Wooden Furniture Market Trends

Wooden Furniture Market Trends

The rising disposable income, proliferating economic growth, and easier availability of land at cheaper costs will foster market opportunities. Improving living standards and healthy economic conditions are escalating the wooden furniture market share. Moreover, advanced interior designs for modern residential buildings along with the availability of low-cost labor are supporting the industry expansion.
 

Manufacturers are highly focused on gaining consumer confidence and offering differentiated services by investing in technological advancements such as 3D modeling tools, VR headset visualization, and other digital services. For instance, IKEA offers 3D kitchen planning services and home planners to gain consumer interest. Also, Ashley Furniture Industries offers ‘Room Planner’ to spur its revenues.
 

Favorable government policies, such as the implementation of free trade agreements, are positively influencing the market demand. Rising foreign direct investments coupled with improving economic conditions are expected to further boost the market size.
 

The rising preference for compact apartments and increasing property prices is also contributing to the rising demand for multi-functional & affordable furniture. Furthermore, the increasing demand for imported furniture accompanied by the rising penetration of foreign brands in the domestic furniture market will augment industry statistics. These markets are influenced by many factors including consumer confidence, changing consumer preferences, spending in durable goods, inflation, interest rates, turnover in housing, availability of credit, and the overall strength of the economy.