Besides making our lives more comfortable, furniture is a way to express our unique sense of style. Because of its importance in everyday life, we decided to highlight the latest Canadian furniture industry statistics and the stats elaborating on the industry’s global standing. If this sounds intriguing to you, keep on reading!
Top 10 Furniture Industry Statistics for 2022
- In 2020, the global furniture market size was valued at US$509.8 billion.
- The global market revenue will hit US$1,371,983 million this year.
- By 2022, online furniture sales are expected to reach US$294 billion.
- This year, the European furniture market revenue equals US$282,148 million.
- Canada exports around 95% of its furniture to the US, as furniture industry trends show.
- Globally, China is the head furniture exporter, earning over US$63.5 billion in 2018.
- Online furniture sales in America increased by 306% in April 2020.
- In 2015, furniture shipments in Canada reached $11.6 billion.
- The Badminton Cabinet is the priciest piece of furniture sold in history.
- The most massive furniture store in the world is Furnitureland South in Jamestown, North Carolina.
Global Furniture Industry Stats
The following statistics and facts reveal crucial figures from all around the world. You’ll learn more about the global market size, most popular trends, etc.
1. In 2020, the global furniture market size was valued at US$509.8 billion.
(Statista) (Grand View Research)
Grand View Research’s data revealed that the global furniture market was worth US$480.7 billion in 2017. The booming market is projected to reach around US$650.7 billion by 2027.
2. Global furniture industry statistics forecast the market revenue will hit US$1,371,983 million this year.
Moreover, the market is projected to grow at a CAGR of 4.18% from 2021–2025. It’s worth mentioning that the US is expected to generate the most revenue—US$247,836 million.
3. In the US, online furniture sales increased by 306% in April 2020.
Furniture industry retail stats clearly show that online shopping is becoming increasingly popular. It’s time-efficient, convenient, and enables social distancing, which is especially important during the pandemic. Online sales in April last year were 81% greater than in November 2019.
4. By 2022, online furniture sales are expected to reach US$294 billion.
In 2018, global online sales witnessed a whopping US$190 billion in revenue. The US and China were certainly responsible for most of the sum. That year, the US earned US$65.1 billion, and China hit US$68.6 billion.
5. In 2018, customers in the States spent US$114 billion on furniture.
In the US furniture industry, the growth rate in consumer spending reached 6.7% in 2018. The largest group of American consumers are millennials, who have become retailers’ primary target.
6. This year, the European furniture market revenue is US$282,148 million.
(Statista) (Financial Post)
Moreover, statistics report that the market is expected to increase at a CAGR of 3.05% between 2021 and 2025. The average revenue per capita in 2021 was also projected to rise by 6.4% year-over-year, to US$332.39.
7. In 2018, Germany ranked first in Europe for furniture production, according to furniture industry statistics.
Three years ago, Germany’s furniture production reached a whopping turnover of over €22 billion, or over $33.8 billion. Undoubtedly, the highest export rate belonged to kitchen furniture—38.9%. The production of slatted bed bases and mattress toppers, on the other hand, suffered a significant decline of 15.6% and 9.1%, respectively.
8. In 2018, China was the world’s greatest furniture exporter, its export value reaching over US$63.5 billion.
Furniture industry stats from 2018 indicate that China comes in first when it comes to furniture export. It’s followed by Germany (with an estimated US$13.38 billion) and Poland (US$13.14 billion). Italy is the fourth on the list (around US$12 billion), while Mexico’s export value ranked fifth (around US$7.99 billion).
9. The US is the largest furniture importer in the world.
While China is the largest exporter, the US is the biggest importer of furniture, reaching over US$58 billion in import value in 2018. The same furniture industry market statistics also indicate that Germany came in second with an estimated US$15.84 billion, followed by France (around US$9.42 billion) and the UK (roughly US$9.32 billion). Other furniture import leaders include Canada, Japan, the Netherlands, Australia, Spain, and Switzerland.
10. Between 2020 and 2024, India’s domestic furniture market is forecasted to rise at a 12.91% CAGR.
India’s furniture sector seems to be quite underdeveloped. Part of this is explained by its focus on handcrafting rather than factory production. Fortunately, the rise of technology and modernization will give the country’s furniture market industry a push toward greater export potential and success.
Furniture Industry Facts and Stats about Canada
The following section features statistics and facts relevant to Canada’s furniture industry and market. We have featured figures on office furniture, the market value, and export trends.
11. In February last year, the country’s furniture manufacturing industry reached a $5 billion GDP.
Office furniture industry trends show this particular industry played a huge part. In total, the sector’s GDP was at an estimated $1.62 billion in February 2020.
12. Furniture shipments in Canada reached $11.6 billion in 2015.
Furniture industry performance statistics reveal that Canada’s furniture production industry witnessed steady development between 2011 and 2015. Annually, shipments increased at an average of 3.7%, and GDP at an average of 3.1%, amounting to $4.6 billion in 2015. The data also indicates that the same year, the country’s furniture production sector had 63,900 employees.
13. Furniture industry statistics for 2020 show that Canada’s furniture store market was valued at $14 billion (US$11 billion).
Moreover, there were approximately 4,349 furniture businesses in the country. The companies holding the largest market shares in the Canadian furniture store industry include Leon’s Furniture Ltd. and IKEA Canada LP.
14. Canada exports approximately 95% of its furniture to the States.
According to facts from the Canadian furniture sector, local suppliers have been hit by higher tariffs and the USMCA deal. The same furniture industry trends from 2020 also suggest that already furnished apartments and urbanization growth challenge the furniture sector’s development.
Fun Facts About the Furniture Industry
In the mood for a few fun facts from the world of furniture? Keep on reading to find out what we’ve got for you!
15. The most massive furniture store in the world is Furnitureland South in Jamestown, North Carolina.
The store features 1.3 million square feet of home decor and furniture. In front of the store, you’ll witness an 85-foot tall and 40-foot wide highboy dresser. Inside, you’ll get to see enormous statues, intricate beds, and countless other unique pieces of furniture and decor.
16. The Badminton Cabinet is the priciest piece of furniture sold in history.
This item’s value is likely one of the furniture industry facts that won’t fail at inspiring awe in you. The breathtaking piece of 18th-century furniture set the record for the most expensive piece of furniture ever sold—twice! The cabinet was made for the 3rd Duke of Beaufort, Henry Somerset, in Florence. It’s 233cm wide and 386cm tall, and it’s masterfully decorated with amethyst, lapis lazuli, chalcedony and other, precious kinds of stone.
The luxurious creation was first sold in 1990 for the sum of £8.58 million. In 2004, it was sold again for another record-breaking sum of £19,045,250 and is currently residing in the Liechtenstein Museum.
17. The most expensive sofa in the world is the Lockheed Lounge, designed in 1990.
According to furniture industry facts, Marc Newson’s limited-edition aluminum and fibreglass chaise lounge was sold for a colossal £2,434,500 at a London auction in 2015. It became particularly famous in 1993, when it was featured in Madonna’s music video for the song “Rain.”
18. Possibly the oldest preserved chair in the world is the Chair of St. Augustine.
(Canterbury Archeology) (Furnishack)
Experts state this medieval chair may have been created in the early 13th century. Like most medieval European furniture, the Chair of St. Augustine is recognized for its unique craftsmanship. Other antique chairs include the Chair of Dagobert or Throne of Dagobert (currently found in Louvre) and the Glastonbury Chair.
Overall, Canadian furniture industry statistics reveal that this is a dynamic, booming market that keeps evolving as demands for more enormous and more environmentally friendly pieces increase. What we can deduce from these statistics is that the market is thriving, especially in terms of online sales.
So, which stats and facts did you like the most? Please feel free to leave a comment in the section below and share this article on social media! Stay tuned for more compelling content.
While at it, make sure to check out our home improvement statistics that are bound to help you explore the topic of decor.
How big is the furniture industry?
In 2017, the worldwide furniture market was worth US$480.7 billion and is forecasted to rise at a CAGR of 5.1% between 2018 and 2025. Some of the crucial factors that drive the market include real estate growth, hospitality industry growth, and the rise of disposable incomes.
(Grand View Research)
Is the furniture industry growing?
As mentioned, the global furniture market is expected to grow at a 5.1% CAGR from 2018–2025. This also stands for Canada’s furniture industry specifically.
In 2019, furniture stores’ retail sales generated an estimated $11.99 billion. This figure represented a visible increase compared to 2018, when the amount was around $11.56 billion.
(Grand View Research) (Statista)
Who buys the most furniture?
Currently, millennials seem to be the most regular furniture buyers. Based on statistics, they constitute 37% of total households that buy furniture. This is also evident in the fact that last year, the generation accounted for US$600 billion worth of furniture purchases. Finally, 2018 data shows that millennials spent an estimated US$505 per capita on home furnishings.
(Plytix) (Furniture World)
What percentage of furniture is sold online?
Based on the most recent estimates, in-store sales in Canada are decreasing in favour of online ones. In fact, home furnishing and furniture stores in the country witnessed a 191.2% increase in e-commerce sales from February–April 2020. Moreover, homeware and furniture sales accounted for 10.6% of all the e-commerce sales in Canada. Meanwhile, in the US, home furnishing and furniture sales constituted 12.3% of total retail e-commerce sales.
(Statista) (Statistics Canada)
Who is the largest furniture manufacturer in the world?
The leader among furniture companies is the Swedish giant IKEA. In the fiscal year of 2018, IKEA’s retail business generated a whopping US$42.05 billion in revenue, with a sales growth rate of 4.5%. Based on furniture industry statistics, IKEA expects to interact with 3 billion customers by 2025.
(Straits Research) (Financial Post)
- Business Wire
- Chelsea Cleaning
- Coresight Research
- Elements Magazine
- Euromonitor International
- Financial Post
- Furniture World
- Grand View Research
- Statistics Canada
- Straits Research
- Woodworking Network