Furniture - Equatorial Guinea

Equatorial Guinea

In 2024, the revenue in the Furniture market of Equatorial Guinea amounts to US$78.39m.
It is projected to grow annually by -3.60% (CAGR 2024-2029).
The largest segment in this market is the Living Room Furniture segment, with a market volume of US$24.49m in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, with US$263bn in 2024.
In terms of per person revenues, in 2024 in Equatorial Guinea generates US$44.67.
Despite the small market size and limited purchasing power in Equatorial Guinea, there is a growing demand for high-end imported furniture.

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 Equatorial Guinea is experiencing significant growth and development due to various factors.

Customer preferences: In Equatorial Guinea, customers have shown a growing preference for modern and stylish furniture designs. They are increasingly seeking furniture that is not only functional but also aesthetically pleasing. Customers are also looking for furniture that is durable and of high quality, as they want their purchases to last for a long time. Additionally, customers in Equatorial Guinea are becoming more conscious about the environmental impact of their purchases and are therefore showing a preference for sustainable and eco-friendly furniture.

Trends in the market: One of the key trends in the furniture market in Equatorial Guinea is the increasing demand for imported furniture. As the country's economy continues to grow, there is a rising middle class with higher disposable incomes. This has led to a greater demand for imported furniture, which is often perceived as being of higher quality and offering more variety in design options. Additionally, the availability of online shopping platforms has made it easier for customers in Equatorial Guinea to access and purchase imported furniture from around the world. Another trend in the market is the growing popularity of customized furniture. Customers in Equatorial Guinea are increasingly looking for furniture that is tailored to their specific needs and preferences. This includes furniture that is designed to fit their living spaces and accommodate their individual lifestyle requirements. Customized furniture allows customers to have a unique and personalized living environment, which is highly valued in Equatorial Guinea.

Local special circumstances: Equatorial Guinea is a country with a rapidly growing economy, driven by its oil and gas industry. This has resulted in an increase in disposable incomes and a rising middle class. As a result, there is a growing demand for furniture to furnish new homes and offices. Additionally, the government of Equatorial Guinea has been investing in infrastructure development, which has led to the construction of new residential and commercial buildings. This has further contributed to the demand for furniture in the country.

Underlying macroeconomic factors: The growth and development of the furniture market in Equatorial Guinea can be attributed to several underlying macroeconomic factors. Firstly, the country's strong economic growth has resulted in an increase in consumer spending power, which has boosted demand for furniture. Secondly, the government's investment in infrastructure development has created a conducive environment for the growth of the furniture market. Lastly, the availability of online shopping platforms has made it easier for customers to access and purchase furniture, thereby driving market growth. Overall, the furniture market in Equatorial Guinea is experiencing significant growth and development due to increasing customer preferences for modern and stylish designs, the rising demand for imported furniture, the popularity of customized furniture, the country's growing economy, and the government's investment in infrastructure development. These factors are expected to continue driving the growth of the furniture market in Equatorial Guinea 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.