As we look forward to the future lifestyle trends, we see substantial differences in the needs and desires of the buyers of tomorrow versus today’s consumer.
Some interesting surveys showed that consumers view furniture as an important part of their self-identity and lifestyle.
Hence, consumers are now investing significant time in setting up their homes and focusing on interior and exterior designs.
They like stylish, quality and functional products, and they love to shop lifestyle furniture stores, no matter it’s physical or online stores.
In line with the changing of consumers preferences toward foods and vacation, F&B and hotel industry expanding rapidly, are also expected to continue supporting the global furniture market.
According to Zion Market Research (Zion), the global furniture market is valued at around USD 331.21 billion in 2017 and is expected to reach approximately USD 472.30 billion by 2024, growing at a compound annual growth rate (CAGR) of around 5.2% between 2018 and 2024.
Luxury furniture: Growing Demand
Zion said the growth of the global furniture market is mainly due to the demand for luxury and premium furniture. Rising disposable incomes and urbanisation amongst the population has shifted the focus towards aesthetics and urban lifestyles.
As such, these trends are leading to higher demand among consumer for luxury furniture. On top of that, current consumers demand resort style living in their own home as they feel it will compensate for working as hard as they do.
Currently, the global luxury furniture market is expanding steadily to US$27 Billion, growing at a CAGR of 5%.
Also, what’s interesting is that today’s consumers are willing to spend more money on outdoor furniture.
For some, their outdoor space is the best and largest entertainment area they have.
Everybody can throw a barbecue out on their balcony or porch, but not everybody has the space to throw a sit-down dinner for 12 people in their dining room.
Interestingly, there are several emerging market trends driving the outdoor furniture market:
1. Increased demand for grilling products
There is a higher demand among urbanites for alfresco dining and outdoor dinner parties. As such, the demand for outdoor cooking equipment like grills are increasing.
Portable grills are mostly preferred by consumers who have limited yard space or who enjoy grilling in outdoor spaces.
2. Outdoor furniture products with multifunctional features
People like multifunctional products more nowadays as it allows them to reconfigure the entire outdoor area quickly.
For instance, international luxury furniture brand, Jaime Alexander has built its flagship Kojin Grill, a dining table that integrated with gas grills for dining and entertaining in style specifically to cater to this growing niche.
3. Growing adoption of eco-friendly furniture
Eco-friendly furniture has become a part of the mainstream outdoor furniture.
Environmental concerns, negative effects of deforestation, and the effects of toxic finishes in the air have prompted consumers to adopt green furniture.
Smart furniture: The future of home furnishing
Currently, there are smart cities, automation, and the increasing use of the internet of things that are fast becoming a reality in many parts of the world. And now, furniture makers are moving into the trend as well.
With tastes constantly changing, current consumers are no longer satisfied with traditional items. They are looking for something innovative, creative and smart, creating numerous market growth opportunities.
Despite being in its nascent stage, the market has shown signs of wide-scale adoption in the years to come. Currently, the global smart home market is growing at a CAGR of 13.6% and the market size was expanded to US$14.7 billion.
This is because smart furniture often referred to as the future of furniture, from the aspect of home automation. They offer various features such as enabling wireless charging for smart devices, news or recipe searching, internet browsing and calling among others.
This makes smart furniture far more superior compared to conventional furniture.