International observations, the overall business of American furniture is showing signs of slowness, and the global furniture market is gaining optimism!
According to data released by the United States, the US furniture market revenue in 2012 was $259,742 million. The market is expected to grow by 0.7% per year (composite annual growth rate from 2019 to 2019).
According to the actual situation, the overall business of American furniture showed signs of slowness in the middle of this year. In this year, the number of new orders for US civilian furniture in August fell by 3% year-on-year.
According to the latest report from Smith Leonard Accounting Consulting, about 67% of survey participants in August said that orders fell. From the beginning of the year, US civilian furniture orders have fallen by 2% from last year, and 73% of companies said that the low order volume continued. Compared with the same period in 2018, furniture shipments in August fell by 6%. In July, due to the US holiday week (Independence Day holiday), shipments in that month fell by 13%, but the situation was in line with market expectations.
For national consumer confidence, the report shows that fewer American consumers are optimistic in the short-term, so consumer confidence has shown a downward trend in the past three months. But for the next holiday spending, Americans' spending desires remain fierce. In addition, the situation in the country’s tariff and trade negotiations is worrying, coupled with possible inflation, which will have a certain impact on people’s current consumer confidence.
In developed countries, the growth rate of the US furniture market will remain at around 3.7%. In addition, Europe will remain an important driving force driving the global furniture market forward. Germany will increase its market size by about US$6.7 billion in the next five to six years.
In the next five to six years, the European market outside Germany will increase the market size by another $5.6 billion. As the world's second largest economy, China's performance will be more eye-catching. In the next few years, the growth rate of China's furniture market will remain at around 7.7% - equivalent to an increase of 55.7 billion US dollars in market volume.