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Key regions: Worldwide, United States, China, India, Germany
The Furniture market in Chile has been experiencing significant growth in recent years.
Customer preferences: Chilean customers have shown a growing preference for modern and stylish furniture designs. They are increasingly looking for furniture that not only serves its functional purpose but also adds aesthetic value to their homes. This shift in customer preferences can be attributed to the growing influence of global design trends and the increasing purchasing power of consumers in Chile. Additionally, customers in Chile are also becoming more conscious of the environmental impact of their purchases, leading to a rising demand for sustainable and eco-friendly furniture options.
Trends in the market: One of the key trends in the furniture market in Chile is the rise of online retail. With the increasing penetration of the internet and the growing popularity of e-commerce platforms, customers are now able to conveniently browse and purchase furniture online. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across various sectors. As a result, furniture retailers in Chile are increasingly investing in their online presence and expanding their e-commerce capabilities to cater to the changing preferences of customers. Another trend in the market is the growing demand for multifunctional furniture. As living spaces in Chilean homes become smaller, customers are looking for furniture that can serve multiple purposes and maximize the use of limited space. For example, sofa beds and storage beds have become popular choices among customers who want to optimize their living space without compromising on comfort and functionality.
Local special circumstances: Chile is known for its rich natural resources, including wood. The country has a long tradition of furniture craftsmanship, and Chilean customers have a strong appreciation for locally-made furniture. This has created opportunities for local furniture manufacturers to thrive and cater to the domestic market. In addition, Chile's stable political and economic environment, as well as its strong infrastructure, have made it an attractive destination for international furniture brands looking to expand their presence in South America.
Underlying macroeconomic factors: The growth of the furniture market in Chile can be attributed to several underlying macroeconomic factors. Firstly, Chile has experienced steady economic growth in recent years, which has resulted in an increase in disposable income and consumer spending. This has allowed customers to invest more in home furnishings, including furniture. Secondly, the construction industry in Chile has been booming, leading to a higher demand for furniture for new homes and commercial spaces. Lastly, the government of Chile has implemented policies to promote the development of the furniture industry, including tax incentives and support for innovation and design. These factors have contributed to the overall growth and development of the furniture market in Chile.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)