Outdoor Furniture Manufacturer Turkey, The furniture market, mainly driven by consumer spending; Undoubtedly, it was adversely affected at the point of import and export during the Covid-19 process.
The disruptions in the supply chain and the temporary disruption of global trade negatively affected countries with a high dependence on imports for furniture raw materials. However, with the world's population suddenly finding themselves at home, the share allocated to furniture expenditures in the household budget has also increased.
The pandemic has forced nearly 58 percent of the world's population to switch to a longer stay-at-home protocol, which has motivated customers to optimize their homes and furnishings as their time spent at home increases.
The pandemic has demonstrated the importance of improving automation and digitization in the industry, as well as reducing reliance on imports. On the other hand, the tendency of consumers to online channels is striking.
In the early days of e-commerce, consumers, who mostly buy products that can be easily packaged and shipped online, now turn to online channels for furniture shopping.
According to Technavio data, with a compound annual growth rate of 16 percent, the online furniture market will grow by $84.26 billion in the 2020-2024 period.
On the other hand, in the field of furniture; China, the US,
Germany, Japan and India will have the highest revenue shares globally. The
market is expected to grow at a compound annual growth rate of 3.66 percent
until 2024. During the forecast period, the furniture industry will be in an
accelerated expansion of $113.61 billion.