From Home Furnishing Business
FastFact: Furniture's Market Share
The furniture industry is a counterpart of three groups that make up the major home furnishings product categories – furniture, major household appliances and televisions.
Since 2000, the furniture industry lightened up, partially because of major appliances, but drastically due to the ever-changing innovations in televisions.
While furniture and bedding still holds the largest share of these three categories, it has lost 6.8 market share points to televisions. In the past 14 years, total personal consumption of furniture has grown by 28 percent, now totaling $97.1 billion. Although this growth is significant, it is the smallest growth rate for the three sections.
Appliances have also taken the backseat to televisions. Falling from 24.8 percent to 22.8 percent since 2000. The major appliance category has grown 4 percent more than the furniture category.
To conclude, television’s category has seen the greatest growth. The category kicked off Y2K at 13.1 percent, and is now at 21.8 percent after a 14-year growth spurt.
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