An Intense Year for the Furniture Industry

2024 has been a challenging year. According to CSIL’s Flagship Report ‘World Furniture Outlook 2025‘, global furniture consumption is expected to remain stable in current USD compared to 2023, with varying trends across different regions and countries.

Europe has been one of the hardest-hit regions, experiencing significant declines, particularly in Germany and France. Although inflation has slowed considerably, the trend has not yet shifted towards increased consumption, as the economic and social outlook remains uncertain.

From the international trade perspective, 2024 was a complex year because of ongoing maritime transport issues and geopolitical tensions. Despite these obstacles, the world trade of furniture increased by 2% to the value of around USD 174 billion, driven by a good performance of Asian Exporters, with a gradual recovery of Chinese exports and the growing trend of exports from Southeast Asian countries.

According to the IMF World Economic Outlook, October 2024, world GDP growth in real terms is expected to be 3.2 percent both in 2024 and 2025 with emerging and developing economies growing much faster than advanced economies.

Downside risks derive from the concern about an escalation in regional conflicts, possible further slowdown of China’s economic growth, a possible resurgence of financial market volatility, growing geopolitical tensions, and uncertainties in economic policy decisions, with the potential rise in protectionist measures.

The relationship between policy uncertainty and trade is strong, hence, the outcomes of political elections in the key countries for global trade have been closely monitored worldwide. From an electoral standpoint, 2024 has been an eventful year. Seventy-six nations, home to approximately four billion people—roughly half of the world’s population—have held elections, with about two billion citizens called upon to vote.
In addition to the European Parliament elections held by the 27 member states of the European Union, several key nations with significant geopolitical influence have also gone to the polls: the United States, India, Indonesia, Iran, Russia, Taiwan, and the United Kingdom.

This election year has seen trade policy uncertainty reach unprecedented levels. The international policy decisions made by these newly elected governments could have important impacts on a global level and substantial changes in international trade..

Sources: CSIL’s Report ‘World Furniture Outlook 2025‘. See at https://www.worldfurnitureonline.com/report/world-furniture-outlook/