The Furniture Stores industry will grow over the next five years to $69 billion.
Expected increases in consumer confidence over the next five years are expected to make consumers more willing to make big-ticket purchases, boosting revenue growth.
Per capita disposable income is also expected to grow during the outlook period. With more money, consumers are more likely to make furniture purchases. As interest rates remain relatively low and more consumers gain access to financing, an increasing number of individuals are expected to purchase homes. As a result, the housing market is anticipated to expand and housing starts will grow. Therefore, demand for furniture in the residential market will likely grow.
To remain competitive, operators will focus on improved customer service, brand awareness and financing capabilities.