Cristiano 
The global market for furniture is set to grow at a CAGR of 5% in the coming years. North America, especially the United States, holds a major share in the market due to its large population and larger revenue. According to the U.S. Census Bureau, the furniture market reached USD 10.1 billion in January 2021, up 9.3% from the previous month. Similarly, demand for new furniture is also expected to rise as disposable income rises and aesthetics and comfort become more important.
The increasing popularity of home and office furniture is mainly influenced by an increase in disposable income. The private sector has been expanding its office infrastructure, particularly in emerging markets, while developed countries have focused on refurbishment and alteration. Both these trends call for the installation of new office furniture. Moreover, the internationalization of office infrastructure is set to propel the global market for office furniture. The growing office sector will lead to the adoption of more advanced office furniture.
The recent COVID-19 pandemic has had a devastating impact on the global economy and most human activities. This disease has affected nearly every country, causing a global recession and restricting global trade. This has shifted the focus of international markets for furniture, forcing companies to reduce their overhead expenses and boost digitalization and automation. Despite these challenges, the global furniture market has remained resilient and is expected to grow in the years to come.
Growth in the global furniture market is attributed to the rise of disposable income and growth in the hospitality and real estate sectors. Government investments in these sectors have led to an increase in demand for luxury furniture. Furthermore, governments are focusing on these industries as they foster economic growth and the construction of new buildings. The increase in disposable income and the rising number of luxury properties also fuel the market. Despite these challenges, the global market is expected to grow at a CAGR of 5.1% between 2018 and 2025.
The trend of theme-based home decor and regular home renovations are also driving the demand for new furniture. However, as the number of luxury homes rises, consumers are increasingly seeking higher-quality furniture with extra attributes. For example, wooden furniture for hospitals should be sealed with a high-quality clear lacquer to ensure its durability and antimicrobial properties. The growth of this sector will be due to these factors. Moreover, the market for home furniture is expected to grow at an annual rate of 5.7%, and there are several other segments to explore in the coming years.
Life events are the driving factors of growth in the Asian furniture market. Increasing disposable income in urban areas, population growth, and low-cost labor force are boosting the market. These factors will further boost product demand. A recent study by Royal Mail Data Services found that 50% of the respondents regarded these life events as a new sales opportunity. Similarly, life events such as the birth of a baby or the purchase of bridal wear can be used to compile a database of potential buyers.
