US & Global Economic Impact Analysis and Forecasts

Freedonia analysts and economists are sharing their insights on how major events are impacting different parts of the US and global economies.

Rise in Furniture Orders Shows Continuing Strength of Home Improvement Market

The home improvement market continues to be a bright spot for the US economy as homebound consumers continue to seek out ways to change the appearance of their homes. In addition to larger scale DIY projects – such as installing decks or converting rooms into home offices and gyms – homeowners are also fixing their homes by a more simpler method: buying new furniture.

Indeed, a recent article – showing that orders of furniture in June 2020 were up 30 percent compared to last year – should be considered surprising only because of the size of the growth and not simply because orders had shown an increase. Many homeowners have spent a lot more time in their residences, and one of the results is that people have had more time to decide that the old couch needs to go – and that now is the time to pick out the new one. New furniture can be much less costly and labor intensive than home improvement projects (especially those of a DIY nature), while still providing homeowners with a much needed change in the look and feel of their homes.

For more information and discussion of opportunities, see The Freedonia Group’s extensive collection of off-the-shelf research, particularly in the Construction and Building Products and the Freedonia Focus report Furniture & Furnishings: United States. Freedonia also offers an expanding catalog of COVID-19 Economic Impact reports, which highlight how various industries are responding to the current crisis with a comparison to recent recessions. Freedonia Custom Research is also available for questions requiring tailored market intelligence.

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