Why is the Furniture Industry Growing?

COVID-19 pandemic

The furniture industry has recovered from April losses, but the COVID-19 pandemic has taken a toll on the business environment. The lingering effects of the pandemic on the supply chain and the recent spike in inflation are likely to have a negative impact on the furniture market. The employment situation is also murky.

The COVID-19 pandemic exposed several flaws in the furniture clusters, especially the reliance on skilled labor during times of crisis. To strengthen the resilience of the industry, SMEs should adopt automation and information and computer technologies. You can also buy the premium quality furniture here. This will help to reduce the reliance on labor during crisis. In addition, government policy makers should push for the widespread adoption of Industry 4.0 technologies in the industry.

In the post-COVID scenario, furniture industry is likely to see growth owing to the increasing number of corporates who have moved into the virtual space. Remote working is also on the rise, which will boost the growth of the industry in the near future. In addition, Asia-Pacific is expected to show the highest growth rate (CAGR of 4.6% during 2022-2031).

The COVID-19 pandemic has disrupted the furniture industry in Malaysia, and its SMEs are suffering as a result. This pandemic has affected the raw materials supply, workforce, supply chain, market demand, logistics, and financial management. As a result, the furniture industry must find ways to accommodate rising consumer expectations through new technological developments.

While demand for furniture is high, the COVID-19 pandemic has slowed the growth of the furniture industry. This has led to the closure of some upholstery stores, causing a decline in sales. In addition, people have limited their furniture purchases to upholstery stores. You can also purchase the finest furniture here. These factors have also hindered the growth of the furniture industry.

The furniture export market in Europe and USA has been slow. In Malaysia, export activities were expected to pick up after the annual trade fairs in March. However, the COVID-19 pandemic has ended hopes of business recovery. A number of SMEs have said they would shift their focus to the domestic market. This has hurt the growth of the furniture industry in Malaysia.

The furniture industry is responding to this situation with a number of measures to address this situation. Increasing the number of e-commerce platforms offering furniture products has helped increase consumer awareness of the industry and helped key players record higher revenues. A growing number of millennials are now making furniture purchases, and this is supporting growth. Moreover, increasing brand consciousness is also contributing to this growth.

The COVID-19 pandemic has also induced a significant shift in consumer behavior. The pandemic has also forced governments to restrict people from traveling to other countries and restricting their movements. Consequently, people are relying more on online retail and online payments, leading to increased demand for furniture online.

Increasing demand for online shopping

E-commerce is gaining momentum in the furniture industry. With the increasing demand for furniture products, manufacturers are adapting to this new trend. Consumer preferences for online shopping are changing as more people want to shop for furnishings from the comfort of their homes. Check out the diy furniture step by step guide. In addition to this, furniture companies must cater to consumer expectations for personalized service and convenience.

In fact, the percentage of digital buyers is expected to grow by 18.5% in the next couple of years. This change is largely attributed to changing buying behaviors, with younger shoppers increasingly adopting online and mobile shopping habits. This trend has also been reflected in the growing presence of product content on e-commerce sites, with high-quality photography and social proof in the form of customer reviews.