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North America furniture market to record substantial gains by 2025

Author : Ronak Bora | Published Date : 2021-01-16 

Even though the furniture industry across North America has been negatively impacted by the jolt of the COVID-19 pandemic as consumers have been reducing their non-essential expenditures, the demand for soft furnishings, decorative accessories, and home furniture is likely to surge as the virus retreats. In 2019, the North America furniture market commanded a share of more than $86.2 billion and is expected to rise exponentially at a CAGR of 5.3% between 2020 and 2026. By 2026, the market is likely to register a valuation of more than $103.74 billion by 2026.  

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The top three trends accelerating the North America furniture market growth are as follows:

Focus on sustainable products to promote the plastic furniture segment

With the rising awareness about the importance of the circular economy, especially within the context of the COVID-19 pandemic, several initiatives aiming to recycle plastic have been sprouting in recent times. With manufacturers of recycled plastic furniture coming up with more responsible ways, the demand for recycled plastic furniture has been on the rise.

For instance, Goodwood Plastic Products, Ltd., a Canadian manufacturer of recycled plastic furniture has been offering outdoor furniture including picnic tables and park benches from recycled plastic. The end-products are made using synthetic timber, which is as flexible as real wood, and are arguably heavier, denser, and more durable than real wood furniture. Since sustainable products are in fashion across countries including the US and Canada, North America furniture market share is expected to augment over the coming years.

Owing to demand for home office furniture, residential segment to spiral upward    

Residential segment is expected to exhibit escalating demand for upholstered and non-upholstered furniture over the upcoming timeframe. Bedroom furniture including beds, mattresses, bed frames, and nightstands are available in a wide range of designs. Ethnic and eco-friendly products such as rattan and cane furniture and accessories are gaining increased popularity due to home décor themes such as bohemian décor and rustic décor.

With a high number of individuals working from home during the pandemic, the demand for home office furniture, décor, and accessories is likely to multiply over the forthcoming period. Innovative and compact furniture designs are being offered by leading market players across a plethora of products including ergonomic chairs, office desks, bureaus, study tables, bookshelves, and accessories, assisting the augmentation of the North America furniture market share.

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Canada to emerge as a key regional segment, supported by pandemic-driven refurbishments

With the Canadian economy being gradually restored to normalcy, the consumer spending across the region is spiraling upward. With new and iconic home décor ideas such as ‘garden room’ and ‘thrifted home décor’ trending across major search engines and social networking platforms including Pinterest, Instagram, and the like, the time spent at home during the pandemic is likely to inspire exquisite home refurbishment projects. Moreover, several e-commerce platforms across Canada have been offering zero percent financing on the purchase of home furniture, supporting the North America furniture market outlook.

As individuals remain at home, they are likely to extend their expenditure on comfort and sophistication, even after the end of the pandemic. Home décor has turned into a hobby, and with the emergence of compact furniture designs, saving on space has become easier and classier.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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