Home and Office Furniture Market in Japan: Key Research Findings 2021
Home and Office Furniture Market for 2020 Declined to 98.7% of Previous Year to Attain 1,037,300 Million Yen
Yano Research Institute (the President, Takashi Mizukoshi) has conducted a survey on the domestic market of home and office furniture, and found out the market size, the trends of market players, and future outlook.
Size of the home and office furniture market for 2020 shrunk to 98.7% of the preceding year to attain 1,037,300 million yen. While home furniture sold well due to expansion of cocooning demand during the COVID-19 calamity, demand for office furniture diminished as customers deferred or delayed their office refurbishment and relocation projects. As a result, the market as a whole declined marginally.
Attempts to Solve Environmental Issues
In line with the trend of tackling environmental issues, furniture manufacturers are making efforts to develop new products using recycled materials, design long lasting furniture, and reduce waste by reviewing packaging. In addition, some makers offer carbon offset program services and furniture maintenance services.
As the term “ethical consumption” and ESG investing (evaluating companies based on their environment, social, and governance to screen investments) spread, furniture users are also increasing awareness of the environmental impact. It is expected that the furniture businesses will accelerate the development of eco-friendly products and services.
Size of the home and office furniture market for 2021 is projected to grow to 100.7% of the previous year to attain 1,045,000 million yen. While the demand for home furniture that soared during the COVID-19 crisis is slowing down, demand for office furniture is recovering as user companies resumed office refurbishment and relocation projects that were postponed in the pandemic, and there is also a trend of companies seeking for new style for their workspace. The market of home and office furniture is forecasted to edge upwards.
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