Freedonia Group: Demand for Outdoor Furniture, Grills, & Pat
CLEVELAND, March 31, 2020 /PRNewswire/ -- In 2020, demand for outdoor furniture and grills in the US is expected to decline as a result of the COVID-19 coronavirus pandemic. While the full extent of these effects are currently unknown, declines in economic activity will hurt sales of outdoor furniture and grills in the short term – especially given the timing of the onset, which corresponds with prime opportunities for sales in this seasonal industry.
In the long term, demand for outdoor furniture, grills, and patio heating products is forecast to expand 3.8% per year to nearly $12 billion in 2024, finds a new Freedonia Group analysis:
- The strong and still-growing popularity of outdoor living will continue to drive market growth, as consumers and commercial entities alike increasingly invest in their outdoor spaces.
- Upgrade sales will be supported by continued introduction of new, value-added products with enhanced features, such as smart home integration and grills with multiple cooking functions.
- However, tariffs on foreign-made parts and products may increase prices for outdoor furniture and grills in the short term, which could be a restraint on these discretionary purchases.
- Depressed consumer discretionary spending and supply chain disruptions amid the coronavirus pandemic will also temper growth, though to what extent and for what duration remains unclear.
Grill sales to benefit from consumer interest in convenience and functionality
Despite the maturity of the grill market, sales growth is being powered by increasing consumer interest in outdoor kitchens and innovative grills with improved convenience and functionality.
In particular, solid fuel grills are expected to see the fastest growth, particularly as more consumers are supplementing their convenient gas grills with the flavor-enhancing abilities of solid fuel types, such as smokers and pellet grills. For example, pellet grills feature many pellet options as well as the added convenience of temperature control, helping consumers balance their need for functionality and flavor.
Targeting major demographics key to supplier sales growth
Suppliers of outdoor furniture and grills should look to market and develop products for specific demographic groups. Consumer insights gleaned from surveys conducted by The Freedonia Group and Simmons and presented in the study include:
- Millennials are increasingly starting families and buying their first homes, leading them to purchase entry-level products for their new outdoor spaces.
- Baby boomers have the financial means to make a significant investment in their outdoor spaces and are entering retirement and/or downsizing to new spaces.
- Urbanites of all ages comprise another growing demographic in need of options to complement and augment their outdoor spaces. Products that are able to fit smaller areas or can adapt will be popular with these consumers.
Want to learn more?
See Outdoor Furniture & Grills, now available from The Freedonia Group. This study analyzes US markets for outdoor furniture, grills and accessories, and patio heating products. Historical data for 2009, 2014, and 2019 and forecasts for 2024 are provided for demand at the manufacturer's level in current dollars (which are not adjusted to account for inflation). Demand is broken out by the above product types, by market (consumer-grade and commercial-grade), and by US geographic region.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group