That US consumers have invested considerable in their homes during the coronavirus is no surprise to regular readers of this blog, as we have regularly pointed out the continuing surge in home remodeling activity. Homeowners – such as those with excess time or money on their hands, or those replacing vacations with “staycations” – have taken to remodeling kitchens and bathrooms, adding home offices and gyms, and installing pools and decks to enhance their residences.
In addition to all of these remodeling projects, US consumers have also been buying furniture – either as part of a more complete home renovation or as a less costly alternative to a more complex project. For instance, among the respondents to the Freedonia Group National Online Consumer Survey (conducted February – March 2021):
- 60% noted that they were buying products to make staying at home more comfortable because of the coronavirus pandemic
- 22% noted that they had bought furniture to work from home in the last 12 months
- 22% had bought home furniture in the last 12 months
- 20% noted that they had bought outdoor furniture in the last 12 months
And, much as lumber mills and contractors have seen demand for their products and services skyrocket, so too are furniture manufacturers. Indeed, this increase in demand has caused one producer to announce plans to double its workforce – and thus its production capacity – to meet the demand for its products. Consumers saw this reflected in the challenge of getting their furniture purchases delivered in a timely manner.
Not only does this bode well for the company and its employees, but increasing demand for furniture will also support demand for such other products as:
- hardwood and softwood lumber
- engineered wood products (e.g., particleboard, plywood)
- upholstery and fabrics
- polyurethane foam (for interiors)
- builders’ hardware (such as casters, handles and pulls, and hinges)
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 Consumer Goods areas, including Outdoor Furniture & Grills, and Freedonia Focus Reports such as Household Furniture: United States, Office Furniture: United States, Furniture: United States, and Furniture & Furnishings: United States. Freedonia Custom Research is also available for questions requiring tailored market intelligence.