The year 2024 has proven to be both demanding and transformative for the global furniture industry. According to CSIL’s flagship report World Furniture Outlook 2025, global furniture consumption remained flat in current U.S. dollars compared to 2023, while showing varying trends across regions.
Europe, especially Germany and France, experienced the steepest declines, positioning the continent among the most affected regions. While inflation eased significantly, the economic and social outlook remained uncertain, preventing a solid recovery in consumer spending.
From a trade perspective, 2024 was marked by persistent shipping disruptions and escalating geopolitical tensions. Nonetheless, global furniture trade grew by 2%, reaching approximately USD 174 billion. This positive trend was largely driven by strong performance from Asian exporters, a gradual rebound in Chinese exports, and an upward trajectory in exports from Southeast Asian nations.
According to the IMF's World Economic Outlook published in October 2024, global GDP is expected to grow by 3.2% in real terms both in 2024 and 2025. Emerging markets and developing economies are forecasted to grow at a significantly faster pace than advanced economies.
However, downside risks continue to weigh heavily on the outlook. These include escalating regional conflicts, China’s slowing economy, renewed financial market volatility, rising geopolitical tensions, uncertainty in economic policy decisions, and a growing trend toward protectionist measures.
One of the most defining features of 2024 was the high level of political activity worldwide. Elections were held in 76 countries, representing nearly half of the world’s population—around 4 billion people—with over 2 billion eligible to vote. In addition to the European Parliament elections across all 27 EU member states, several geopolitically influential countries, including the United States, India, Indonesia, Iran, Russia, Taiwan, and the United Kingdom, also went to the polls.
This global wave of elections has significantly heightened trade policy uncertainty. The decisions made by these newly elected governments will likely have lasting effects on international relations and global trade flows, directly influencing the future trajectory of the furniture sector and manufacturing supply chains worldwide.
As the industry moves into 2025, it faces a landscape shaped not only by market forces but also by shifting political dynamics and trade policies that could redefine international commerce in the years to come.
