Furniture - El Salvador

El Salvador

In 2024, the Furniture market in El Salvador is projected to generate revenue of US$14.45m.
It is expected to experience an annual growth rate of 1.97% (CAGR 2024-2029).
The largest segment within this market is the Home Décor segment, which is estimated to have a market volume of US$12.91m in 2024.
When compared globally, in the United States generates the highest revenue in this market, amounting to US$263bn in 2024.
In terms of per capita revenue, in El Salvador generates US$2.26 per person in 2024.
El Salvador's furniture market is experiencing a surge in demand for eco-friendly and sustainable 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 El Salvador has been experiencing steady growth in recent years, driven by changing customer preferences and favorable macroeconomic factors.

Customer preferences: El Salvadorian customers are increasingly seeking furniture that combines both functionality and style. They are looking for pieces that not only serve a practical purpose but also enhance the aesthetic appeal of their homes. As a result, there is a growing demand for modern and contemporary furniture designs that offer sleek lines, minimalist aesthetics, and innovative features. Additionally, customers are becoming more conscious of the environmental impact of their purchases and are seeking sustainable and eco-friendly furniture options.

Trends in the market: One of the key trends in the furniture market in El Salvador is the rise of online shopping. With the increasing penetration of internet and smartphones, customers are now able to browse and purchase furniture from the comfort of their homes. This has led to the emergence of online furniture retailers, who offer a wide range of products at competitive prices. Furthermore, the convenience of online shopping has also contributed to the growth of the furniture market, as customers can easily compare prices, read reviews, and make informed decisions. Another trend in the market is the growing demand for multifunctional furniture. As living spaces in El Salvador are often limited, customers are looking for furniture that can serve multiple purposes. For example, sofa beds, storage ottomans, and modular shelving units are becoming increasingly popular, as they provide both functionality and space-saving solutions.

Local special circumstances: El Salvador has a young and growing population, with a significant portion of the population being in the working-age group. This demographic trend has led to an increase in household formation and the demand for furniture. Additionally, the government of El Salvador has implemented policies to promote housing construction and homeownership, which has further boosted the demand for furniture.

Underlying macroeconomic factors: The stable economic growth in El Salvador has had a positive impact on the furniture market. The country has experienced a decline in poverty rates and an increase in disposable incomes, which has led to higher consumer spending. As a result, customers are more willing to invest in quality furniture that meets their needs and preferences. Furthermore, El Salvador has a relatively low inflation rate and a stable currency, which has helped to maintain price stability in the furniture market. This has provided customers with the confidence to make long-term investments in furniture. In conclusion, the furniture market in El Salvador is developing in response to changing customer preferences, such as the desire for functional and stylish furniture, as well as the increasing demand for online shopping and multifunctional furniture. The local special circumstances, including a young and growing population and government policies promoting housing construction, have also contributed to the growth of the market. Additionally, favorable macroeconomic factors, such as stable economic growth and low inflation, have provided a conducive environment for the development of the furniture market in El Salvador.

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.