Table of Contents
Executive Summary
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- Market overview
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- Figure 1: US ecommerce sales of furniture and home furnishings, at current prices, 2014-2024
- Top takeaways
- Online furniture retailing is primed for growth
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- Figure 2: Openness to online furniture purchases, March 2020
- Create a holistically valuable experience
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- Figure 3: Motivation to purchase furniture online, March 2020
- Furniture that lives outside the status quo
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- Figure 4: Technology use for furniture buying, March 2020
- Impact of COVID-19 on online furniture retailing
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- Figure 5: Short-, medium- and longer-term impact of COVID-19 on online furniture, May 2020
- What it means
Impact of COVID-19 on Online Furniture Retailing
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- Figure 6: Short-, medium- and longer-term impact of COVID-19 on online furniture, May 2020
- Opportunities and Threats
- Big ticket purchases put on hold
- Evolving the online shopping experience
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- Figure 7: BoConcept Virtual Showroom, April 2020
- Piecing together the assembly process
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- Figure 8: Floyd Detroit easy-to-assemble furniture
- Consumers look to improve their home and workspace
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- Figure 9: Overstock Home Office Focus
- Figure 10: Google work from home policy creates opportunity for online furniture retailers
- Inspiring and planning now, for the longer term
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- Figure 11: Crate & Barrel leverages technology
- Rental companies adapt to consumer concerns
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- Figure 12: Feather Operational Changes
- Furniture brands take matters direct to consumer
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- Figure 13: Helix Sleep enters DTC furniture category with Allform
- Impact of COVID-19 on the online furniture market
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- Figure 14: US ecommerce sales of furniture and home furnishings, at current prices, 2014-2024
- How the COVID-19 crisis will affect online furniture’s key consumer segments
- The changing needs of homebuyers
- Gen Z is key for furniture rentals
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- Figure 15: CORT furniture style exploration
- Millennials make up the majority of current purchases
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- Figure 16: Openness to online furniture purchases, by Generation, March 2020
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- Figure 17: IKEA Fort Instructions
- How a COVID-19 recession will reshape the online furniture industry
- Online furniture retailing will carry the overall category
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- Figure 18: Consumer spending on furniture and furnishings, annual, 2000-19 and Q1 2020
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- Figure 19: Unemployment, January 2007-May 2020
- COVID-19: Online furniture retailing context
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The Market – What You Need to Know
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- On shaky legs, but stability will return
- Furniture gets new life
- Let tech manage the building details
Market Size and Forecast
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- Historic and projected ecommerce furniture sales performance
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- Figure 20: US ecommerce sales of furniture and home furnishings, at current prices, 2014-2024
Market Factors
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- Choppy financial waters ahead
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- Figure 21: Unemployment, April 2000-April 2020
- Sustainability, repurposing and DIY efforts
- Furniture rentals allow consumers to switch styles simply
- Putting it all together
Key Players – What You Need to Know
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- Wayfair enjoys its time in the sun
- IKEA improves its efforts
- Furniture renting goes beyond weddings
What’s Happening
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- Wayfair still seeks to gain ground on Amazon
- IKEA focuses on improving the overall consumer experience
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- Figure 22: New IKEA AI technology
- Furniture rental companies: A new way to furnish
- Inhabitr
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- Figure 23: Inhabitr sectional rentals
- Figure 24: Inhabitr Entertainment furniture sets
- Feather
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- Figure 25: Feather and West Elm partnership
The Consumer – What You Need to Know
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- Opportunity online awaits
- Living rooms and home offices are focal points
- New, without being new
- Value, personable, inspirational
- A win for the environment
The Online Furniture Shopper
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- Majority of consumers are open to online furniture purchases
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- Figure 26: Openness to online furniture purchases, March 2020
- Younger consumers are key target market as they grow into adulthood
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- Figure 27: Openness to online furniture purchases, by Generation, March 2020
- Opportunity lies in renters
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- Figure 28: Openness to online furniture purchases, by home ownership, March 2020
Online Furniture Purchases
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- Living spaces are feeling the love
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- Figure 29: Online furniture purchases, March 2020
- Outdoor and home office are growing areas of opportunity
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- Figure 30: Potential online furniture purchases, March 2020
- The never-ending race against Amazon
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- Figure 31: Online furniture purchase sites, by past purchase behavior, March 2020
Attitudes toward Online Furniture Purchases
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- New (ish) furniture fits the bill
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- Figure 32: Attitudes toward purchasing furniture online, March 2020
- Consumers want furniture retailers to implement recycling
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- Figure 33: Attitudes toward purchasing furniture online, by generation, March 2020
- Tech will foster relationships
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- Figure 34: Attitudes toward purchasing furniture online, by generation, March 2020
- Consult with younger consumers
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- Figure 35: Attitudes toward purchasing furniture online, by generation, March 2020
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- Figure 36: Attitudes toward purchasing furniture online, by age, March 2020
Life Events and Buying Behaviors
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- Replacement leads, but style refresh is close behind
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- Figure 37: Reasons to buy new furniture, March 2020
- Owners replace; renters rev up
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- Figure 38: Reasons to buy new furniture, by home ownership, March 2020
- Furniture purchases: a cause for celebration
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- Figure 39: Reasons to buy new furniture, by HHI, March 2020
- Show shoppers the details
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- Figure 40: Online furniture buying behavior, March 2020
Motivation and Inspiration
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- Consumers seek out value
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- Figure 41: Motivation to purchase furniture online, March 2020
- Provide younger consumers with a holistic online experience
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- Figure 42: Motivation to purchase furniture online, by generation, March 2020
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- Figure 43: IKEA Mona Lisa wall lamp
- Consumers trust the inspiration process
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- Figure 44: Anthropologie Pinterest Shop
- Figure 45: West Elm inspiration
- Figure 46: Influences for online furniture purchases, March 2020
- Young shoppers seek out inspiration to find their style
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- Figure 47: Influences for online furniture purchases, by age, March 2020
Future-forward Furniture
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- Furniture cannot be one-size-fits-all
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- Figure 48: Technology use for furniture buying, by generation, March 2020
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- Figure 49: Burrow customizable furniture
- Owners and renters want similar things from retailers
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- Figure 50: Technology use for furniture buying, by home ownership, March 2020
- Furniture needs to lean into environmentalism
- Charitable giving is a must
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- Figure 51: Evolving furniture designs, by generation, March 2020
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- Figure 52: Medley furniture
Appendix – Data Sources and Abbreviations
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- Data sources
- Sales data
- Consumer survey data
- Direct marketing creative
- Abbreviations and terms
- Abbreviations
Appendix – The Market
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- Figure 53: US ecommerce sales of furniture and home furnishings, at current prices, 2014-2024
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