05 April 2019
The U.S. online residential furniture market is expected to reach USD 28.74 billion by 2024 and is projected to grow over the forecast period from 2017 to 2024. Growth in the market has been attributed to the stability of the real estate sector. Home sales in the U.S. have moved northwards, and with the favorable macroeconomic environment, consumers have started investing in associated home essentials including furniture.
Among the various consumer groups, millennials lead the pack in the online residential furniture market. Millennials are well-versed with digital devices and are aware of various online platforms, which coupled with their propensity to explore and compare furniture online, places them as one of the key consumer groups in the market. In addition, millennials make their presence active on social networking platforms and are keen on online purchases, which makes them even more receptive of the online residential furniture market.
Operational challenges, mainly related to order fulfillment continues to be a key aspect which tends to affect their top line. To that end, unexpected delay, damaged product delivery, and an increase in service charges by order fulfillment companies remain key challenges. For instance, in 2016, companies such as UPS and FedEx increased their handling fee for bulky products to suffice for the space these products take in delivery vehicles.
Living room segment dominated online residential furniture market in 2016. Among the various furniture in the living room, sofa remains the key product category consumers spend mainly on.
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In 2016, wood furniture commanded a significant share of the market. Consumers prefer wood furniture because it optimizes investment by enhancing the aesthetics of the living room, is durable, easy to maintain, and can be refinished to give it a fresh look towards the end of its active life. Prominent players are investing in research & development activities, and mergers & acquisitions.
Hexa Research has segmented the U.S. online residential furniture market based on Material and Use:
Segmentation by Material, 2014 – 2024 (USD Billion)
Segmentation by Use, 2014 – 2024 (USD Billion)
• Living room
• Dining & kitchen
Key Players Analyzed
• Ashley HomeStores
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