Industry’s annual five-year growth rate pegged at 19%
By Alan Wolf, YSN
Despite the myriad challenges facing home furnishings in 2022, the industry managed to eke out a nearly 3% increase to end the year with some $123.9 billion in sales.
According to a report by Furniture Today and Easy Analytic Software Inc. (EASI), volatility in the supply chain, housing market and the economy conspired to rein in revenue from 2021’s 20.8% gains.
But while inflation and recession fears may continue to temper household spending early in 2023, the five-year industry outlook is robust, with double-digit growth projected across all home furnishing categories. Forecasts call for an annual growth rate of 18.8%, with sales topping out at more than $147.2 billion in 2027.
Leading the charge will be stationary sofas, which are expected to displace mattresses and bedding as the No. 1 home furnishings category. Another hot sector will be entertainment furniture, which is likely pull ahead of its current sales counterpart, formal dining room furniture.
Furniture Today added that some of the smallest sectors, including infant furniture, curios and futons, are expected to grow faster than many other categories and exceed the national average.