Furniture - Guyana

Guyana

Highlights

In 2024, the revenue in the Furniture market in Guyana is estimated to be US$89.92m.
It is projected to grow at an annual rate of 7.87% (CAGR 2024-2029).
The largest segment in this market is the Living Room Furniture segment, which is expected to have a market volume of US$37.33m in 2024.
When compared globally, United States generates the highest revenue in this market, amounting to US$264bn in 2024.
In terms of per capita revenue, in Guyana is expected to generate US$109.70 per person in 2024.
The furniture market in Guyana is experiencing a surge in demand for locally made, sustainable wooden furniture.

Key regions:

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 definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The furniture market in Guyana has been experiencing significant growth in recent years. Customer preferences have shifted towards more modern and stylish furniture, while local special circumstances and underlying macroeconomic factors have also played a role in driving the market forward.

Customer preferences: in the furniture market in Guyana have changed over time. Consumers are now looking for furniture that is not only functional but also aesthetically pleasing. Modern and stylish furniture designs have become increasingly popular, reflecting a desire for contemporary and trendy living spaces. Additionally, there is a growing demand for furniture that is durable and of high quality, as customers are willing to invest in long-lasting pieces. Trends in the market have also contributed to its development. The rise of e-commerce has made it easier for consumers to access a wider range of furniture options, both domestically and internationally. Online retailers offer a convenient shopping experience, with the ability to compare prices and read customer reviews. This has led to increased competition among furniture retailers, forcing them to improve their product offerings and customer service.

Local special circumstances: in Guyana have had an impact on the furniture market. The country's growing middle class has led to an increase in disposable income, allowing more people to afford higher-quality furniture. Additionally, the government's focus on infrastructure development has led to an increase in construction activities, which in turn has created a demand for furniture for new homes and offices. As a result, the furniture market has experienced a boost in sales and revenue.

Underlying macroeconomic factors: have also played a role in the development of the furniture market in Guyana. The country's stable economic growth and low inflation rate have provided a favorable environment for businesses to thrive. This has attracted both domestic and foreign investments in the furniture industry, leading to the establishment of new furniture stores and manufacturing facilities. Furthermore, the government's efforts to promote tourism have resulted in an increase in the number of hotels and resorts, creating a demand for furniture in the hospitality sector. In conclusion, the furniture market in Guyana is growing due to changing customer preferences,

Trends in the market: local special circumstances, and underlying macroeconomic factors. Consumers are increasingly looking for modern and stylish furniture, while the rise of e-commerce has made it easier for them to access a wider range of options. The country's growing middle class, infrastructure development, and stable economic growth have also contributed to the market's development. As a result, the furniture market in Guyana is expected to continue to expand in the coming years.

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.