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.
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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.
Outdoor Furniture Market, by Product:
- Seating sets
- Dining sets
- Loungers & day beds
Other important pointers encompassed pertaining to the Outdoor Furniture Market:
- The report includes major details regarding the market.
- The study mentions information about the revenue estimate of the market by the end of the forecast duration.
- The market share accounted for each of the segments are discussed in the report.
- The study also discusses the ongoing and future trends defining the Outdoor Furniture Market.
Newest trends in the furniture industry have necessarily led to newer fads in the outdoor furniture market 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.
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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.
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.
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