Investment Rating - The report does not explicitly state an investment rating for the furniture industry. Core Insights - The global furniture market is projected to reach a size of $770 billion by 2023, with a compound annual growth rate (CAGR) of 5.31% from 2023 to 2027 [3]. - The largest segment within the furniture market is living room furniture, expected to reach a market size of $227.7 billion in 2023, followed by bedroom furniture and home decor [6]. - The U.S. is the largest furniture importing country, with 39% of its furniture products reliant on imports, totaling over $67.6 billion in 2021 [8]. - The online sales channel for furniture in the U.S. accounts for nearly 30%, with the market expected to exceed $300 billion in total size over the next five years [11]. Market Overview - The European furniture market is expected to reach $236.2 billion in 2023, with a CAGR of 3.37% from 2023 to 2027 [18]. - China’s furniture exports reached approximately $67.4 billion in 2022, with the U.S. being the largest export destination, accounting for about 25% of total exports [23]. - The demand for outdoor furniture remains high, despite a decline in demand for office furniture post-pandemic [27]. Market Trends - The trend towards online furniture sales is significant, with North America expected to see e-commerce sales account for 38% of the furniture market in 2023, compared to a global average of 21% [30]. - The mattress market is experiencing steady growth, driven by increased consumer awareness of health and sleep quality [43]. - The office chair market is projected to grow at a CAGR of 5.1% over the next decade, despite a 30.3% decline in exports in 2022 due to inventory issues [104]. Consumer Behavior - A significant portion of millennials (38%) purchase furniture online, with many opting to experience products in-store before buying online [35]. - The shopping cart abandonment rate for furniture is notably high, with about 90% of added items not resulting in completed purchases [38]. - Price and convenience are key factors influencing online furniture purchases, with consumers valuing detailed product information and reviews [41]. Brand Analysis - The U.S. mattress market is highly concentrated, with the top five brands holding over 50% market share [52]. - Direct-to-consumer (DTC) mattress brands like Casper and Purple are gaining traction through innovative marketing and competitive pricing [58]. - The office furniture market is seeing brands like FLEXISPOT and SIHOO targeting the mid to high-end segments effectively [140].
家居品类出海指南
2024-08-27 05:50