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Evolving eCommerce: Furniture Retailing: Incl Impact of COVID-19 - US - May 2020

OVERVIEW
What you need to know 
Key issues covered in this Report
Definition 
EXECUTIVE SUMMARY 
Market overview 
Figure 1: US ecommerce sales of furniture and home furnishings, at current prices, 2014-2024
Top takeaways 
Online furniture retailing is primed for growth
Figure 2: Openness to online furniture purchases, March 2020
Create a holistically valuable experience
Figure 3: Motivation to purchase furniture online, March 2020
Furniture that lives outside the status quo
Figure 4: Technology use for furniture buying, March 2020
Impact of COVID-19 on online furniture retailing
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 
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
Figure 7: BoConcept Virtual Showroom, April 2020
Piecing together the assembly process
Figure 8: Floyd Detroit easy-to-assemble furniture
Consumers look to improve their home and workspace
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
Figure 11: Crate & Barrel leverages technology
Rental companies adapt to consumer concerns
Figure 12: Feather Operational Changes
Furniture brands take matters direct to consumer
Figure 13: Helix Sleep enters DTC furniture category with Allform
Impact of COVID-19 on the online furniture market
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
Figure 15: CORT furniture style exploration
Millennials make up the majority of current purchases
Figure 16: Openness to online furniture purchases, by Generation, March 2020
Figure 17: IKEA Fort Instructions
How a COVID-19 recession will reshape the online furniture industry
Online furniture retailing will carry the overall category
Figure 18: Consumer spending on furniture and furnishings, annual, 2000-19 and Q1 2020
Figure 19: Unemployment, January 2007-May 2020
COVID-19: Online furniture retailing context
THE MARKET – WHAT YOU NEED TO KNOW
On shaky legs, but stability will return
Furniture gets new life
Let tech manage the building details
MARKET SIZE AND FORECAST
Historic and projected ecommerce furniture sales performance 
Figure 20: US ecommerce sales of furniture and home furnishings, at current prices, 2014-2024
MARKET FACTORS 
Choppy financial waters ahead 
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 
Wayfair enjoys its time in the sun
IKEA improves its efforts
Furniture renting goes beyond weddings
WHAT’S HAPPENING
Wayfair still seeks to gain ground on Amazon 
IKEA focuses on improving the overall consumer experience 
Figure 22: New IKEA AI technology
Furniture rental companies: A new way to furnish
Inhabitr 
Figure 23: Inhabitr sectional rentals
Figure 24: Inhabitr Entertainment furniture sets
Feather
Figure 25: Feather and West Elm partnership
THE CONSUMER – WHAT YOU NEED TO KNOW 
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
Majority of consumers are open to online furniture purchases
Figure 26: Openness to online furniture purchases, March 2020
Younger consumers are key target market as they grow into adulthood
Figure 27: Openness to online furniture purchases, by Generation, March 2020
Opportunity lies in renters
Figure 28: Openness to online furniture purchases, by home ownership, March 2020
ONLINE FURNITURE PURCHASES
Living spaces are feeling the love
Figure 29: Online furniture purchases, March 2020
Outdoor and home office are growing areas of opportunity
Figure 30: Potential online furniture purchases, March 2020
The never-ending race against Amazon
Figure 31: Online furniture purchase sites, by past purchase behavior, March 2020
ATTITUDES TOWARD ONLINE FURNITURE PURCHASES
New (ish) furniture fits the bill 
Figure 32: Attitudes toward purchasing furniture online, March 2020
Consumers want furniture retailers to implement recycling
Figure 33: Attitudes toward purchasing furniture online, by generation, March 2020
Tech will foster relationships
Figure 34: Attitudes toward purchasing furniture online, by generation, March 2020
Consult with younger consumers 
Figure 35: Attitudes toward purchasing furniture online, by generation, March 2020
Figure 36: Attitudes toward purchasing furniture online, by age, March 2020
LIFE EVENTS AND BUYING BEHAVIORS
Replacement leads, but style refresh is close behind
Figure 37: Reasons to buy new furniture, March 2020
Owners replace; renters rev up
Figure 38: Reasons to buy new furniture, by home ownership, March 2020
Furniture purchases: a cause for celebration
Figure 39: Reasons to buy new furniture, by HHI, March 2020
Show shoppers the details
Figure 40: Online furniture buying behavior, March 2020
MOTIVATION AND INSPIRATION
Consumers seek out value 
Figure 41: Motivation to purchase furniture online, March 2020
Provide younger consumers with a holistic online experience
Figure 42: Motivation to purchase furniture online, by generation, March 2020
Figure 43: IKEA Mona Lisa wall lamp
Consumers trust the inspiration process 
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
Figure 47: Influences for online furniture purchases, by age, March 2020
FUTURE-FORWARD FURNITURE 
Furniture cannot be one-size-fits-all
Figure 48: Technology use for furniture buying, by generation, March 2020
Figure 49: Burrow customizable furniture
Owners and renters want similar things from retailers
Figure 50: Technology use for furniture buying, by home ownership, March 2020
Furniture needs to lean into environmentalism
Charitable giving is a must
Figure 51: Evolving furniture designs, by generation, March 2020
Figure 52: Medley furniture
APPENDIX – DATA SOURCES AND ABBREVIATIONS
Data sources
Sales data
Consumer survey data
Direct marketing creative
Abbreviations and terms
Abbreviations
APPENDIX – THE MARKET 
Figure 53: US ecommerce sales of furniture and home furnishings, at current prices, 2014-2024

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