In developed countries and regions in Europe and the United States, the degree of urbanization is high, and residents’ spending power is strong. Consumers usually have higher requirements for comfortable living conditions. There is a large demand for old house decoration and rental furniture replacement, and there is a stable demand for furniture. Taking the United States as an example, the construction and sales of new houses in major cities in North American countries have been increasing in recent years, especially in the field of high-rise buildings, thereby promoting the growth of home furniture products in North America.
According to data released by Statista Research on July 27, 2022, the number of family housing units in the United States in 2018 was close to 139 million. In the years following the financial crisis, the number of owner-occupied units stagnated while the number of rental units rose. In recent years, that trend has reversed, showing that homeownership remains an integral part of the American dream. In 2020, the number of housing units in the United States continued to grow and surpassed pre-pandemic levels. It can be seen that despite the economic uncertainty brought about by the new crown pneumonia epidemic, many Americans see their housing needs stronger than before, which also shows that home ownership is still an integral part of the American dream. In addition, the increase in the number of housing units is also driving the consumer demand for home furnishing items.
Figure 1 2017-2021 US Housing Unit Number and Growth Rate (unit: million, %)
Data source: Statista
According to the retail data of the US Department of Commerce, the total value of the US retail industry in 2022 will be 8.1 trillion US dollars, a year-on-year increase of 9.2%; Furniture retail sales reached 143.9 billion US dollars, a year-on-year increase of 1.1%, ranking the bottom among all retail industries in the United States. Among them, the sales of physical furniture stores recorded US$11.5 billion in December, a year-on-year increase of only 0.3%, which is also one of the segments with slower growth in the retail industry. High inflation, high commodity prices, and high borrowing costs are the main reasons for the slow growth of furniture sales in the United States in December.
Figure 2 2021-2022 U.S. furniture retail sales and year-on-year growth rate (unit: US$100 million, %)
Data source: public data collation
15On the 1st, data from the U.S. Department of Commerce showed that the U.S. retail sales data in January rose by 3% month-on-month, far exceeding market expectations of 1.8%, the highest month-on-month growth since March 2021. new highs. After deducting cars and gasoline, core retail sales in January were 2.6% month-on-month, significantly higher than market expectations of 0.2%, and the previous value was -0.7%. Strong retail sales figures suggest that consumers are in better shape, and that sentiment could translate into consumption as well. Looking forward to 2023,asGlobal Furniture Consumption Country, USAThe furniture consumption situation may continue to improve.
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