Furniture - Cuba

Cuba

In 2024, the Furniture market in Cuba is projected to generate revenue of US$1,342.00m.
It is anticipated to experience an annual growth rate of 3.55% (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$472.60m in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, amounting to US$264bn in 2024.
In terms of per capita income, each individual in Cuba is estimated to generate revenues of US$120.10 in 2024.
Cuba's furniture market is experiencing a resurgence in traditional craftsmanship, as local artisans showcase their skills in creating unique and authentic pieces.

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 Cuba has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: in the Furniture market in Cuba have been shifting towards more modern and stylish designs. Consumers are increasingly looking for furniture that is not only functional but also aesthetically pleasing. This trend is in line with global preferences, as consumers worldwide are becoming more design-conscious and are willing to invest in furniture that enhances the overall look of their homes. Additionally, there is a growing demand for furniture that is eco-friendly and sustainable, as consumers in Cuba are becoming more aware of the importance of environmental conservation. Trends in the market show that there is a growing demand for imported furniture in Cuba. This can be attributed to the limited availability of locally produced furniture and the desire for more diverse options. Imported furniture offers a wider range of designs, materials, and styles, catering to the evolving tastes of Cuban consumers. Furthermore, the increasing popularity of online shopping has made it easier for consumers in Cuba to access and purchase imported furniture from around the world.

Local special circumstances: in Cuba have also contributed to the development of the Furniture market. The country has been experiencing a gradual opening up of its economy, leading to increased foreign investment and trade. This has resulted in the entry of international furniture brands into the Cuban market, providing consumers with more choices and driving competition. Additionally, the growth of tourism in Cuba has created a demand for furniture in the hospitality sector, as hotels and resorts seek to provide comfortable and stylish accommodations for tourists. Underlying macroeconomic factors have also played a role in the growth of the Furniture market in Cuba. The country has seen improvements in its overall economic conditions, with rising incomes and a growing middle class. As a result, consumers have more disposable income to spend on furniture and are willing to invest in higher-quality products. Furthermore, government policies promoting domestic production and foreign investment have helped to stimulate the furniture industry in Cuba. In conclusion, the Furniture market in Cuba is experiencing growth due to changing customer preferences, the increasing demand for imported furniture, local special circumstances, and

Underlying macroeconomic factors:. As consumers in Cuba become more design-conscious and environmentally conscious, the demand for modern and sustainable furniture is expected to continue to rise. The entry of international brands and the growth of tourism are also contributing to the development of the market. With favorable economic conditions and government support, the Furniture market in Cuba is poised for further expansion in the coming years.

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.