Consumer habits are constantly evolving, and internal and external factors influence them. A consumer moving into a new home needs to buy furniture, or a consumer hit hard financially by the pandemic will need to hold back on discretionary spending like purchasing furniture.
The US furniture market had a revenue of $263 billion in 2023. The market is large, innovative, and adaptable, and it will have to adapt even more to these times to survive what lies ahead. Rebounding disposable income will drive furniture purchases until 2026, and growing homeownership rates will encourage consumer purchases as well.
At the same time, stiff competition from e-commerce, department stores, and mass merchandisers will force the hand of furniture businesses to improve customer service, keep prices low, and increase their differentiating factors.
How do you make the most of social media and digital marketing to get ahead of the marketing curve against your competitors? Keep reading to learn more.