Market Overview

The home and office furniture market in 2022 generated 1,133,000 million yen by the shipment value at manufacturers, 103.8% of the size of previous year. Both the markets of home furniture and office furniture enjoyed favorable performances, the former because of lengthy corona crisis having encouraged people to fully review their living environment and the latter because of increased demands for relocation and refurbishment of offices thereby to create an office that respond to flexible workstyles eying on the after-corona era. When totaling both, the entire market showed a slight increase.

Noteworthy Topics

Both Home and Office Furniture Markets Accelerated Addressing against Environmental Issues

In the situation where involvement in environmental issues such as ESG (Environment, Social, Governance) investment has become important in enterprise evaluation, furniture manufacturers are addressing the issues by developing products made of recycled materials or of domestic woods, designing longer life furniture, or by designing easy-to-recycle furniture. There also are some manufacturers developing furniture-used carbon offset program services (*) or furniture maintenance services.

As a response to environmental issues, consumers have increased their awareness of the word “ethical consumption”, which can expect high interest in environmentally friendly products and services by furniture users. Therefore, it has become significant for businesses dealing in furniture to develop such products and services.

*) Carbon offset program services by furniture manufacturers: Services that indirectly contribute to reduction of CO2 emissions by the purchase of those products accompanying emission credit by customers.

Future Outlook

The home and office furniture market for 2023 is projected to yield 1,133,000 million yen by the shipment value at manufacturers, 100.0% of previous year. The home furniture market expects decline in demand, because of the downgrade of COVID-19 to class 5 under the Infectious Disease Act has increased the outward consumption, i.e., consumption for dining at restaurants or for traveling, and because of continuous price rise caused by inflation. On the other hand, the office furniture market is promising to prosper, as a mass supply of newly built buildings is expected mainly within 23 wards of Tokyo, added with continued corporate investment in convenience-considered office environment aiming for improved productivity and recruitment. Therefore, in total, the entire home and office furniture market is estimated to level off.

Research Outline