{"id":35492,"date":"2021-12-07T09:35:17","date_gmt":"2021-12-07T06:35:17","guid":{"rendered":"http:\/\/orsiad.com.tr\/?p=35492"},"modified":"2021-12-07T09:49:40","modified_gmt":"2021-12-07T06:49:40","slug":"world-furniture-outlook-2022","status":"publish","type":"post","link":"https:\/\/orsiad.com.tr\/en\/world-furniture-outlook-2022.html","title":{"rendered":"World Furniture Outlook 2022"},"content":{"rendered":"

According to CSIL\u2019s preliminary estimates, world production of furniture in 2021 will exceed US$ 500 billion;a stronger-than-expected recovery, <\/strong>mainly due to the major contribution from Europe and Asia. This estimate is based on processing of data from official sources, both national and international, that covers the 100 most important countries. Demand was globally strong with differencesacross countries and segments. However, production growth is subject to a series of constraints: raw material scarcity and growing prices, supply chain challenges, high costs of transport and container shortages. Moreover, systemic uncertainties, deriving from continuing trade restrictions and changing supply chain strategies, affect the entire furniture sector.<\/p>\n

 <\/p>\n

Figure 1 Percentage breakdown of world furniture production by region<\/p>\n

\"\"<\/a>Source: CSIL<\/p>\n

More than half of world furniture production took place in Asia and the Pacific. The main furniture producer is China, followed at a distance by the United States,Germany and Italy.<\/p>\n

In the last ten years international trade of furniture has grown faster than furniture production, and has consistently amounted to about 1% of international trade of manufactures, reaching about US$ 152 billion in 2018 and 2019. The pandemic has caused stagnation in 2020 but 2021 is a year of steep growth. Prospects for 2022 and 2023 are favourable, with uncertainties deriving from supply constraints and transport problems. The bulk of international trade of furniture originates in China, Vietnam, Poland, Germany and Italy, and goes to the United States, Germany, France, the United Kingdom, and the Netherlands (a trading hub).<\/p>\n

On the consumption side, the lockdown experience highlighted the importance of home, which acquired a new centrality both for living and working. Spending more time at home pointed out the usefulness of having functional spaces for the whole family, possibly modular furniture also suitable for working from home. Consumers invested in improving their living spaces, often allocating to furniture substantial portions of income made available because of decreased expenditure for other leisure activities. For this reason, the worldwide pandemic-induced contraction in furniture consumption in 2020 was limited in size, affecting the different products of the furniture aggregate in different ways. Office furniture was more severely hit, following the decline in investments by both the industry and the service sector. Strong growth has resumed in 2021, with furniture consumption reaching a level well above the pre-pandemic values.<\/p>\n

 <\/p>\n

According to IMF World Economic Outlook (October 2021), World GDP growth is resuming in 2021 (5.9%), in 2022 (4.9%) and 2023 (3.6%). Growth prospects remain stronger for emerging and developing economies than for advanced economies. Uncertainties remain high, differences in the speed of recovery (both across and within countries) will be substantial and downside risks remain significant.<\/p>\n

The CSIL \u2018World Furniture Outlook\u2019report, issued in December 2021, assumes that the international scenario will be as follows:<\/p>\n

<\/a>Table 1. Evolution of World GDP. Annual percentage change in real terms<\/p>\n\n\n\n\n\n\n
\u00a0<\/strong><\/td>\n2021<\/strong><\/td>\n2022<\/strong><\/td>\n2023<\/strong><\/td>\n<\/tr>\n
World<\/td>\n5.9<\/td>\n4.9<\/td>\n3.6<\/td>\n<\/tr>\n
Advanced Economies<\/td>\n5.2<\/td>\n4.5<\/td>\n2.2<\/td>\n<\/tr>\n
Emerging and Developing Economies<\/td>\n6.4<\/td>\n5.1<\/td>\n4.6<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: IMF, World Economic Outlook, October 2021<\/p>\n

For the world as a whole (100 countries) furniture consumption growth is forecasted at about 4% in 2022 (in real terms). \u00a0Among large markets (over US$ 5 billion of furniture consumption) the countries expected to have a greater rebound in furniture consumption growth are European and Asian countries.<\/p>\n

\"\"<\/a>The following countries are covered in the’ World Furniture Outlook’ report by CSIL (edition December 2021): <\/strong>Albania \u2022 Algeria \u2022 Argentina \u2022 Australia \u2022 Austria \u2022 Azerbaijan \u2022 Bahrain \u2022 Bangladesh \u2022 Belarus \u2022 Belgium \u2022 Bolivia \u2022 Bosnia Herzegovina \u2022 Brazil \u2022 Bulgaria \u2022 Cameroon \u2022 Canada \u2022 Chile \u2022 China \u2022 Colombia \u2022 Costa Rica \u2022 Croatia \u2022 Cuba \u2022 Cyprus \u2022 Czech Republic \u2022 Denmark \u2022 Dominican Republic \u2022 Ecuador \u2022 Egypt \u2022 El Salvador \u2022 Estonia \u2022 Ethiopia \u2022 Finland \u2022 France \u2022 Georgia \u2022 Germany \u2022 Ghana\u2022 Greece \u2022 Guatemala \u2022 Hong Kong (China) \u2022 Hungary \u2022 Iceland \u2022 India \u2022 Indonesia \u2022 Iran \u2022 Iraq \u2022 Ireland \u2022 Israel \u2022 Italy \u2022 Japan \u2022 Jordan \u2022 Kazakhstan \u2022 Kenya \u2022 Kuwait \u2022 Latvia \u2022 Lebanon \u2022 Lithuania \u2022 Macedonia FYR \u2022 Malaysia \u2022 Malta \u2022 Mexico \u2022 Moldova \u2022 Montenegro \u2022 Morocco \u2022 Netherlands \u2022 New Zealand \u2022 Nigeria \u2022 Norway \u2022 Oman \u2022 Pakistan \u2022 Panama \u2022 Peru \u2022 Philippines \u2022 Poland \u2022 Portugal \u2022 Qatar \u2022 Romania \u2022 Russia \u2022 Saudi Arabia \u2022 Serbia \u2022 Singapore \u2022 Slovakia \u2022 Slovenia \u2022 \u00a0South Africa \u2022 South Korea \u2022 Spain \u2022 Sweden \u2022 Switzerland \u2022 Taiwan (China)\u2022 Tanzania \u2022 Thailand \u2022 Tunisia \u2022 Turkey \u2022 Turkmenistan \u2022 Ukraine \u2022 United Arab Emirates \u2022 United Kingdom \u2022 United States \u2022 Uruguay \u2022 Uzbekistan \u2022 Vietnam<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

According to CSIL\u2019s preliminary estimates, world production of furniture in 2021 will exceed US$ 500 billion;a stronger-than-expected recovery, mainly due to the major contribution from Europe and Asia. This estimate is based on processing of data from official sources, both national and international, that covers the 100 most important countries. Demand was globally strong with […]<\/p>\n","protected":false},"author":3,"featured_media":35485,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[251,254],"tags":[8142],"class_list":["post-35492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-furniture","category-headline-news","tag-csil-en"],"jetpack_featured_media_url":"https:\/\/orsiad.com.tr\/wp-content\/uploads\/CSIL-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/orsiad.com.tr\/en\/wp-json\/wp\/v2\/posts\/35492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/orsiad.com.tr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/orsiad.com.tr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/orsiad.com.tr\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/orsiad.com.tr\/en\/wp-json\/wp\/v2\/comments?post=35492"}],"version-history":[{"count":0,"href":"https:\/\/orsiad.com.tr\/en\/wp-json\/wp\/v2\/posts\/35492\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/orsiad.com.tr\/en\/wp-json\/wp\/v2\/media\/35485"}],"wp:attachment":[{"href":"https:\/\/orsiad.com.tr\/en\/wp-json\/wp\/v2\/media?parent=35492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/orsiad.com.tr\/en\/wp-json\/wp\/v2\/categories?post=35492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/orsiad.com.tr\/en\/wp-json\/wp\/v2\/tags?post=35492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}