Furniture - Armenia

  • Armenia
  • In Armenia, the revenue generated in the Furniture market is estimated to reach US$20.24m in 2024.
  • It is projected that the market will experience an annual growth rate of 0.64% (CAGR 2024-2029).
  • The largest segment within the market is the Home Décor segment, which is expected to have a market volume of US$13.76m in 2024.
  • When compared to other countries worldwide, in the United States leads in terms of revenue generation, with an estimated revenue of US$263bn in 2024.
  • Taking into account the population figures, the per person revenue in Armenia is approximately 0.00 in 2024.
  • The Armenian furniture market is experiencing a surge in demand for traditional designs, reflecting a cultural appreciation for craftsmanship and heritage.

Key regions: Worldwide, United States, China, India, Germany

 
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Analyst Opinion

The Furniture market in Armenia has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences:
in the Furniture market in Armenia have been shifting towards modern and contemporary designs. Customers are increasingly looking for furniture that is not only functional but also aesthetically pleasing. This trend is in line with global market preferences, as customers seek to create stylish and comfortable living spaces. Additionally, there is a growing demand for eco-friendly and sustainable furniture, reflecting a broader global trend towards environmentally conscious consumerism.

Trends in the market:
indicate a rise in online furniture shopping in Armenia. With the increasing penetration of the internet and the growing popularity of e-commerce platforms, customers are now able to browse and purchase furniture from the comfort of their homes. This trend is driven by the convenience and accessibility offered by online shopping, as well as the wider range of product options available online. Furthermore, the covid-19 pandemic has accelerated the adoption of online shopping in Armenia, as customers have turned to online platforms to meet their furniture needs during lockdowns and social distancing measures.

Local special circumstances:
also play a role in the development of the Furniture market in Armenia. The country has a rich cultural heritage, and there is a growing demand for furniture that reflects Armenian craftsmanship and traditions. This has led to the emergence of local furniture designers and manufacturers who cater to this niche market segment. Additionally, armenia's strategic location at the crossroads of Europe and Asia has enabled it to tap into international markets, exporting its furniture products to neighboring countries and beyond.

Underlying macroeconomic factors:
have also contributed to the growth of the Furniture market in Armenia. The country has experienced steady economic growth in recent years, which has led to an increase in disposable incomes and consumer spending. As a result, more people are able to afford and invest in furniture for their homes. Furthermore, the government has implemented supportive policies and initiatives to promote the development of the furniture industry, such as providing financial incentives and tax breaks to local manufacturers. In conclusion, the Furniture market in Armenia is experiencing growth due to changing customer preferences, the rise of online shopping, local special circumstances, and underlying macroeconomic factors. As customers increasingly seek modern and sustainable furniture, online platforms have become a popular choice for purchasing furniture. The country's rich cultural heritage and strategic location have also contributed to the development of the market. With a favorable economic environment and supportive government policies, the Furniture market in Armenia is poised for further expansion in the coming years.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

Overview

  • Revenue
  • Key Players
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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