Global outdoor furniture market to record proceeds worth USD 23 billion by 2024, expanding tourism sector to push the industry trends
Publisher : Fractovia | Published Date : 2019-02-22Request Sample
The massive growth in the outdoor furniture market can be demonstrated through the recent partnership announced between kathy ireland® Worldwide and TK Classics. The former, listed as one of the most powerful brands in the world, has joined hands with a leading international manufacturer, designer and wholesaler of elegant outdoor lifestyle furniture and accessories to jointly develop a new line of outdoor furniture and accessories. The new collection will consist of wicker and aluminum furniture that will come with accessories and protective covers with multiple cushion cover options which would allow immense design flexibility for customers.
North America Outdoor Furniture Market, By Product, 2017 & 2024, (Thousand Tonnes)
Outdoors are rapidly becoming an extension of indoor décor and customers have therefore moved way from opting basic, utilitarian furniture to extending their taste to the outdoor spaces attached to their homes or business spaces. Such a trend combined with increasing consumer disposable incomes have added major stimulus to the outdoor furniture market which is expected to surpass $23 billion by 2024.
New trends in furniture industry have necessarily led to newer fads in the outdoor furniture market in particular in recent times. In a survey conducted between 2012 and 2014 in the U.S. it has been found that the Americans aged over 70 almost stopped buying furniture but millennials more than made up for the slack created by older Americans. It can be said that as the new generation with enhanced disposable incomes started to furnish homes, the overall outdoor furniture industry has gained momentum from this shift.
Speaking of greater disposable incomes, it should be noted that the overall economic trend across the world is on an upward motion. This is true for both emerging economies as well as developed countries. Consumers in such regions are therefore more inclined to spend on outdoor furniture and engage in more backyard activities like barbeque parties. With social media defining many of the choices younger generation of consumers are making, doing stuff that is more “Instagrammable” and creating a social media feed that reflects a lavish lifestyle are becoming increasingly popular. This has prompted many commercial organizations to focus on their furniture as well. For instance, outdoor seating arrangements are found to make a significant difference to the profits made by a restaurant. Therefore, more eateries are trying to incorporate a chic and photo-worthy seating arrangement on their premises, adding fuel to the outdoor furniture market.
When it comes to creating an interesting social media feed, much of the young population feels pressurized to keep up with their peers which has given rise to a new fear of mission out (FOMO). To keep up, millennials especially, have begun travelling more and more often than not to exotic destinations. This has in turn led to a robustly proliferating tourism industry. According to reliable statistics, in 2016, tourism held a global economic contribution of $7.6 trillion. While United States and France remained some of the most visited countries in the world, lesser known destinations like Namibia, Zambia, Montenegro etc. have been found to be rapidly climbing the ranks. Increased tourism necessarily leads to increased spending on accommodation and hotels and resorts, noting the trend for being photogenic to be able to attract more tourists have rapidly updated themselves. This has led to creating not only gorgeous indoor spaces but investing on impressive outdoor spaces as well which again has lent a remarkable boost to the outdoor furniture market.
The outdoor furniture sector has come a long way from the uncomfortable and extremely utilitarian one-piece picnic tables and aluminum lounge chairs where it all started. Now outdoor furniture comprises a wide variety of styles, designs and functionality and figures as one of the most rapidly growing categories in the furniture industry. With consumers expecting their outdoor furniture to be fashionable, long lasting and eco-friendly, manufacturers are focusing on developing furniture from such materials as MOSO bamboo which is known to be stronger than oak. As spending in lifestyle sector continues to increase, the outdoor furniture market is expected to gather momentum over 2018-2024.
