Home Décor - Namibia | Statista Market Forecast

In Namibia, the revenue in the Home Décor market Segment for the year 2024 totals US$37.56m.
Experts predict an annual growth rate of 0.96% (CAGR 2024-2029).
When compared to other countries around Worldwide, United States leads the way with a revenue of US$35bn in 2024.
Looking at the population figures, the per person revenue in Namibia is US$14.20 in 2024.
Namibian consumers are increasingly gravitating towards handcrafted and locally sourced home décor items to showcase their appreciation for the country's rich cultural heritage.

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 Namibia has been experiencing significant growth in recent years. Customer preferences have shifted towards more modern and stylish home décor items, reflecting global trends in the market. This has led to an increase in demand for a wide range of products, including furniture, lighting, textiles, and accessories.

Customer preferences: Namibian consumers are increasingly seeking out home décor items that reflect their personal style and taste. There is a growing demand for unique and customized products that can make a statement in their homes. This trend is driven by the desire to create a comfortable and aesthetically pleasing living space.

Trends in the market: One of the major trends in the Namibian home décor market is the preference for sustainable and eco-friendly products. Consumers are becoming more conscious of the environmental impact of their purchases and are actively seeking out products that are made from sustainable materials or produced using environmentally friendly processes. Another trend in the market is the increasing popularity of minimalist and Scandinavian-inspired designs. These styles emphasize simplicity, clean lines, and functionality, which resonate with Namibian consumers who appreciate a clutter-free and organized living space.

Local special circumstances: Namibia's unique cultural heritage and diverse ethnic groups also influence the home décor market. Traditional Namibian crafts, such as woven baskets, pottery, and wood carvings, are highly valued by both locals and tourists. These handmade items add a touch of authenticity and cultural richness to any home.

Underlying macroeconomic factors: The growing middle class in Namibia has contributed to the expansion of the home décor market. As disposable incomes rise, consumers have more purchasing power to invest in their homes. Additionally, urbanization and the development of new housing projects have created a demand for home décor products, as people move into new homes or renovate existing ones. Furthermore, the increasing availability of online shopping platforms has made it easier for Namibian consumers to access a wide range of home décor products. This has opened up new opportunities for both local and international retailers to reach a larger customer base and expand their market share. In conclusion, the Home Décor market in Namibia is experiencing growth due to changing customer preferences, including a shift towards more modern and sustainable designs. The market is also influenced by local cultural traditions and the increasing purchasing power of the middle class. Overall, the future looks promising for the home décor industry in Namibia as consumers continue to prioritize creating a comfortable and stylish living environment.

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.