US Furniture Retailing Market Report 2020 (Evolving Ecommerce Focus)
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Report Summary
Providing the most comprehensive and up-to-date information and analysis of the US Furniture Retailing and Evolving Ecommerce market including the behaviours, preferences and habits of the consumer.
Over the past five years, the online furniture market has experienced strong growth, due in large part to the rise in consumers’ confidence in purchasing online. COVID-19 will slow the expected growth of the category as consumers pull back spending as unemployment become a reality, and the US enters a recession.
The stay-at-home mandates and shift to working from home will help sustain sales in the short term, and current store closures will drive consumers to shop online. As a result, online retailers are working to improve their digital capabilities and provide consumers with tools needed to help consumers evaluat
Quickly understand
- 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
Expert analysis from a specialist in the field
Written by Katie Yackey a leading analyst in the Retail & Apparel sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
The furniture category has grown consistently over past few years, which is expected to continue over the next five years, thanks to a stable housing market and increasing types of living situations, which creates more housing needs. Still, replacement dominates purchases, and consumers need new reasons and options to encourage more shopping. Future growth will be impacted by how and where consumers shop, with more gravitating online and new competition emerging outside the channel.
Katie Yackey
eCommerce Analyst
Table of Contents
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Overview
- What you need to know
- Key issues covered in this Report
- Definition
- What you need to know
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Executive Summary
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- 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
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Impact of COVID-19 on Online Furniture Retailing
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- 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
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- 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
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- 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
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- Figure 19: Unemployment, January 2007-May 2020
- COVID-19: Online furniture retailing context
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The Market – What You Need to Know
- On shaky legs, but stability will return
- Furniture gets new life
- Let tech manage the building details
- On shaky legs, but stability will return
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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
- Historic and projected ecommerce furniture sales performance
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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
- Choppy financial waters ahead
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Key Players – What You Need to Know
- Wayfair enjoys its time in the sun
- IKEA improves its efforts
- Furniture renting goes beyond weddings
- Wayfair enjoys its time in the sun
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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
- Wayfair still seeks to gain ground on Amazon
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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
- Opportunity online awaits
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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
- Majority of consumers are open to online furniture purchases
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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
- Living spaces are feeling the love
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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
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- Figure 36: Attitudes toward purchasing furniture online, by age, March 2020
- New (ish) furniture fits the bill
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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
- Replacement leads, but style refresh is close behind
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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
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- 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
- Consumers seek out value
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Future-forward Furniture
- Furniture cannot be one-size-fits-all
- Figure 48: Technology use for furniture buying, by generation, March 2020
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- 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
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- Figure 52: Medley furniture
- Furniture cannot be one-size-fits-all
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Appendix – Data Sources and Abbreviations
- Data sources
- Sales data
- Consumer survey data
- Direct marketing creative
- Abbreviations and terms
- Abbreviations
- Data sources
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Appendix – The Market
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- Figure 53: US ecommerce sales of furniture and home furnishings, at current prices, 2014-2024
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