Home Décor - Nigeria | Statista Market Forecast

In Nigeria, the Home Décor market Segment records a revenue of ₦US$1.10bn in 2024.
It is projected to experience an annual growth rate of 3.18% (CAGR 2024-2029).
When compared to other countries worldwide, United States leads the market with a revenue of US$35bn in 2024.
Considering the population, the per person revenue amounts to ₦US$4.80 in 2024.
The Nigerian home décor market is experiencing a surge in demand for traditional African-inspired furniture 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 Nigeria has been experiencing significant growth in recent years.

Customer preferences: Nigerian customers are increasingly looking to personalize their living spaces and create a unique atmosphere in their homes. As a result, there is a growing demand for home décor products that reflect their individual style and taste. Customers are also becoming more conscious of the quality and durability of home décor items, preferring products that are both aesthetically pleasing and long-lasting. Additionally, there is a rising interest in eco-friendly and sustainable home décor options, as customers seek to minimize their environmental impact.

Trends in the market: One of the key trends in the Nigerian Home Décor market is the growing popularity of locally-made products. Nigerian artisans and craftsmen are known for their skill and creativity, and customers are increasingly appreciating the value of supporting local talent. This has led to a surge in the availability and variety of locally-made home décor items, ranging from handcrafted furniture to unique decorative pieces. Another trend is the integration of technology in home décor products. Smart home devices, such as voice-controlled lighting systems and automated window blinds, are gaining traction among Nigerian consumers who value convenience and innovation.

Local special circumstances: Nigeria's rapidly urbanizing population is a major driver of the Home Décor market. As more people move to cities and settle into their own homes, there is a growing need for home décor products to furnish and decorate these spaces. Additionally, Nigeria's large and diverse population, with over 250 ethnic groups, contributes to a rich and vibrant home décor market. Each ethnic group has its own unique cultural traditions and design aesthetics, resulting in a wide range of home décor styles and influences.

Underlying macroeconomic factors: Nigeria's economy has been gradually recovering from a period of recession, leading to increased consumer spending power. As disposable incomes rise, more Nigerians are able to invest in home décor products to enhance their living spaces. Furthermore, the growth of e-commerce platforms in Nigeria has made it easier for customers to access a wide range of home décor products from both local and international brands. This has expanded the market and provided customers with greater choice and convenience in their shopping experience. In conclusion, the Home Décor market in Nigeria is experiencing growth due to customer preferences for personalized and high-quality products, the popularity of locally-made items, the integration of technology, and the underlying macroeconomic factors of urbanization, cultural diversity, and increasing consumer spending power. As the market continues to evolve, it presents opportunities for both local and international home décor brands to cater to the diverse needs and preferences of Nigerian customers.

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.