The average American spends $1,700 per year on furniture and a third of that money is spent on home furnishings.
According to research from market research firm Zillow, American households spent $4,000 per year in January 2016 on furniture, while their friends and family spent $7,500 per year.
The trend has been accelerating for years, with the average American spending $1.4 million per year to live in a home in 2015.
The report, however, notes that the majority of these expenditures are for household necessities.
“While furniture is clearly a big part of the spending, the biggest spending is on home décor, furnishings, and furnishings for other uses,” Zillower CEO Tom Hildenbrand told Business Insider.
“You see a lot of big companies with their furniture, a lot more big brands than smaller ones.”
While furniture may be the mainstay, the report found that home décoration is growing as consumers seek to make their living space feel more “liveable.”
As more people are looking for a more livable home, many of them are seeking a more personalized approach to their home.
Hilderbrand told us that the trends are changing, though, and people are choosing to buy more than just furniture.
“There’s a lot happening in terms of technology and the way people can connect and communicate with each other.
It’s just getting easier for people to use their home and their space more effectively,” he said.
Hylenbrand added that it’s important for Americans to be aware of the changes in their home, because they are one of the key drivers of economic growth.
“We’ve had an increase in our homeownership rate, which is a reflection of a lot the consumer demand and the increasing number of people who want to live with their families.
We’ve also seen a lot about people living more remotely, so it’s not just an American phenomenon, it’s a global phenomenon,” Hildanbrand said.