Furniture Industry: 2021 Economic Predictions

Last year was, in general, a nightmare for the global economy. Few industries benefited directly from the pandemic. Furthermore, every industry had to adapt to the new economic scenario. Such was it and still is, that the only companies that managed to grow were those who offered an innovative image to standout from the competition.

An International Look at The Furniture Industry

If we look on the left side of the pond, the market in the U.S.A suffered an 8% depression during Q2. But in Q3 it recovered and grew 15% in Q4. The companies that grew the most were those who promoted an innovative image to standout from the competition by optimizing their online sales channel.

If we observe closer to home, we see that the predictions for 2021 are more optimistic for the E.U. In 2020, the furniture industry generated $584,970.33M. In 2021, it is expected that that number will reach $633.806.14M. This means an 8.35% jump.

Nationally, Spain accounted for a bit over 1% of the total consumption in the furniture industry in 2019. In 2020, thanks to those companies who strived to refresh their image, the market managed to grow up to 30%.

Why An Innovative Image To Standout From The Competition?

In 2020, and as a direct consequence of the lockdown imposed by the authorities, online shopping “roared” powerfully. It doubled the number of first-time users (3.6%). This number might not seem much, BUT a mean cart of €68 with a frequency of 3.5x a month changes one’s perspective.

We know 70% of the online shopping population is between 16-70 years old. The most intense shoppers are ages 35 to 44. Women are more driven by social media than men, though they each represent 49% and 51% respectively of online shoppers.

RoomBox: An Innovative Image

To innovate, you need to bet on new tools. RoomBox is a platform that allows user to plan, imagine and rediscover their home.

With RoomBox clients can reconstruct their house online, easily and simply, from their couch. Designers and decorators can offer their clients and potential customers their entire catalog. And most importantly, everything is carried out in a safe environment to grant the best of experiences for the customer.

96% of a survey respondent said they choose online shopping for convenience, 95% for the variety, 91% for the price, and 81% for the great experience. And as we have stressed out in previous posts, the customer’s experience is a great place to innovate.

What is the result of this prediction? None. We do not champion an optimistic scenario, nor do we support a more conservative or pessimistic one. Expectations are good and there is an upward trend. But only the future can tell.


Then, what are we very sure of?

We know that market leaders always look for ways to have an innovative image to standout from the competition. They incorporate tools like RoomBox to project an image of strength and customer proximity.

A commitment to distinctiveness in these times makes a difference in the fight for survival and becoming market leader.

Click the button if you want to know how RoomBox and help your business.

innovative image standout competition