World furniture consumption reached US$ 455 billion in 2014

That means an increase of about US$ 17 billion over 2013. Expected rate of growth of furniture consumption for 2015 is +2.8% in real terms. For the year 2016 growth of furniture demand worldwide is forecasted at +2.8% in real terms, as well. A summary of forecasts of furniture consumption in the 70 countries (grouped by geographical region) is as follows:

The leading furniture importers are the United States, Germany, France, the United Kingdom and Canada. In the last five years the increase of furniture imports in the US (from US$ 19 billion in 2009 to about US$ 32 billion in 2015) was the main engine of growth in international trade of furniture.

The main furniture exporting countries is China, followed at a distance by Germany, Italy, Poland and Vietnam. In 2014, for the first time in many years, Chinese exports were stagnant. The fastest growing furniture exporter (from a low base) is Vietnam.

The ratio between imports and consumption rose from 29.3% in 2005 to 30.2% in 2008, decreased to 27.2% in 2009 and remained below the pre-recession maximum thereafter.

In essence, the bulk of international trade of furniture originates in China, Germany, Italy, Poland and Vietnam and goes to the US, Germany, France, the UK and Canada.

The World Furniture Outlook report assumes that the international scenario will be as follows:

In the last ten years world trade of furniture (defined as the average between total furniture exports from the 70 major countries and total furniture imports into the 70 major countries) has grown faster than furniture production and has consistently amounted to about 1% of world trade of manufactures.

World trade of furniture amounted to US$ 94 billion in 2009 (19% below the previous year) and grew in the following years to US$ 134 billion in 2014. If the world scenario shown in Table 1 materializes, the forecast for world trade of furniture would be as follows:

– A contraction in current US$ in 2015 (mostly as a consequence of the depreciation of currencies of some major advanced economies in relation to the US$) and
– A  resumption of growth in 2016 (+1%) and 2017 (+5%).

The World Furniture Outlook report contains data on furniture production, consumption and trade for 70 countries. Demand forecasts for 2016 and 2017 are also included.

* For further information: www.csilmilano.com