Furniture - Brunei Darussalam

Brunei Darussalam

In 2024, the Furniture market in Brunei Darussalam is projected to generate a revenue of US$50.43m.
This market is expected to experience an annual growth rate of 2.08%, also known as the Compound Annual Growth Rate (CAGR), from 2024 to 2029.
The largest segment within the Furniture market is the Living Room Furniture segment, which is estimated to have a market volume of US$16.74m in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, with a projected revenue of US$263bn in 2024.
In terms of per capita revenue, each person in Brunei Darussalam is expected to generate US$110.60 in 2024.
Despite its small size, Brunei Darussalam has a growing demand for high-quality, sustainable furniture, driven by the country's focus on promoting eco-friendly and modern living spaces.

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 Brunei Darussalam is experiencing steady growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in the Furniture market in Brunei Darussalam are shifting towards modern and minimalist designs. Consumers are increasingly looking for furniture pieces that are functional, space-saving, and aesthetically pleasing. This trend is influenced by global design movements and the desire for a clean and uncluttered living space. Additionally, there is a growing demand for eco-friendly and sustainable furniture options, as consumers become more conscious of their environmental impact. Trends in the Furniture market in Brunei Darussalam include the rise of online shopping and the increasing popularity of customized furniture. With the advancement of technology and the availability of e-commerce platforms, consumers now have access to a wide range of furniture options from both local and international retailers. This has led to greater competition in the market and a higher level of convenience for customers. Moreover, the demand for customized furniture is on the rise, as consumers seek unique and personalized pieces that reflect their individual style and preferences.

Local special circumstances: in Brunei Darussalam, such as the country's small population and high disposable income, contribute to the growth of the Furniture market. Despite its small size, Brunei Darussalam has a relatively affluent population, which allows consumers to invest in high-quality furniture. Additionally, the government's focus on promoting local businesses and supporting the growth of the furniture industry has created opportunities for local manufacturers and retailers to thrive in the market.

Underlying macroeconomic factors: also play a role in the development of the Furniture market in Brunei Darussalam. The country's stable economy, fueled by its rich oil and gas reserves, provides a favorable environment for businesses to operate and for consumers to make purchasing decisions. Furthermore, the government's efforts to diversify the economy and reduce its reliance on oil and gas have led to increased investments in sectors such as tourism and real estate, which in turn drive the demand for furniture. In conclusion, the Furniture market in Brunei Darussalam is growing steadily due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards modern and minimalist designs, the rise of online shopping and customized furniture, the country's small population and high disposable income, and the stable economy all contribute to the positive development of the market.

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.