COVID-19 creating opportunities in home office furniture

HIGH POINT — Large opportunities are often created in very challenging times, and one of those large opportunities right now is in the home office category.

As offices close and employees move to a work-from-home model, many are scrambling to outfit their home office spaces with office furniture that enables them to work efficiently and comfortably.

Retailers are starting to assess this opportunity and expand their focus within the home office category, according to a recent Furniture Today survey where 26% of retailers mentioned they are expanding their home office furniture assortment.

This uptick in demand was also seen in a recent study conducted by Criteo, with sales of products like office furniture, lamps, and area rugs up 13% in early March and still up 8% into mid-March.

One trend that is emerging within the home office category is smart office furniture. This segment is projected to grow globally by a CAGR of 20% from 2020 to 2024, according to a report developed by Infiniti Research Ltd.

From a consumer's perspective, almost one-fourth of consumers plan on purchasing new office furniture as a result of COVID-19, according to Furniture Today's survey. The majority, 77%, plan on making their new office furniture purchase within the next one to three months. Desks and chairs were the main office pieces consumers are prioritizing, with over one-fourth, 27%, stating it as their key focus.

When it comes to funding their office furniture purchase, 16% plan on using a company stipend compared with 17% who plan to use their government stimulus check to cover the expense. The remaining 66% of consumers stated they will fund their office furniture purchase utilizing their own finances.

About the data

Furniture Today fielded a survey in March/April 2020 asking furniture retailers and consumers about how they are dealing with the COVID-19 virus. The survey garnered responses from 155 retailers and 500 consumers. The data was analyzed by Furniture Today's Strategic Insights team.

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