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:
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.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Nov 2024
Source: Statista Market Insights
Most recent update: Jul 2024
Source: Statista Market Insights
Most recent update: Nov 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Company Insights
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Nov 2024
Source: Statista Market Insights
The Furniture market in Ghana is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: in the Furniture market in Ghana are shifting towards more modern and contemporary designs. Customers are increasingly looking for furniture that is not only functional but also aesthetically pleasing and in line with the latest design trends. This shift in preferences is driven by the growing influence of global design trends and the desire to create stylish and modern living spaces. Trends in the market indicate a growing demand for eco-friendly and sustainable furniture. Customers in Ghana are becoming more conscious of the environmental impact of their purchases and are seeking furniture made from sustainable materials such as bamboo, recycled wood, and natural fibers. This trend is in line with the global movement towards sustainability and reflects a growing awareness of environmental issues in the country. Another trend in the Furniture market in Ghana is the increasing popularity of online shopping. With the rise of e-commerce platforms and the growing availability of internet access, customers are now able to browse and purchase furniture online. This trend is driven by the convenience and wide range of options offered by online retailers, as well as the ability to compare prices and read customer reviews before making a purchase.
Local special circumstances: in Ghana also contribute to the development of the Furniture market. The country has a growing middle class with increasing disposable income, which has led to a rise in consumer spending on furniture and home decor. Additionally, urbanization and population growth have resulted in a higher demand for housing, leading to an increased need for furniture.
Underlying macroeconomic factors: also play a role in the growth of the Furniture market in Ghana. The country's stable economic growth and favorable investment climate have attracted foreign investors, leading to the establishment of international furniture brands and retailers in the market. This has increased competition and brought in new products and designs, further fueling the growth of the market. In conclusion, the Furniture market in Ghana is experiencing growth and development driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards modern and contemporary designs, the demand for eco-friendly furniture, the rise of online shopping, the growing middle class, urbanization, and stable economic growth are all contributing to the positive trajectory of the market.
Data coverage:
Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories 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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights