Furniture - Guatemala

Guatemala

In Guatemala, the revenue in the Furniture market reaches US$316.40m in 2024.
This market is projected to experience an annual growth rate of 2.63% (CAGR 2024-2029).
Among the various segments within the Furniture market, the largest one is the Living Room Furniture segment, which has a market volume of US$109.30m in 2024.
When comparing this to global figures, it is worth noting that in the United States generates the highest revenue at US$264bn in 2024.
In terms of per capita figures, the revenue generated per person in Guatemala's Furniture market amounts to US$17.24 in 2024.
Guatemala's furniture market is experiencing a surge in demand for handcrafted, artisanal pieces, reflecting a growing appreciation for traditional craftsmanship and unique designs.

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 Guatemala has been experiencing steady growth over the past few years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: in the Furniture market in Guatemala have been shifting towards more modern and contemporary designs. Customers are increasingly looking for furniture that is not only functional but also aesthetically pleasing. This change in preference can be attributed to the influence of global design trends and the desire for more stylish and fashionable furniture options. Additionally, customers are also placing a greater emphasis on the quality and durability of furniture, as they seek products that can withstand the test of time. One of the key trends in the Furniture market in Guatemala is the rising demand for eco-friendly and sustainable furniture. As customers become more environmentally conscious, they are seeking furniture made from sustainable materials and produced using eco-friendly manufacturing processes. This trend is in line with the global movement towards sustainability and the increasing awareness of the environmental impact of the furniture industry. Manufacturers and retailers in Guatemala are responding to this trend by offering a wider range of eco-friendly furniture options. Another trend in the market is the growing popularity of online furniture shopping. With the increasing penetration of internet and smartphones in Guatemala, more customers are opting to shop for furniture online. This trend is driven by the convenience and ease of online shopping, as well as the availability of a wider range of products and competitive prices. Online furniture retailers are capitalizing on this trend by offering attractive discounts, free delivery, and easy return policies.

Local special circumstances: in Guatemala also play a role in the development of the Furniture market. The country has a rich tradition of craftsmanship, with many skilled artisans specializing in furniture making. This has led to the availability of high-quality, handcrafted furniture that appeals to both domestic and international customers. Additionally, Guatemala has a growing middle class with increasing disposable incomes, which has contributed to the growth of the furniture market. The rising urbanization and construction activities in the country have also created a demand for furniture for residential and commercial spaces. Underlying macroeconomic factors such as gdp growth, inflation, and interest rates also influence the development of the Furniture market in Guatemala. A stable and growing economy provides consumers with the confidence to make big-ticket purchases such as furniture. Additionally, low inflation and interest rates make it more affordable for customers to finance their furniture purchases. These macroeconomic factors create a favorable environment for the growth of the furniture market in Guatemala. In conclusion, the Furniture market in Guatemala is developing in response to changing customer preferences, emerging trends, and local special circumstances. The shift towards modern and contemporary designs, the demand for eco-friendly furniture, and the rise of online shopping are driving the growth of the market. The country's rich tradition of craftsmanship, growing middle class, and favorable macroeconomic factors further contribute to the development of the market.

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.