U.S.: Household Furniture Market 2024

Household Furniture Market Size in the U.S.

After three years of growth, the U.S. household furniture market decreased by X% to $X in 2023. Overall, consumption, however, continues to indicate significant growth. Household furniture consumption peaked at $X in 2022, and then shrank rapidly in the following year.

Household Furniture Production in the U.S.

In value terms, household furniture production dropped to $X in 2023. Over the period under review, the total production indicated a resilient increase from 2013 to 2023: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. Household furniture production peaked at $X in 2018; afterwards, it flattened through to 2023.

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Household Furniture Exports

Exports from the U.S.

In 2023, shipments abroad of household furniture (except wood and metal) decreased by X% to X units for the first time since 2019, thus ending a three-year rising trend. Overall, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by X%. The exports peaked at X units in 2022, and then fell markedly in the following year.

In value terms, household furniture exports expanded notably to $X in 2023. The total export value increased at an average annual rate of X% over the period from 2013 to 2023; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2023, the exports remained at a lower figure.

Exports by Country

Costa Rica (X units), Honduras (X units) and the Dominican Republic (X units) were the main destinations of household furniture exports from the United States, with a combined X% share of total exports.

From 2013 to 2023, the biggest increases were recorded for Costa Rica (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X) remains the key foreign market for household furniture (except wood and metal) exports from the United States, comprising X% of total exports. The second position in the ranking was held by the Dominican Republic ($X), with a X% share of total exports. It was followed by Bahamas, with a X% share.

From 2013 to 2023, the average annual rate of growth in terms of value to Canada stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (X% per year) and Bahamas (X% per year).

Export Prices by Country

The average household furniture export price stood at $X per unit in 2023, surging by X% against the previous year. In general, the export price, however, saw a sharp reduction. Over the period under review, the average export prices attained the maximum at $X per unit in 2016; however, from 2017 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Canada ($X per unit), while the average price for exports to Honduras ($X per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (X%), while the prices for the other major destinations experienced a decline.

Household Furniture Imports

Imports into the U.S.

In 2023, after three years of growth, there was significant decline in overseas purchases of household furniture (except wood and metal), when their volume decreased by X% to X units. Overall, imports, however, recorded a significant increase. The growth pace was the most rapid in 2020 with an increase of X%. Imports peaked at X units in 2022, and then fell dramatically in the following year.

In value terms, household furniture imports declined remarkably to $X in 2023. In general, imports, however, continue to indicate a remarkable increase. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2022, and then plummeted in the following year.

Imports by Country

In 2023, China (X units) constituted the largest household furniture supplier to the United States, accounting for a X% share of total imports. Moreover, household furniture imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), eightfold. The third position in this ranking was taken by Canada (X units), with a X% share.

From 2013 to 2023, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Canada (X% per year).

In value terms, China ($X) constituted the largest supplier of household furniture (except wood and metal) to the United States, comprising X% of total imports. The second position in the ranking was held by Vietnam ($X), with a X% share of total imports. It was followed by Canada, with a X% share.

From 2013 to 2023, the average annual growth rate of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Canada (X% per year).

Import Prices by Country

The average household furniture import price stood at $X per unit in 2023, declining by X% against the previous year. Over the period under review, the import price recorded a abrupt downturn. The pace of growth appeared the most rapid in 2015 an increase of X% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Indonesia ($X per unit), while the price for Israel ($X per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform