Millennials and Gen Zers always try to catch up with current trends and invest in furniture that matches their style and preference. One of the rooms which is receiving higher attention is the entryway. While often overlooked, the entryway might be the most important space in houses that welcome people into the home.
A rise in preference towards extravagant entryway furniture as homeowners need to make first impressions is a key aspect in boosting sales of entryway furniture. Additionally, the increasing trend of interior designing across geographies is paving the way for a higher need for entryway furniture.
The global entryway furniture market is projected to foresee an exponential growth with increasing preference of homeowners towards current trends such as minimalism, classic designs, and elegant wood tones.
Moreover, multi-purpose storage furnishings such as entryway benches with storage units are popular choices among consumers which are boosting market sales. Millennials and Gen Zers have been hugely contributing to the market growth of entryway furniture through their frequent online purchases.
E-commerce platforms have foreseen double-digit growth in a variety of categories, including entryway furniture. Several online retailers also offer customization services to their customers and additional services like easy return policy, delivery tracking, and free home delivery is boosting the online sales of the entryway furniture market.
Higher installation costs of the entryway furniture along with their higher maintenance are anticipated to hamper the market growth over the forecast period.
Surging E-Commerce platforms has been a major accelerator in sales of entryway furniture, however, delay in deliveries of furnishing the delivery ecosystem is yet not developed as it is for the classic e-commerce segments. This can further impede the sales of entryway and market growth.
COVID-19 pandemic has triggered nationwide lockdowns that have led people to stay indoors more than ever. This has prompted people to refurbish and remodel their homes with spare time in hand. As furniture comes under non-essential items, the majority of the furniture store remains closed during the lockdown.
Online channels have been satiating this increase in demand, however, the furniture manufacturers are required to develop an efficient supply chain response plan to mitigate risk and equipped for any interruptions that the outbreak can cause such as demand management, logistics-capacity pre-booking, production-capacity optimization, and route optimization.
Capturing a bigger market share of the global market, North America continues to engage the stakeholders. While the region is home to the majority of furniture manufacturers, it is anticipated to maintain its dominance over the forecast period due to factors, such as increasing popularity of multi-functional furniture as well as a rise in spending power of individuals.
The Asian region is set to emerge as the most worthwhile region in the entryway furniture market in the approaching years due to the flourishing furniture industry.
Major companies identified in the entryway furniture market are Simpli Home, Worldwide Home furnishings, Home Sullivan, Prepac, International Concepts, Home Styles, Venetian Worldwide, Linon Home Décor, ZUO, Monarch Specialties, Mega Home and Martha Stewart Living. The prominent companies are taking up mergers & acquisitions, partnerships, and joint ventures to increase their market presence in the industry.
Canadian RTA furniture maker Bestar took over Bush Industries, an established manufacturer of RTA residential case goods and home office. The companies will be leveraging each other’s strengths to accelerate and continue their current growth incorporating e-commerce marketing and sales.
Universal Furniture a portfolio brand of Samsung Holding acquired Conover, a North Carolina–based custom upholstery producer. The acquisition is likely to offer additional supply chain support to Universal Furniture and further enhancing its whole home value proposition.
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