Outdoor furniture helps to complete the overall ambiance of the place, provides a practical resting function, not only used in commercial spaces but also becomes an essential household item. Under the pandemic, the sales volume of home furnishings was boosted by an increase in the share of consumer spending on durable goods.
More Time Spent at Home, Sales of Stay-at-Home Against the Tide
According to market research by Deloitte, from 2020, the share of consumer spending keeps shifting from services to goods. Due to health concerns, consumers are less likely to go to service places such as restaurants and theaters, increasing their expenditure on goods. The rising time spent at home has boosted the demand for home furnishings. The annual sales growth for US home improvement retailer Lowe's increased more than US$17 billion in 2020, the second-highest growth rate is home entertainment, up 6.5%, as a share of revenue among the top 250 Retailers worldwide.
The Community Mobility Reports from Google in 2021, In 2021, the flow of people to workplaces worldwide has not yet returned, the time of stay in residential areas remains higher than the average, with the annual average statistics increasing by 4.7% in the United States, 9.28% in the United Kingdom, 6.3% in Germany, 6.4% in Canada and 5.5% in Japan. With more time spent at home, consumer attention is shifting from indoor to outdoor space improvements, are willing to pay more to improve the aesthetics and comfort of their backyards and gardens, driving the market growth.
Continued Expansion of the Outdoor Furniture Market
Emerging countries are subject to rapid urbanization and high population density, driving the renewal of suburban architecture and increasing the demand for the outdoor furniture market. According to a market report by the U.S. marketing company Cision, the outdoor furniture market is forecast to grow at a compound annual growth rate of 3%, with an expected increase in market size of US$8.27 billion by 2025.
Global Market Insights forecasts a 7% CAGR for the Asian market, driven by the increased stadiums and continued government investment in public gardens and parks. The business for outdoor furniture will continue to expand as the real estate boom increases consumer demand for balcony furniture.
Ethical Becomes the Key to Purchase
Under the pandemic, the rapid growth of the digital environment has increased the public's concern for environmental and social issues. Consumers are more willing to purchase goods with a positive impact. The products have social objectives is four times more to make a purchase, certified goods have more advantages in the market now. The share of consumption of wood in the outdoor market was more than 50% last year. Due to the rise of environmental awareness, the natural and eco-friendly nature of wood has made it the most popular material for garden furniture.
WOODEVER is an FSC certified wood outdoor furniture factory, using legally sourced wood to prevent deforestation. We have market experience customizing furniture structures, matching, and purchasing fabrics, WOODEVER is your best partner to join the outdoor furniture market.