Home Décor - Malawi | Statista Market Forecast

In 2024, the Home Décor market Segment in Malawi generated a revenue of US$4.54m.
It is projected to experience an annual growth rate of 3.84% (CAGR 2024-2029).
When compared to the global market, United States leads with a revenue of US$35bn in 2024.
In terms of per capita figures, the revenue per person in Malawi amounted to US$0.21 in 2024.
Malawi's home décor market is embracing traditional craftsmanship, with an increasing demand for locally-made furniture and artisanal home 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 Malawi is experiencing significant growth and development. Customer preferences are shifting towards more modern and stylish home décor products, driving the demand for innovative and high-quality designs. This trend is in line with the global market, where consumers are increasingly seeking unique and personalized home décor items.

Customer preferences: In Malawi, customers are increasingly looking for home décor products that reflect their individual style and personality. They are seeking out items that are not only functional but also aesthetically pleasing. This has led to a growing demand for modern and contemporary home décor pieces, such as sleek furniture, minimalist accessories, and bold statement pieces. Customers are also showing a preference for sustainable and eco-friendly products, as environmental consciousness becomes an important factor in purchasing decisions.

Trends in the market: One of the key trends in the home décor market in Malawi is the rise of online shopping. With the increasing availability of internet access and the convenience of online shopping platforms, more customers are turning to online retailers to purchase home décor products. This trend is also driven by the wide range of options available online, allowing customers to easily compare prices and styles before making a purchase. Another trend in the market is the growing popularity of locally made home décor products. Customers are increasingly interested in supporting local artisans and craftsmen, leading to a rise in demand for handmade and locally sourced home décor items. This trend not only contributes to the growth of the local economy but also provides customers with unique and one-of-a-kind pieces for their homes.

Local special circumstances: Malawi's home décor market is influenced by its rich cultural heritage and traditional craftsmanship. Traditional Malawian designs and motifs are often incorporated into modern home décor products, creating a unique blend of traditional and contemporary styles. This fusion of old and new adds a distinct character to Malawian home décor and sets it apart from other markets.

Underlying macroeconomic factors: The growth of the home décor market in Malawi can be attributed to several underlying macroeconomic factors. The country's improving economic conditions and rising disposable incomes have contributed to an increase in consumer spending on home décor products. Additionally, the growing urbanization in Malawi has led to a higher demand for home décor items as more people move into urban areas and seek to furnish their homes. Overall, the Home Décor market in Malawi is experiencing a positive growth trajectory. Customer preferences for modern and stylish home décor products, the rise of online shopping, the popularity of locally made items, and the influence of traditional craftsmanship are all contributing to the development of the market. With favorable macroeconomic conditions and an increasing focus on sustainability, the future of the home décor market in Malawi looks promising.

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.