Furniture - Haiti

Haiti

In Haiti, the revenue in the Furniture market is estimated to reach US$407.00m in 2024.
It is projected to experience an annual growth rate of 6.95% (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$159.60m in 2024.
When compared globally, in the United States generates the highest revenue in this market, amounting to US$264bn in 2024.
In terms of per capita figures, each person in Haiti generates revenues of US$34.30 in 2024.
Despite its economic challenges, the demand for locally-made and sustainable furniture is growing steadily in Haiti.

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 Haiti has been experiencing significant growth in recent years, driven by changing customer preferences and favorable macroeconomic factors.

Customer preferences: Haitian customers are increasingly looking for furniture that combines functionality with aesthetics. They value well-designed and durable furniture that can withstand the tropical climate of the country. Additionally, there is a growing demand for furniture that is made from sustainable materials and produced using environmentally friendly processes. Haitian customers also appreciate furniture that reflects their cultural heritage and traditions, with many opting for locally made pieces that showcase traditional craftsmanship.

Trends in the market: One of the key trends in the Haitian furniture market is the rise of online shopping. With the increasing availability of internet access and the convenience it offers, more and more customers are turning to online platforms to purchase furniture. This trend has been further accelerated by the COVID-19 pandemic, which has limited physical shopping options. As a result, e-commerce platforms specializing in furniture have seen a surge in popularity, providing customers with a wide range of options and the ability to compare prices and features. Another trend in the market is the growing popularity of multifunctional furniture. As living spaces in Haiti tend to be relatively small, customers are seeking furniture that can serve multiple purposes and maximize the use of limited space. This includes items such as sofa beds, storage ottomans, and folding tables. The demand for multifunctional furniture is also driven by the increasing number of people working from home, as they require furniture that can adapt to their changing needs throughout the day.

Local special circumstances: Haiti's unique cultural heritage and artistic traditions have a significant influence on the furniture market. Many customers prefer furniture that is handcrafted by local artisans, using traditional techniques and materials. This not only supports the local economy but also provides customers with unique and one-of-a-kind pieces that reflect their cultural identity. In addition, the Haitian government has implemented policies to promote the local furniture industry, including tax incentives and support for training programs for artisans.

Underlying macroeconomic factors: The Haitian economy has been growing steadily in recent years, which has contributed to the growth of the furniture market. Rising disposable incomes and a growing middle class have increased the purchasing power of consumers, allowing them to invest in higher-quality furniture. Additionally, the construction sector in Haiti has been booming, with an increasing number of residential and commercial projects. This has created a demand for furniture to furnish these new spaces, further driving the growth of the market. In conclusion, the Furniture market in Haiti is experiencing growth due to changing customer preferences, such as a preference for well-designed and durable furniture that reflects their cultural heritage. The market is also influenced by trends such as the rise of online shopping and the demand for multifunctional furniture. Local special circumstances, including the influence of Haiti's cultural heritage and government support for the local furniture industry, further contribute to the market's development. Lastly, favorable macroeconomic factors, including economic growth and a booming construction sector, support the growth of the furniture market in Haiti.

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.