Home Décor - Equatorial Guinea | Statista Market Forecast

in Equatorial Guinea, known for its rich cultural heritage, is also a part of the global Home Décor market.
In 2024, the revenue in the Home Décor market Segment of Equatorial Guinea amounted to US$23.86m, reflecting the country's contribution to the industry.
Looking ahead, the market is expected to witness an annual growth rate of 0.17% (CAGR 2024-2029), indicating potential opportunities for further development.
When comparing the revenue generated in the Home Décor market on a global scale, it becomes evident that United States leads the pack with a staggering revenue of US$35bn in 2024.
This highlights the dominance of the US market in the industry.
To gain a more nuanced perspective, it is essential to consider the per person revenues generated in Equatorial Guinea.
In 2024, the per person revenue in the Home Décor market amounted to US$13.60.
This figure reflects the average revenue generated for each individual in the country, providing insight into the purchasing power and market potential withEquatorial_Guinea.
As in Equatorial Guinea continues to participate in the Home Décor market, it remains poised for growth and development, contributing to the overall global landscape of the industry.
Equatorial Guinea's home décor market is seeing a surge in demand for vibrant and colorful African-inspired textiles and accessories.

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 Equatorial Guinea is experiencing significant growth and development. Customer preferences in the country are shifting towards more modern and stylish home décor products. This trend is driven by a combination of factors, including increased urbanization, rising disposable incomes, and a growing middle class.

Customer preferences: Equatorial Guinea is undergoing rapid urbanization, with more people moving to cities and towns in search of better job opportunities and improved living standards. As a result, there is a growing demand for home décor products that reflect modern and contemporary styles. Customers in Equatorial Guinea are increasingly looking for sleek and minimalist designs that create a sense of space and elegance in their homes. They are also drawn to products that are made from high-quality materials and offer durability and functionality.

Trends in the market: One of the key trends in the Home Décor market in Equatorial Guinea is the increasing popularity of eco-friendly and sustainable products. Customers are becoming more conscious of the environmental impact of their purchasing decisions and are seeking out products that are made from renewable materials and have minimal carbon footprints. This trend is driven by global concerns about climate change and the desire to create a more sustainable future. Another trend in the market is the growing demand for customized and personalized home décor products. Customers in Equatorial Guinea are looking for unique and one-of-a-kind pieces that reflect their individual tastes and preferences. This trend is fueled by the desire for self-expression and the need to create a home environment that is distinct and personal.

Local special circumstances: Equatorial Guinea has a unique cultural heritage that influences customer preferences in the Home Décor market. Traditional African motifs and designs are often incorporated into home décor products, providing a sense of identity and connection to the local culture. Customers in Equatorial Guinea appreciate products that celebrate their heritage and reflect their cultural roots.

Underlying macroeconomic factors: The growth and development of the Home Décor market in Equatorial Guinea can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced sustained economic growth in recent years, driven by its natural resource wealth, particularly in the oil and gas sector. This has led to an increase in disposable incomes and a rise in consumer spending on home décor products. Secondly, the expanding middle class in Equatorial Guinea has contributed to the growth of the Home Décor market. As more people move out of poverty and into the middle class, they have more disposable income to spend on non-essential items, including home décor. This has created a larger customer base for home décor retailers and manufacturers. In conclusion, the Home Décor market in Equatorial Guinea is developing in response to changing customer preferences and underlying macroeconomic factors. The shift towards modern and stylish home décor products, the growing demand for eco-friendly and personalized items, and the influence of local cultural heritage are driving the market's growth. Additionally, sustained economic growth and the expanding middle class are contributing to increased consumer spending on home décor products.

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.