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Description

Description

“The online furniture market will continue to see positive sales, albeit at a slower pace than expected due to COVID-19. Sales of home office furniture will spike as many consumers shift to working from home. As unemployment rises and the housing market slows down, many larger furniture purchases will be put on hold. Looking ahead, online furniture retailers will look to sales and promotional events to help offload piled up inventory. As consumers continue to shop more online, the online furniture market will slowly return to healthy growth.”
– Katie Yackey, eCommerce Analyst

This Report covers the following areas:

  • The impact of COVID-19 on consumer behavior and the online furniture market
  • How online furniture retailers can engage with consumers during the pandemic
  • Types of furniture consumers are interested in purchasing online
  • Importance of customizable and environmentally-friendly options moving forward

What's included

What's included

Table of contents

Table of contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
        • Definition
        • Executive Summary

            • Market overview
              • Figure 1: US ecommerce sales of furniture and home furnishings, at current prices, 2014-2024
            • Top takeaways
              • Online furniture retailing is primed for growth
                • Figure 2: Openness to online furniture purchases, March 2020
              • Create a holistically valuable experience
                • Figure 3: Motivation to purchase furniture online, March 2020
              • Furniture that lives outside the status quo
                • Figure 4: Technology use for furniture buying, March 2020
              • Impact of COVID-19 on online furniture retailing
                • Figure 5: Short-, medium- and longer-term impact of COVID-19 on online furniture, May 2020
              • What it means
              • Impact of COVID-19 on Online Furniture Retailing

                  • Figure 6: Short-, medium- and longer-term impact of COVID-19 on online furniture, May 2020
                • Opportunities and Threats
                  • Big ticket purchases put on hold
                    • Evolving the online shopping experience
                      • Figure 7: BoConcept Virtual Showroom, April 2020
                    • Piecing together the assembly process
                      • Figure 8: Floyd Detroit easy-to-assemble furniture
                    • Consumers look to improve their home and workspace
                      • Figure 9: Overstock Home Office Focus
                      • Figure 10: Google work from home policy creates opportunity for online furniture retailers
                    • Inspiring and planning now, for the longer term
                      • Figure 11: Crate & Barrel leverages technology
                    • Rental companies adapt to consumer concerns
                      • Figure 12: Feather Operational Changes
                    • Furniture brands take matters direct to consumer
                      • Figure 13: Helix Sleep enters DTC furniture category with Allform
                    • Impact of COVID-19 on the online furniture market
                        • Figure 14: US ecommerce sales of furniture and home furnishings, at current prices, 2014-2024
                      • How the COVID-19 crisis will affect online furniture’s key consumer segments
                        • The changing needs of homebuyers
                          • Gen Z is key for furniture rentals
                            • Figure 15: CORT furniture style exploration
                          • Millennials make up the majority of current purchases
                            • Figure 16: Openness to online furniture purchases, by Generation, March 2020
                            • Figure 17: IKEA Fort Instructions
                          • How a COVID-19 recession will reshape the online furniture industry
                            • Online furniture retailing will carry the overall category
                              • Figure 18: Consumer spending on furniture and furnishings, annual, 2000-19 and Q1 2020
                              • Figure 19: Unemployment, January 2007-May 2020
                            • COVID-19: Online furniture retailing context
                            • The Market – What You Need to Know

                              • On shaky legs, but stability will return
                                • Furniture gets new life
                                  • Let tech manage the building details
                                  • Market Size and Forecast

                                    • Historic and projected ecommerce furniture sales performance
                                      • Figure 20: US ecommerce sales of furniture and home furnishings, at current prices, 2014-2024
                                  • Market Factors

                                    • Choppy financial waters ahead
                                      • Figure 21: Unemployment, April 2000-April 2020
                                    • Sustainability, repurposing and DIY efforts
                                      • Furniture rentals allow consumers to switch styles simply
                                        • Putting it all together
                                        • Key Players – What You Need to Know

                                          • Wayfair enjoys its time in the sun
                                            • IKEA improves its efforts
                                              • Furniture renting goes beyond weddings
                                              • What’s Happening

                                                • Wayfair still seeks to gain ground on Amazon
                                                  • IKEA focuses on improving the overall consumer experience
                                                    • Figure 22: New IKEA AI technology
                                                  • Furniture rental companies: A new way to furnish
                                                    • Inhabitr
                                                      • Figure 23: Inhabitr sectional rentals
                                                      • Figure 24: Inhabitr Entertainment furniture sets
                                                    • Feather
                                                      • Figure 25: Feather and West Elm partnership
                                                  • The Consumer – What You Need to Know

                                                    • Opportunity online awaits
                                                      • Living rooms and home offices are focal points
                                                        • New, without being new
                                                          • Value, personable, inspirational
                                                            • A win for the environment
                                                            • The Online Furniture Shopper

                                                              • Majority of consumers are open to online furniture purchases
                                                                • Figure 26: Openness to online furniture purchases, March 2020
                                                              • Younger consumers are key target market as they grow into adulthood
                                                                • Figure 27: Openness to online furniture purchases, by Generation, March 2020
                                                              • Opportunity lies in renters
                                                                • Figure 28: Openness to online furniture purchases, by home ownership, March 2020
                                                            • Online Furniture Purchases

                                                              • Living spaces are feeling the love
                                                                • Figure 29: Online furniture purchases, March 2020
                                                              • Outdoor and home office are growing areas of opportunity
                                                                • Figure 30: Potential online furniture purchases, March 2020
                                                              • The never-ending race against Amazon
                                                                • Figure 31: Online furniture purchase sites, by past purchase behavior, March 2020
                                                            • Attitudes toward Online Furniture Purchases

                                                              • New (ish) furniture fits the bill
                                                                • Figure 32: Attitudes toward purchasing furniture online, March 2020
                                                              • Consumers want furniture retailers to implement recycling
                                                                • Figure 33: Attitudes toward purchasing furniture online, by generation, March 2020
                                                              • Tech will foster relationships
                                                                • Figure 34: Attitudes toward purchasing furniture online, by generation, March 2020
                                                              • Consult with younger consumers
                                                                • Figure 35: Attitudes toward purchasing furniture online, by generation, March 2020
                                                                • Figure 36: Attitudes toward purchasing furniture online, by age, March 2020
                                                            • Life Events and Buying Behaviors

                                                              • Replacement leads, but style refresh is close behind
                                                                • Figure 37: Reasons to buy new furniture, March 2020
                                                              • Owners replace; renters rev up
                                                                • Figure 38: Reasons to buy new furniture, by home ownership, March 2020
                                                              • Furniture purchases: a cause for celebration
                                                                • Figure 39: Reasons to buy new furniture, by HHI, March 2020
                                                              • Show shoppers the details
                                                                • Figure 40: Online furniture buying behavior, March 2020
                                                            • Motivation and Inspiration

                                                              • Consumers seek out value
                                                                • Figure 41: Motivation to purchase furniture online, March 2020
                                                              • Provide younger consumers with a holistic online experience
                                                                • Figure 42: Motivation to purchase furniture online, by generation, March 2020
                                                                • Figure 43: IKEA Mona Lisa wall lamp
                                                              • Consumers trust the inspiration process
                                                                • Figure 44: Anthropologie Pinterest Shop
                                                                • Figure 45: West Elm inspiration
                                                                • Figure 46: Influences for online furniture purchases, March 2020
                                                              • Young shoppers seek out inspiration to find their style
                                                                • Figure 47: Influences for online furniture purchases, by age, March 2020
                                                            • Future-forward Furniture

                                                              • Furniture cannot be one-size-fits-all
                                                                • Figure 48: Technology use for furniture buying, by generation, March 2020
                                                                • Figure 49: Burrow customizable furniture
                                                              • Owners and renters want similar things from retailers
                                                                • Figure 50: Technology use for furniture buying, by home ownership, March 2020
                                                              • Furniture needs to lean into environmentalism
                                                                • Charitable giving is a must
                                                                  • Figure 51: Evolving furniture designs, by generation, March 2020
                                                                  • Figure 52: Medley furniture
                                                              • Appendix – Data Sources and Abbreviations

                                                                • Data sources
                                                                  • Sales data
                                                                    • Consumer survey data
                                                                      • Direct marketing creative
                                                                        • Abbreviations and terms
                                                                          • Abbreviations
                                                                          • Appendix – The Market

                                                                              • Figure 53: US ecommerce sales of furniture and home furnishings, at current prices, 2014-2024

                                                                          About the report

                                                                          This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:

                                                                          • The Consumer

                                                                            What They Want. Why They Want It.

                                                                          • The Competitors

                                                                            Who’s Winning. How To Stay Ahead.

                                                                          • The Market

                                                                            Size, Segments, Shares And Forecasts: How It All Adds Up.

                                                                          • The Innovations

                                                                            New Ideas. New Products. New Potential.

                                                                          • The Opportunities

                                                                            Where The White Space Is. How To Make It Yours.

                                                                          • The Trends

                                                                            What’s Shaping Demand – Today And Tomorrow.

                                                                          Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

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