Reupholstery and Furniture Repair
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 3,500 firms in the US primarily repair, refinish and restore wooden and upholstered household and commercial furniture. Firms may also repair and refurbish aircraft interiors and seats, as well as cabinetry. Firms often supplement their service income with merchandise sales including refurbished furniture and décor, furniture care products, and complementary products like throw pillows.
Unintended Damage
Disassembling and stripping old furniture carries the risk of unintended damage.
Millennials Embrace Pre-owned Furniture
More and more young people are choosing to buy pre-owned furniture for their homes, according to analysis of auction house data by antique search engine, Barnebys.
Industry size & Structure
A typical reupholstery and furniture repair business operates out of a single location, employs 3-4 workers, and generates about $330,000 annually.
- The reupholstery and furniture repair industry consists of about 3,500 firms that employ about 12,000 workers generate about $1.1 billion annually.
- Another 18,500 businesses are owner-operated with no employees and generate $630 million annually.
- The industry is highly fragmented with the 50 largest firms representing just 15.6% of industry revenue.
Industry Forecast
Reupholstery and Furniture Repair Industry Growth
Recent Developments
Nov 21, 2022 - High Home Equity Supports Remodeling Activity
- Home remodeling spending, a demand driver for furniture repair and reupholstery, is expected to moderate by mid-2023, according to the Leading Indicator of Remodeling Activity (LIRA) report released in October by the Joint Center for Housing Studies at Harvard. Homeowner improvements and repairs are expected to increase 16.1% to $427 billion in the fourth quarter of 2022 compared to Q4 2021. In the first quarter of 2023, remodeling spending will reach $448 billion, up 15% over Q1 2022. Spending will then moderate to $445 billion in Q2 2023, 9.9% over Q2 2022, then remain flat in Q3 2023. Associate Project Director at the Joint Center for Housing Studies said, “Although remodeling market gains are expected to cool significantly next year, homeowners still have record levels of home equity to support financing of renovations.”
- Sales of existing US homes fell 5.9% in October from September and were down 28.4% year over year, according to the National Association of Realtors (NAR). October marked the ninth consecutive monthly drop as rising interest rates slow home sales. NAR chief economist Lawrence Yun said, "More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed higher. The impact is greater in expensive areas of the country and in markets that witnessed significant home price gains in recent years."
- Building permits, housing starts, and housing completions are indicators of future home furnishings demand. The number of building permits issued for privately-owned housing units decreased 2.4% month over month and declined 10.1 year over year in October 2022. Housing starts fell 4.2% month over month and decreased 8.8% year over year in October. Housing completions fell 6.4% month over month but rose 6.6% year over year in October.
Get A Demo
Vertical IQ’s Industry Intelligence Platform
See for yourself why over 60,000 users trust Vertical IQ for their industry research and call preparation needs. Our easy-to-digest industry insights save call preparation time and help differentiate you from the competition.
Build valuable, lasting relationships by having smarter conversations -
check out Vertical IQ today.