Home Décor - Ghana | Statista Market Forecast

In Ghana, the revenue in the Home Décor market Segment for the year 2024 is estimated to be US$125.10m.
It is projected to experience an annual growth rate of 4.72% (CAGR 2024-2029).
When compared to other countries worldwide, United States leads in terms of revenue generation, with an expected revenue of US$35bn in 2024.
In relation to the total population of Ghana, the per person revenue in the Home Décor market Segment is US$3.60 in 2024.
The demand for locally handcrafted home décor items in Ghana is on the rise due to the growing appreciation for traditional craftsmanship.

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 Ghana is experiencing significant growth and development in recent years. Customer preferences in the Home Décor market in Ghana are shifting towards more modern and contemporary designs. Consumers are increasingly looking for unique and stylish home décor items that reflect their personal taste and lifestyle. This trend is driven by the growing middle class in Ghana, who have higher disposable incomes and are willing to spend more on home furnishings and decorations. Additionally, the influence of social media and the internet has made it easier for consumers to access and discover new home décor trends and ideas, further fueling the demand for modern and trendy designs. One of the key trends in the Home Décor market in Ghana is the increasing popularity of locally made and artisanal products. Consumers in Ghana are becoming more conscious of supporting local businesses and artisans, and are actively seeking out products that are made in Ghana. This trend is driven by a desire for authenticity and a connection to local culture and craftsmanship. As a result, there has been a rise in the number of small-scale home décor businesses and artisans in Ghana, offering unique and handmade products that cater to this demand. Another trend in the market is the growing interest in sustainable and eco-friendly home décor products. Consumers in Ghana are becoming more aware of the environmental impact of their purchasing decisions and are seeking out products that are made from sustainable materials and produced using eco-friendly practices. This trend is in line with the global movement towards sustainability and conscious consumerism, and is likely to continue driving demand for eco-friendly home décor products in Ghana. Local special circumstances in Ghana, such as the rich cultural heritage and traditional craftsmanship, also play a significant role in shaping the Home Décor market. Traditional Ghanaian motifs and designs are often incorporated into home décor products, adding a unique and authentic touch to the overall aesthetic. Additionally, the use of natural materials such as wood, clay, and woven fibers is common in Ghanaian home décor, reflecting the country's natural resources and traditional craftsmanship. Underlying macroeconomic factors, such as gdp growth and urbanization, are also contributing to the development of the Home Décor market in Ghana. As the economy continues to grow and more people move to urban areas, there is an increasing demand for home furnishings and decorations. This trend is further supported by the government's efforts to promote the real estate sector and improve housing conditions, which is driving the demand for home décor products. In conclusion, the Home Décor market in Ghana is experiencing growth and development due to changing

Customer preferences: the popularity of locally made and sustainable products,

Local special circumstances: and

Underlying macroeconomic factors:. As the market continues to evolve, it presents opportunities for both local and international businesses to tap into the growing demand for stylish and unique home décor products in Ghana.

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.