By Joanne Friedrick
Source: www.furnituretoday.com, October 2023
NORTH VANCOUVER, British Columbia — A recent study of global home improvement spending, including the purchase of furniture and décor, puts the United States second only to China in the amount spent.
The study, put together by home and garden website Home Stratosphere, assessed spending data for 149 countries since 2022, focusing on various home improvement-related categories.
China was No. 1 in overall spending, topping the chart at $994.54 billion, while the U.S. was fairly close behind at $932.77 billion. A distant third on the list was India at $286.85 billion.
Breaking down spending by category, U.S. consumers spent $65.63 billion on living room furniture, $41.87 billion on bedroom furniture, $34.61 billion on kitchen and dining room furniture, $16.85 billion on office furniture, $28.38 billon on lighting and $31.28 billion on décor.
Home improvement hardware and do-it-yourself tools made up the biggest segment in the U.S., coming in at $601.8 billion. Also part of the mix are smart security products and smart appliances, at $5.43 billion and $8.8 billion, respectively, along with $41.47 billion for home entertainment, $29.73 billion on major appliances and $26.92 billion on small appliances.
In contrast, consumers in China spent much more on large and small appliances, $95.69 billion and $51.73 billion, respectively, while lagging the U.S. in furniture expenditures.
Globally, consumers devoted the largest share of home improvement spending on hardware and DIY tools, which accounted for 63% of the total. Bedroom furniture and home décor accounted for 2.9% each, while living room furniture garnered 4.8% of the total.
On a per capita basis, the United States was second again, spending $2,757.31 per person on home improvement vs. No. 1 New Zealand’s $3,235.39. China was 40th on the list at $697.49 per person.
