02 May The furniture market in 2024: Growth forecast

The future is bright for the furniture market.

If we analyse how furniture consumption has been evolving in 2024, together with the projections for the next few years, there is a clear trend: growth.

With barely a month left until we celebrate our 62nd edition of the Yecla Furniture Fair, let us share with you an analysis of our sector’s current situation.

Data is vital for us to be aware of not only the great situation in which we find ourselves but also of the excellent outlook that lies ahead of us.

In this article, we will analyse the furniture sector’s growth rates in terms of investment, geography, as well as consumer trends and habits that we have witnessed during this year.

With this in mind, our research is based on a recent study issued by the consultancy firm Mordor Intelligence entitled “Furniture market size & share analysis – Growth trends & forecasts (2024-2029)”.

We hope it may be of interest to you.

The furniture market is doing well

In recent years, the furniture market has been on an upward trend.

In 2023, the global market volume (including imports and exports) was estimated at 652.40 billion dollars.

For 2024, the forecast is that the year will close at 688.74 billion.

In line with this trend, the consultancy’s forecasts for the period up to 2029 would situate the economic volume of the furniture sector at 903.14 billion dollars.

This would mean a compound annual growth rate of 5.57% in 5 years.

North America currently holds the lead, while Asia shows the fastest growth

If we take into account the geographical or territorial aspect, this analysis can be divided into five regions, as follows:

⦁ North America

⦁ Europe

⦁ Asia-Pacific

⦁ Latin America

⦁ Middle East and Africa

Hence, while North America has the largest market share, there is another area attracting the most attention in the short and medium term.

This area is Asia-Pacific, which has been showing by far the strongest and fastest growth rates.

This is driven by countries such as China and India, emerging markets with large populations, where the ongoing improvement in their inhabitants’ living standards is directly translating into furniture, decoration and interior design consumption.

Furniture market: What are we looking for?

There are several reasons behind the industry’s growth.

First of all, the world’s population is constantly growing, which is inevitably reflected in the development of cities and other spaces, both residential and commercial (retail and contract sector).

The way we engage with these spaces has also changed.

Since 2020, it is undeniable that both the furniture industry and furniture consumption have undergone a major transformation.

Our homes have changed, and as a result, we now manage our spaces better, looking for furniture that suits us and our needs: Compact or foldable furniture, providing storage space and possibilities, whilst also taking care of and protecting our anatomy and postural hygiene.

Ecological awareness has also become increasingly apparent in the furniture sector, resulting in a clear trend towards biophilic design, recycled and recyclable materials, and organic and natural designs.

Internet, a boost for the furniture market

Last but not least, it’s time to examine what role the Internet and the digital revolution play in our sector.

The digitalisation of the furniture industry has become an ever-present reality.

Everything from design and manufacturing processes, to the incorporation of systems and devices in new pieces of furniture (home automation), to consumer habits themselves, where online shopping has become the main trend.

With everyone having a smartphone or any other type of mobile device with internet access, the democratisation of access to technology has boosted online furniture sales over the last year.

Businesses have been adapting to this, providing an increasing number of digital shopping options to their customers as well as embracing technologies such as augmented reality and artificial intelligence.

Given this situation, you can clearly see that the good health of the furniture sector seems assured.

So, if you are interested in learning about our sector’s situation first-hand, come and join us from the 28th to the 31st of May at the 62nd edition of the Yecla Furniture Fair.

Download your free invitation to attend right here.

We look forward to seeing you!