Furniture - Costa Rica

Costa Rica

In 2024, the Furniture market in Costa Rica is projected to generate a revenue of US$725.80m.
It is anticipated that the market will experience an annual growth rate of 2.36% (CAGR 2024-2029).
The largest segment within the Furniture market is the Living Room Furniture segment, which is estimated to have a market volume of US$248.60m in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, amounting to US$263bn in 2024.
In terms of per capita revenue, in Costa Rica generates 0.00 per person in 2024.
Costa Rica's furniture market is experiencing a surge in demand for eco-friendly and sustainably sourced products.

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 Costa Rica has been experiencing steady growth in recent years. Customer preferences have shifted towards more modern and functional furniture pieces, reflecting global trends in the market. Additionally, the local special circumstances and underlying macroeconomic factors have contributed to the development of the furniture market in Costa Rica.

Customer preferences: In line with global trends, customers in Costa Rica have been gravitating towards modern and functional furniture pieces. The demand for sleek and minimalist designs has increased, with customers seeking furniture that can maximize space and provide multi-functional features. This shift in preference can be attributed to the influence of social media and the desire for a more contemporary and organized living space. Additionally, customers are increasingly conscious of the environmental impact of their purchases and are opting for furniture made from sustainable materials.

Trends in the market: One of the key trends in the furniture market in Costa Rica is the rise of e-commerce. With the increasing availability of online shopping platforms, customers now have a wider range of options and can easily compare prices and designs. This has led to increased competition among furniture retailers, as they strive to provide unique and high-quality products to attract customers. Furthermore, the convenience of online shopping has made it easier for customers to access furniture from international brands, further diversifying the market. Another trend in the market is the growing popularity of customized furniture. Customers are looking for furniture that suits their individual needs and preferences, and are willing to pay a premium for personalized designs. This trend has led to the emergence of local artisans and small-scale furniture makers who cater to this niche market. These artisans often use traditional techniques and locally sourced materials, adding a unique touch to their furniture pieces.

Local special circumstances: Costa Rica's growing tourism industry has had a positive impact on the furniture market. As more tourists visit the country, there is an increased demand for furniture in hotels, resorts, and vacation rentals. This has created opportunities for furniture manufacturers and retailers to cater to the specific needs of the hospitality industry. Additionally, the influx of expatriates and retirees from North America and Europe has also contributed to the demand for furniture in Costa Rica.

Underlying macroeconomic factors: Costa Rica's stable economy and growing middle class have played a significant role in the development of the furniture market. As disposable incomes rise, more households are able to afford higher-quality furniture and invest in home improvement projects. Furthermore, the government's efforts to promote sustainable development and reduce carbon emissions have created a favorable environment for the growth of the furniture market. The emphasis on eco-friendly practices has encouraged furniture manufacturers to adopt sustainable production methods and use environmentally friendly materials. In conclusion, the furniture market in Costa Rica is developing in response to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The shift towards modern and functional designs, the rise of e-commerce, and the demand for customized furniture are shaping the market. Additionally, the growth of the tourism industry and the country's stable economy are contributing to the increased demand for furniture in Costa Rica.

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.