The new World Furniture Outlook 2024 report, produced by CSIL and available for purchase by clicking here, has been released. The report provides a detailed overview of the global furniture market, revealing trends, challenges and opportunities in the industry for the coming year.
According to the report, global furniture production in 2024 will reach a value of $471 billion, stable compared to 2023 but below the 2022 level. Despite some improvements in price dynamics and supply chain operations, the situation is still far from complete normalization. In addition, the global geopolitical climate continues to be a significant source of uncertainty.
Asia and the Pacific leading global production
More than half of the world’s furniture production in 2024 will be concentrated in the Asia-Pacific region, with China remaining the leading producer globally. About 40 percent of the world’s furniture production is for export, and here again China stands out as the largest exporter, contributing more than a third of total exports. Vietnam, Poland, Italy and Germany follow at a distance.
After a surge in 2021, China’s furniture exports declined significantly in 2022 and 2023. However, preliminary data for 2024 indicate a gradual recovery of Chinese exports.
Imports: U.S. on the rebound, Europe stalled
The United States, along with Germany, the United Kingdom, France and Canada, are the largest importers of furniture, accounting for nearly half of global imports. After declining in 2023, preliminary figures for 2024 show a modest increase in U.S. imports, while in Europe the uncertain economic and social environment continues to dampen consumption and import growth, despite slowing inflation.
Regional trade and protectionist policies
An important portion of international furniture trade takes place within the world’s major economic regions. In the European Union (27) plus the United Kingdom, Norway, Switzerland and Iceland, about three-quarters of foreign trade in furniture takes place within the same area. Smaller, but growing, percentages are recorded for intra-regional trade in Asia and North America. Overall, intra-regional trade accounts for about 60 percent of world furniture trade, a trend that is increasing due to near-sourcing policies and the possibility of new protectionist measures.
Global economic outlook and impacts on the furniture sector
According to the International Monetary Fund (IMF), global GDP growth is forecast at 3.2 percent in 2024 and 2025, rising to 3.3 percent in 2026. However, emerging and developing economies will continue to grow at a faster pace (plus 4.2 percent) than advanced economies (plus 1.8 percent).
The outlook for the furniture sector remains conditioned by several risks, from the escalation of regional conflicts to the possible further slowdown in China’s economic growth to rising geopolitical tensions and uncertainty in economic policies.
In this context, global furniture consumption is expected to grow by 1.4 percent in real terms in 2025, but with significant downside risks.
