Designing retail, residential, hospitality, healthcare, and office spaces is a “whole picture” endeavor. Designers need to be aware not only of the nature of the spaces they plan, but also what will fill those spaces. Keeping up with the latest trends in the furniture industry will help you as you plan and execute your designs. Let’s take a look at what is currently happening in the furniture market, and what may be coming up in the near future.
An Industry on the Rise
Globally, the furniture market has a predicted growth of 5.2% through 2023, driven primarily by increased purchases by millennial customers and ease of purchase from online platforms. Buyers are also increasingly drawn to multi-functional furniture that can serve several purposes (like daily use and storage) in space-saving packages. Finally, luxury furniture design is enjoying more popularity, as customers are demonstrating a willingness to pay more for high-quality goods.
Furniture Design & Ecommerce
As with many consumer goods, online shopping for furniture continues to grow in popularity. Tech-savvy millennial customers are driving this trend. But other customer segments are also increasingly willing to buy outside of brick and mortar locations. In addition to dedicated online retailers, retail locations that maintain physical locations are attempting to capitalize on virtual shopping, with some offering same day pick-up at their stores of items purchased online. Incentives like free delivery and installation are also driving the competitive market of online furniture sales. Online “influencers” (those with large social media followings) are also advancing the market, encouraging their followers to replicate their décor styles by promoting certain brands.
Consumers want their furniture design to serve multiple purposes. As more and more employees are working from home, residential furniture must also serve as part-time office pieces. Many retailers are also integrating technology with their offerings – furniture with built-in charging stations are increasingly sought after in home and public spaces. Multi-functionality is also tied to space-saving; as consumers are drawn to smaller, more efficient living spaces, furniture that can be used in various ways and is portable (or even foldable) is desirable.
Demand for Luxury
As domestic and global economies continue to recover from the recession, consumers are finding themselves with more disposable income, and luxury furniture purchases have increased. As noted above, more buyers are finding themselves drawn to social media influencers, many of whom advertise higher-end brands and materials. Premium wood pieces (e.g., mahogany), along with leather, glass, and metal designs are gaining popularity. At the same time, consumers remain cognizant of the environmental impact of their purchases, and more furniture manufacturers are assuring their customers of eco-friendly materials and responsible practices. Those who can provide the “sweet spot” of style and sustainability are poised for profit.
Arclin design overlays for TFL are the perfect backdrop or complement to any furniture choice. Our environmentally-friendly products provide easy maintenance that makes them at home in any space and our broad range of palettes ensures TFL fits beautifully in luxury-minded designs. Contact us today to learn more about how we can help with your upcoming design projects.