Are you in the midst of decorating your home? Maybe you’re a first time home buyer and this is an exciting journey for you to begin. On the other hand, perhaps you’re redecorating your whole, one specific room, or an apartment you’re renting. Whatever the case, deciding on everything from bedside tables, to bookshelves, to an island for the kitchen can be quite the project. Making sure you have discovered your personal style and you’re sticking to it can be an important step in the decorating process. Otherwise you may end up with a rustic wood bedside table in one room and modern furniture in another bedroom.
Interested in learning more about a variety of styles and types of furniture you can add to your space to make it home? Keep reading for more information about the furniture industry and its growth, too.
Furniture Industry’s Growth Over the Years
Not surprisingly, as millennials start purchasing homes and renting apartments, the furniture industry is starting to boom more than ever before. Prior to 2012, the revenue for the furniture industry was around $11.1 billion. After 2014, revenue skyrocketed to $27 billion due to millennials purchases. Their buying patterns increased by a whopping 142% between 2012-2014.
However, that doesn’t necessarily mean that millennials are the only ones buying furniture for decorating or that they spend the most money annually on furniture. In fact, studies show that the baby boomers generation actually has a larger budget for decorating and redecorating. They are more likely to spend $3,000 on their budget. Generation X generally caps out a decorating budget at around $2,500. Millennials come in with the lowest budget for decorating at around $1,500.
When you average out all those numbers, the typical consumer in the United States will spend around $2,200 to redecorate any given room in their home.
Over the years leading up to 2019, it is expected that the furniture and floor coverings industry will only continue to increase revenue. Statistics show the global market will be around $695 billion by the year 2019.
Reasons to Consider Redecorating Your Home
So, how does someone decide when is the right time to consider redecorating their home or a specific room in the home? It can vary depending on the individual, but one reason to plan for redecorating is due to the budget. It’s always best to save and plan for this project before diving in.
You may also consider redecorating if your style has changed over the years. Perhaps you have more modern furniture and now you’re looking for a rustic log cabin feel. Adding anything from a rustic wood bedside table to log barstools can do the trick. If you’re going for a specific style, there’s no reason not to fully embrace it throughout your home. So, if you had a rustic wood bedside table to one room, you can also add a wooden wardrobe or a wooden hutch in another room, too. That way the rustic wood bedside table isn’t the only cabin-related piece of decor in your home.
If rustic, wooden, log cabin style furniture isn’t for you, there are plenty of other options to consider. You can look at western style furniture, modern furniture, and classic pieces. Sometimes the best way to discover your style is to hire an interior designer to help you along with your plans.
Not only should you select your furniture by style, but also you should consider the quality. One reason people tend to upgrade their furniture is to make sure they have quality and durable pieces throughout their home that will last a while. This is a common preference when it comes to larger purchases like sofas. Around 91% of people in one study noted durability as a top preference. For instance, studies show that nearly 28% of people look for a sofa that will last at least 15 years, if not longer.
So, once you’ve saved some money and found your favorite style, make sure you come up with a solid plan before starting your new project! That way you can find the perfect rustic wood bedside table to match your new log furniture.