Furniture - Georgia

Georgia

In 2024, the Furniture market in Georgia is projected to generate a revenue of US$221.90m.
It is anticipated to experience an annual growth rate of 1.76%, as measured by the compound annual growth rate (CAGR) from 2024 to 2029.
The largest segment within this market is the Living Room Furniture segment, which is estimated to have a market volume of US$84.76m in 2024.
Comparatively, in the United States leads in terms of revenue generation, with an expected revenue of US$264bn in 2024.
When considering the population, the per person revenue in Georgia is calculated to be US$59.70 in 2024.
The demand for traditional Georgian wooden furniture is on the rise, as consumers in Georgia seek to preserve their cultural heritage.

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 Georgia has been experiencing significant growth in recent years. Customer preferences have shifted towards more modern and stylish furniture options, leading to an increase in demand for these products. Additionally, local special circumstances, such as a growing urban population and increasing disposable income, have contributed to the development of the market. Furthermore, underlying macroeconomic factors, including a stable economy and favorable government policies, have also played a role in the expansion of the Furniture market in Georgia.

Customer preferences: in the Furniture market in Georgia have evolved over time. Consumers are increasingly looking for furniture that is not only functional but also aesthetically pleasing. Modern and stylish designs are in high demand, with customers seeking furniture pieces that can enhance the overall look of their homes or offices. This shift towards more contemporary designs has led to an increase in the production and availability of such furniture in the market. Trends in the Furniture market in Georgia reflect the global market, with a focus on sustainability and eco-friendly materials. Customers are becoming more conscious of the environmental impact of their purchases and are opting for furniture made from sustainable materials such as bamboo or reclaimed wood. This trend is driven by a growing awareness of climate change and a desire to support environmentally friendly practices.

Local special circumstances: in Georgia have also contributed to the development of the Furniture market. The country has experienced rapid urbanization in recent years, with more people moving to cities for work and education. This has resulted in an increased demand for furniture as individuals and families set up new homes in urban areas. Additionally, rising disposable income levels have allowed consumers to spend more on furniture, leading to a growth in the market.

Underlying macroeconomic factors: have played a significant role in the expansion of the Furniture market in Georgia. The country has maintained a stable and growing economy, which has provided a favorable environment for businesses in the furniture industry to thrive. Additionally, the government has implemented policies to support the growth of the manufacturing sector, including the furniture industry. These policies have included tax incentives and subsidies, which have encouraged investment in the sector and contributed to its development. In conclusion, the Furniture market in Georgia has experienced significant growth in recent years due to evolving customer preferences, local special circumstances, and underlying macroeconomic factors. The shift towards modern and stylish designs, along with a focus on sustainability, has driven demand for furniture in the market. Rapid urbanization, increasing disposable income, and favorable government policies have also contributed to the expansion of the market. With these factors in play, the Furniture market in Georgia is expected to continue its growth trajectory 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.