According to the latest report from the Italian market research institute CSIL, global furniture production is expected to total 471 billion US dollars in 2024, remaining stable compared to 2023 but lower than in 2022. Despite improvements in supply chain operations and price dynamics, the market is still far from returning to full normalisation. Geopolitical tensions continue to contribute to considerable uncertainty, further impacting the global economy.
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In 2023, Asia and the Pacific were projected to account for more than half of global furniture production, with China remaining the largest manufacturer. Approximately 40% of global production was exported, with China leading the export sector, responsible for over a third of the total. Vietnam, Poland, Italy, and Germany followed China in export volumes. Following a significant rise in 2021, China's furniture exports declined sharply in 2022 and 2023. However, preliminary data for 2024 indicates a potential gradual recovery in Chinese furniture exports.
The primary importers of furniture continue to be the United States, Germany, the United Kingdom, France, and Canada, which together account for nearly half of all furniture imports. After a downturn in 2023, preliminary figures for 2024 suggest a modest rise in US furniture imports. In contrast, European countries are seeing a different trend. Despite a significant reduction in inflation, consumer spending has not yet rebounded as expected, with economic and social uncertainties continuing to stifle both consumption and imports in the region.
Analysts are particularly concerned about the potential effects of US policy changes, especially following the shift in government, with fears that former President Donald Trump's protectionist stance may negatively affect global furniture trade. The ongoing challenges facing the global economy are also having a detrimental effect on the furniture sector, impacting both international trade and local markets.
Overall, CSIL forecasts a modest 1.4% growth in global furniture consumption by 2025. However, this forecast has been significantly revised downwards due to the various economic difficulties, political tensions, and the challenges mentioned in the report.
Source: www.moebelmarkt.de