Furniture - Chile | Statista Market Forecast

Furniture - Chile

Chile

Highlights

In 2024, the Furniture market in Chile is projected to generate revenue of US$5.16bn.
It is expected to experience an annual growth rate of 6.21% (CAGR 2024-2029).
The largest segment in the market is the Living Room Furniture segment, which is estimated to have a market volume of US$1.73bn in 2024.
When compared globally, United States generates the highest revenue in the Furniture market, with US$264bn in 2024.
In terms of per capita revenue, in Chile is expected to generate US$262.60 per person in 2024.
Chilean consumers are increasingly opting for sustainable and locally-made furniture, reflecting a growing awareness of environmental impact and support for domestic industries.

Key regions:

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 definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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 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.