Home Décor - Benin

Benin

In Benin, the revenue generated in the Home Décor market Segment amounted to US$12.97m in 2024.
It is projected that the market will experience an annual growth rate of 3.17% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, reaching US$35,440m in 2024.
In terms of per capita figures, the revenue per person in Benin is US$0.92 in 2024.
Benin's home décor market is experiencing a surge in demand for traditional African art and handcrafted furniture.

Key regions: India, France, United States, Canada, Denmark

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Analyst Opinion

The Home Décor market in Benin has been experiencing significant growth in recent years. Customer preferences have shifted towards more modern and stylish home furnishings, driving the demand for a wide range of home décor products. This trend can be attributed to the increasing urbanization and rising disposable income levels in the country.

Customer preferences: in the Home Décor market in Benin have evolved from traditional and rustic designs to more contemporary and minimalist styles. Consumers are increasingly looking for products that reflect their personal taste and lifestyle. This has led to a growing demand for products such as modern furniture, decorative items, and trendy home accessories. Additionally, there is a rising interest in eco-friendly and sustainable home décor options, as consumers become more conscious of the environmental impact of their choices. The market is also witnessing a shift towards online shopping for home décor products. This can be attributed to the convenience and wide variety of options available online. e-commerce platforms have made it easier for consumers in Benin to access a wider range of products, including those from international brands. This trend has also been fueled by the covid-19 pandemic, which has accelerated the adoption of online shopping across various sectors. Local special circumstances in Benin, such as the country's rich cultural heritage and craftsmanship, have also influenced the Home Décor market. Traditional crafts and artisanal products are highly valued by consumers, and there is a growing demand for locally-made home décor items. This presents an opportunity for local artisans and small businesses to showcase their skills and cater to the preferences of the domestic market. Underlying macroeconomic factors, such as the country's economic growth and increasing urbanization, have played a significant role in the development of the Home Décor market in Benin. As the economy expands, more people are able to afford home décor products, leading to increased demand. The growing urban population, coupled with the rising number of households, has also contributed to the market growth. In conclusion, the Home Décor market in Benin is experiencing growth due to changing customer preferences, increasing urbanization, rising disposable income levels, and the shift towards online shopping.

Local special circumstances: such as the country's cultural heritage and craftsmanship, further contribute to the market development. The

Underlying macroeconomic factors: including economic growth and urbanization, provide a favorable environment for the market to thrive.

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.