Determining if the furniture industry is booming is a matter of perspective. Overall, the industry continues to see good growth. That growth is not reflected in all sectors of the industry, though. The way the market works has been changing over the last few years, leaving many business owners scurrying for survival while others grow.
What Makes Us Different
The furniture industry is facing two challenges at the moment. The way customers want to buy is rapidly changing. Take a quick look at the mattress and bed industry to see how fast things can change. Just a few years ago, new mattress stores were popping up in cities of all sizes. Today, those same stores are closing their doors as bed-in-a-box has killed their profit margins and drawn customers out of their stores.
This trend is not as prevalent in other sectors of the furniture industry, but companies like Wayfair are changing the way people think about buying dining room tables, couches, and other home furnishings.
This change in buying habits is not a downturn in the industry, it is a pivot to a new way of selling and satisfying customer demand.
The second challenge is uncertainty. The world is embroiled in trade negotiations, tariff wars, and trade standoffs. This comes from negotiations centered around issues in the European Union and between the USA and China. It is hard to predict how prices will fluctuate when it is unknown what the next round of tariffs may do. The worldwide economy is currently strong, so furniture spending is robust.
Currently, the furniture industry remains strong with both of these factors in play.