Home Décor - Latvia | Statista Market Forecast

In Latvia, the revenue in the Home Décor market Segment reaches US$30.42m in 2024.
Looking ahead, the market is projected to experience an annual growth rate of 1.61% (CAGR 2024-2029).
When compared globally, United States stands out as the leader, generating a revenue of US$35bn in 2024.
In terms of per capita figures, each person in Latvia contributes US$16.80 in revenue in 2024.
Latvia's home décor market is experiencing a surge in demand for traditional Latvian craftsmanship, with consumers seeking unique, locally-made pieces to add cultural authenticity to their homes.

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 Latvia is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in the Home Décor market in Latvia are shifting towards more modern and minimalist designs. Customers are increasingly looking for sleek and contemporary furniture and accessories that enhance the overall aesthetic of their homes. This preference for modern designs is influenced by global trends in interior design and the desire for a clean and uncluttered living space. Additionally, customers are also placing a greater emphasis on sustainability and eco-friendly materials in their home décor choices. Trends in the Home Décor market in Latvia include the rising popularity of Scandinavian design. The clean lines, natural materials, and functionality of Scandinavian furniture and accessories resonate with Latvian customers who appreciate the simplicity and elegance of this style. Another trend is the increasing demand for home office furniture and accessories, as remote work and flexible working arrangements become more prevalent. Customers are seeking comfortable and stylish office furniture that fits seamlessly into their homes.

Local special circumstances: in Latvia are contributing to the growth of the Home Décor market. The country has a rich cultural heritage and a strong tradition of craftsmanship, which is reflected in the locally produced home décor products. Customers appreciate the unique and handcrafted pieces that showcase the skills of local artisans. Additionally, latvia's growing tourism industry is also driving demand for home décor products, as visitors seek to take home souvenirs that capture the essence of Latvian culture and design.

Underlying macroeconomic factors: are also playing a role in the development of the Home Décor market in Latvia. The country's stable economy and increasing disposable income levels have led to higher consumer spending on home furnishings and décor. As people have more money to invest in their homes, they are willing to spend on high-quality and aesthetically pleasing products. Furthermore, the growth of e-commerce has made it easier for customers to access a wide range of home décor options, both from local and international retailers. In conclusion, the Home Décor market in Latvia is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards modern and minimalist designs, the popularity of Scandinavian style, and the demand for home office furniture are driving the market forward. The country's cultural heritage, growing tourism industry, stable economy, and increasing disposable income levels are also contributing to the market's growth.

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.