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Major trends in the furniture industry!

In recent years, the furniture market is seeing exponential growth. The growth could be due to increasing disposable income levels and continuous development in building construction. A recent report has shared a list of furniture trends to expect in the forthcoming years. If you are planning to invest in the furniture industry or a store, you should visit the top Furniture stores in Canada to get a better idea about the trends and market expectations. We have explained about trends, challenges, and more here in this blog.

1. People prefer renting than purchasing:

Nowadays, people are searching for affordable furniture choices and choosing to hire furniture. They do not want to invest a large sum in furniture that they are going to use only for a few years. So, they are renting instead of buying. Another growing trend is buying small furniture that suits their rental apartments or homes. So, furniture manufacturers have started to include more small items that are multipurpose, streamlined, or inexpensive to cater to small living spaces. Due to this trend, multifunctional furniture is quickly gaining popularity.

2. Single individual households are increasing:

It has been found that single individual households will increase drastically in the next fifteen years. It calls for the requirement of small homes and an increase in the need for space-saving, multifunctional and modular and storage furniture. If you are a furniture manufacturer, you should take this fact as an opportunity and challenge to develop new designs along with your existing portfolio and promote the brand.

3. Online retailing:

It is one of the important trends seen almost in every part of the world. Online retailing started at a slow pace but now it has become the most preferred buying medium for millions of people. As the customers can instantly access price lists and catalogs, they can easily get a better idea of their requirements.

Online retailers are doing excellent business equal to traditional retailers. If you are a store owner, you should think about starting an online furniture business as well as deploy online products in your traditional stores. If you are a manufacturer, you should know that online shopping is not restricted to a particular location. It means you can market and sell your products to any retailer around the world.

Different generations have diverse lifestyles: The majority of the furniture market consists of seniors, baby boomers, generation X, and millennials. With higher debt levels and lower disposable income, millennials delay the choice to begin a household that possesses a possible issue. They also have diverse shopping requirements than other generations. So they tend to give importance to sustainable product purchases.

Interest in sustainable furniture: Sustainability is playing an important role in several industries including furniture. The manufacturers are influenced by the consumer and business interest in eco-friendly and green products and their increased concentration on sustainability. To limit environmental impact, it is recommended to make furniture using sustainable woods like bamboo, reclaimed wood, or acacia or recycled materials.