The American furniture market is observing a growing trend of developing innovative and cost-effective furniture equipment. This is accompanied by an increased demand for furniture that can be assembled and has easy portability factor. Americans are also increasingly looking for furniture sold online that can be customized as per the consumer’s preferences.
Having said this, the U.S. continues to monopolize the office furniture market across the globe and generates an annual revenue of US$46,203m.
Major Market Players
United Kingdom, Italy, Switzerland, and Japan are major players when it comes to office furniture procurement in the USA. Although India, Malaysia, Vietnam, and the Philippines are also expected to alter the office furniture market in the near future, the western and developed nations still maintain their dominance. In the U.S., big corporations like Herman Miller, HNI Corporation, Steelcase, Haworth, and Teknion Corporation are dominating the furniture market with their innovative and customizable designs and material.
American Furniture Market
American macroeconomic furniture market trends are cyclical and fluctuating as per any deviation in the requirements from the industries such as building, construction, and financial capital investment. The highly competitive US market observes multiple bidders competing for a furnishing contract for large and established office spaces.
Domestically produced goods are preferred by manufacturers as they are able to draw quicker deliveries and customizable furniture solutions. However, foreign companies are also making an impact on the American office furniture market minimizing their freight transportation costs and employing lower cost of production. As price is the major sales-driving factor in the country, importing foreign furniture is gradually becoming popular among Americans.
The office furniture market in America is foreseeing a great number of customers shifting to web portals for buying multifunctional furniture. There is an equal share of demand for furniture design and material that has conventional and cultural qualities to it as well as those which are modernistic and minimalistic.
The American furniture market is also exposed to threats such as fluctuations in the trade-weighted index (a measure of the value of American dollar relative to various different currencies of the world) and the fall in the price of the American dollar. The declining value of the American dollar has led to an increase in competition in the domestic market due to the presence of foreign players. Additionally, this builds pressure on the American players to find alternative marketing and sales strategies and further intensifies procurement of raw materials like wood, steel, and plastic.
The ongoing trend is to invest in open, collaborative and customizable working stations that employ adjustable furniture like large desks, tables, and modular cabinets. The U.S. as a developed nation is increasingly seeking furniture having the right material and design to suit the presence of peripheral electronic devices and those which can sustain heavy machinery. Built-in features like strategic outlets, cord management spaces, and other intelligent features are also employing relevantly skilled carpenters and designers in the USA.
One of the major reasons for the growth of the office furniture industry in the U.S. is the increasing population, high levels of migration in the working sector and rapidly growing real estate sector. Market growth can also be attributed to the availability of premium, ready-to-assemble, designer furniture that is additionally sustainable in nature.