Bedroom Furniture - Cyprus | Statista Market Forecast

In Cyprus, the revenue generated in the Bedroom Furniture market in 2024 amounts to US$56.59m.
It is projected that the market will experience an annual growth rate of 1.79% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue in this segment, reaching US$41bn in 2024.
In terms of per capita figures, the revenue per person in Cyprus for 2024 is US$44.62.
The demand for high-end, luxury bedroom furniture is on the rise in Cyprus, as affluent consumers seek to create a stylish and comfortable sanctuary within their homes.

Definition:

The Bedroom Furniture segment refers to those movable objects that are designed to be used in a bedroom, which is typically a space used for sleeping, dressing, and storage. It includes items such as beds, dressers, nightstands, and wardrobes, which are intended to make the room comfortable, functional, and aesthetically pleasing.

Structure:

The Bedroom Furniture segment is divided into four subsegments:

The Beds subsegment refers to furniture designed primarily for sleeping, which typically consist of a frame and mattress. This subsegment focuses on the frame and covers additional elements such as headboards, footboards, or storage drawers.
The Mattress subsegment refers to the long rectangular pad that is placed on top of a bed frame and is used to provide a comfortable sleeping surface. Mattresses come in a wide variety of sizes, from twin to king, and levels of firmness to suit individual preferences.
The Closets, Nightstands, & Dressers subsegment includes a range of storage furniture designed for bedrooms. These pieces are used to store and organize clothing, linens, and personal items, providing both functional and aesthetic value to the space.
The Bedding subsegment refers to products designed to enhance the comfort and functionality of a bed, including sheets, blankets, comforters, pillows, and mattress toppers. These products are available in a range of materials, styles, and sizes to suit individual preferences and needs.

Additional Information:

The Bedroom Furniture segment consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This segment includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Beds
Mattresses
Beddings
Dressers, nightstands, and closets

Consumer electronics
Household appliances
Lamps and lighting
Floor covering

The Bedroom Furniture market in Cyprus has been experiencing steady growth in recent years.

Customer preferences: Customers in Cyprus have shown a growing preference for modern and minimalist bedroom furniture designs. This trend is in line with global market preferences, as consumers are increasingly looking for sleek and functional furniture that fits well in smaller living spaces. Additionally, there is a demand for bedroom furniture that is durable and made from sustainable materials.

Trends in the market: One of the key trends in the Bedroom Furniture market in Cyprus is the increasing popularity of online shopping. Consumers are now more inclined to browse and purchase bedroom furniture online, as it offers convenience and a wider range of options. This trend is driven by the growing internet penetration and the availability of online retailers that offer competitive prices and attractive discounts. Another trend in the market is the rising demand for customized bedroom furniture. Consumers are looking for unique and personalized pieces that reflect their individual style and preferences. This trend is fueled by the desire for uniqueness and the ability to create a personalized living space.

Local special circumstances: Cyprus is a popular tourist destination, attracting visitors from around the world. This has a positive impact on the Bedroom Furniture market, as tourists often purchase furniture to furnish their vacation homes or rental properties. This creates a steady demand for bedroom furniture in the country.

Underlying macroeconomic factors: The growth in the Bedroom Furniture market in Cyprus can be attributed to several macroeconomic factors. Firstly, the country has experienced a stable economic growth in recent years, leading to an increase in disposable income and consumer spending. This has resulted in higher demand for bedroom furniture as consumers have more purchasing power. Furthermore, Cyprus has a high homeownership rate, with a large proportion of the population living in their own homes. This creates a consistent demand for bedroom furniture as homeowners often update and renovate their living spaces. In conclusion, the Bedroom Furniture market in Cyprus is growing steadily due to customer preferences for modern and minimalist designs, the increasing popularity of online shopping, and the demand for customized furniture. The local special circumstance of Cyprus being a popular tourist destination also contributes to the growth of the market. Additionally, the stable economic growth and high homeownership rate in the country are underlying macroeconomic factors that drive the demand for bedroom furniture.

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories 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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

From homeware to office furniture, even expanding over to pet care, the furniture industry is all-encompassing and ever-growing. Be it homes, schools, offices, or even outdoors, furniture is what gives a room its function and purpose.