Home Décor - Cyprus | Statista Market Forecast

In Cyprus, the revenue in the Home Décor market Segment for the year 2024 is estimated to be US$48.67m.
It is projected to experience an annual growth rate of 3.02% (CAGR 2024-2029).
When compared to other countries worldwide, United States leads with a revenue of US$35bn in 2024.
Looking at the per capita perspective, in 2024, each person in Cyprus generates revenues of US$38.37.
The home décor market in Cyprus is experiencing a surge in demand for traditional, handcrafted ceramic pottery.

Definition:

The Home Decor segment includes a variety of accessories and furnishings used to make a space more aesthetically appealing. Items in this segment can be found in virtually every room within the home and are typically used to showcase one’s unique style and creativity.

Structure:

The Home Decor segment is divided into four subsegments:

The Decorations subsegment refers to a variety of decorative items that are used to enhance the aesthetics of indoor spaces, such as wall art, decorative objects, vases, and sculptures
The Carpets & Rugs subsegment refers to products designed to cover and enhance the flooring of indoor spaces. These products range from large area rugs to small accent rugs, and are available in a variety of materials, colors, patterns, and textures, providing both functional and aesthetic value to the space.
The Candles subsegment covers decorative and aromatic wax-based products that are commonly used to provide mood lighting and fragrance to indoor spaces.
The Curtains & Blinds subsegment includes products designed to cover windows and regulate the amount of light that enters a room. This segment encompasses a wide range of styles and materials, from traditional drapes and blinds to modern shades and screens.

Additional Information:

The Home Decor segment consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This segment 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.

Candles
Curtains
Carpets & Rugs
Decorative Accessories

Flameless & Floating Candles
Shower Curtains
Smart Blinds
Clocks
Plants
Mirrors

The Home Décor market in Cyprus has experienced steady growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: in Cyprus have shifted towards more modern and contemporary home décor styles. Customers are increasingly looking for sleek and minimalist designs, with a focus on functionality and practicality. This preference for modern styles is reflected in the demand for furniture and accessories that are simple, yet elegant. Additionally, there is a growing interest in eco-friendly and sustainable products, as customers become more conscious of the environmental impact of their purchasing decisions. Trends in the Home Décor market in Cyprus are influenced by global and regional market trends, but also have their own unique characteristics. One trend that has gained popularity is the use of natural materials and textures in home décor. This includes the use of wood, stone, and other natural materials in furniture and accessories. Another trend is the incorporation of technology into home décor, such as smart home devices and automated lighting systems. These trends reflect the desire for a more connected and sustainable living environment.

Local special circumstances: in Cyprus also play a role in the development of the Home Décor market. The country's Mediterranean climate and outdoor lifestyle have led to an increased demand for outdoor furniture and accessories. Customers in Cyprus value outdoor living spaces and seek to create comfortable and stylish outdoor areas for relaxation and entertainment. Additionally, the tourism industry in Cyprus has a significant impact on the Home Décor market, as tourists often purchase home décor items as souvenirs or to furnish holiday homes. Underlying macroeconomic factors have also contributed to the growth of the Home Décor market in Cyprus. The country's improving economy and rising disposable incomes have increased consumer spending on home décor products. Additionally, the growth of e-commerce and online shopping has made it easier for customers to access a wide range of home décor products and compare prices. This has led to increased competition among retailers and a greater emphasis on offering unique and high-quality products to attract customers. Overall, the Home Décor market in Cyprus is developing in response to changing customer preferences, emerging trends, and local special circumstances. The market is driven by a desire for modern and sustainable designs, as well as a focus on outdoor living spaces. The country's improving economy and the growth of e-commerce have also contributed to the growth of the market. As the market continues to evolve, it is likely that new trends and customer preferences will emerge, shaping the future of the Home Décor market in Cyprus.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

From homeware to office furniture, even expanding over to pet care, the furniture industry is all-encompassing and ever-growing. Be it homes, schools, offices, or even outdoors, furniture is what gives a room its function and purpose.