Furniture - Bhutan

Bhutan

In Bhutan, the revenue in the Furniture market is estimated to reach US$12.25m in 2024.
It is projected to experience an annual growth rate of 2.65% (CAGR 2024-2029).
The largest segment within this market is the Living Room Furniture segment, which is expected to have a market volume of US$4.30m in 2024.
When compared to other countries, in the United States generates the highest revenue in the Furniture market, reaching US$264bn in 2024.
In terms of per capita figures, the revenue generated per person in Bhutan is estimated to be US$15.45 in 2024.
Bhutan's furniture market is flourishing as the demand for traditional, handcrafted pieces reflects the country's commitment to preserving its cultural heritage.

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

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market 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.

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: in the Furniture market in Bhutan have shifted towards more modern and contemporary designs. Customers are increasingly looking for furniture pieces that are not only functional but also aesthetically pleasing and in line with the latest design trends. This preference for modern designs can be attributed to the influence of global design trends and the increasing exposure to international brands and styles. Trends in the Furniture market in Bhutan include the growing demand for eco-friendly and sustainable furniture. Customers are becoming more conscious of the environmental impact of their purchases and are actively seeking furniture made from sustainable materials such as bamboo or recycled wood. This trend is also influenced by the

Local special circumstances: in Bhutan, where environmental conservation is a key priority. Another trend in the market is the rise of online furniture shopping. With the increasing penetration of the internet and the growing popularity of e-commerce platforms, customers in Bhutan are now able to browse and purchase furniture online. This trend has been further accelerated by the covid-19 pandemic, which has limited physical shopping opportunities and encouraged customers to explore online options. Local special circumstances in Bhutan also play a role in shaping the Furniture market. Bhutan is known for its unique cultural heritage and traditional craftsmanship. Customers in Bhutan value furniture pieces that showcase the country's rich cultural heritage and craftsmanship. As a result, there is a demand for furniture that incorporates traditional Bhutanese designs and techniques. This demand for traditional furniture provides opportunities for local artisans and craftsmen to showcase their skills and contribute to the local economy. Underlying macroeconomic factors, such as the growth of the middle class and increasing disposable incomes, have also contributed to the development of the Furniture market in Bhutan. As the economy continues to grow, more people have the means to invest in furniture and improve their living spaces. Additionally, the government's focus on infrastructure development and urbanization has led to an increase in housing construction, further driving the demand for furniture. In conclusion, the Furniture market in Bhutan is experiencing growth and development due to changing customer preferences, emerging trends, and local special circumstances. The shift towards modern designs, the demand for eco-friendly furniture, the rise of online shopping, and the appreciation for traditional craftsmanship are all contributing to the market's growth. Furthermore,

Underlying macroeconomic factors: such as the growth of the middle class and infrastructure development are also driving the demand for furniture in Bhutan.

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.