room segment being the largest segment of the Furniture market, and the adoption of online shopping are major contributing factors to the constant growth of the market.

The COVID-19 pandemic also accelerated furniture e-commerce. In the early stages of the pandemic, non-essential businesses closed, and many consumers shopped through online retailers to avoid exposure to COVID-19. In response, major furniture manufacturers set up online presences, either in-house or through acquisition.

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Problem Statement

The global furniture manufacturing industry has revenue of nearly $400 billion annually as per the World Furniture Confederation. In particular, US furniture manufacturing involves over 20,000 firms, with annual profits reaching around $60 billion. The top challenges currently facing furniture manufacturers are skilled labor shortages, increasing costs, and fluctuating customer demand and furniture retailers have not been lucky enough to escape the supply chain issues that have plagued other industries seeing a post-pandemic comeback.

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