Home Décor - Panama | Statista Market Forecast

In Panama, the revenue in the Home Décor market Segment reaches US$96.71m in 2024.
It is projected that the market will experience an annual growth rate of 2.06% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue in this segment, amounting to US$35bn in 2024.
Looking at the per person revenues in relation to the total population, it is estimated that in 2024, each person in Panama generates US$21.36 in revenue.
Panama's home décor market is experiencing a surge in demand for tropical-inspired designs, catering to the country's unique climate and vibrant culture.

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 Panama has been experiencing significant growth in recent years, driven by a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in Panama have shifted towards more modern and contemporary home décor styles. This can be attributed to the increasing influence of global trends and the desire for a more minimalist and streamlined aesthetic. Customers are also seeking out eco-friendly and sustainable home décor options, reflecting a growing awareness of environmental issues. Additionally, there is a preference for locally made and artisanal products, as customers value unique and handcrafted items that add a personal touch to their homes.

Trends in the market: have played a key role in driving the growth of the Home Décor market in Panama. The rise of e-commerce has made it easier for customers to access a wide range of home décor products, both from local and international retailers. This has increased competition in the market and led to a greater variety of options for customers to choose from. Social media platforms have also had a significant impact, as customers are increasingly using platforms such as Instagram and Pinterest for inspiration and to discover new home décor trends. Influencers and interior design bloggers have become influential in shaping customer preferences and driving sales.

Local special circumstances: in Panama have also contributed to the growth of the Home Décor market. The country's strong economic performance and rising disposable incomes have allowed more people to invest in their homes and prioritize home décor. Additionally, the growing tourism industry in Panama has created a demand for high-quality home décor products, as visitors seek to bring a piece of the country's unique aesthetic back to their own homes.

Underlying macroeconomic factors: have further supported the growth of the Home Décor market in Panama. The stable political environment and favorable business climate have attracted both local and international retailers to invest in the market. The construction industry has also been a driving force, as new residential and commercial developments create a demand for home décor products. The government's focus on promoting tourism and attracting foreign investment has contributed to the overall economic growth and increased consumer spending power. In conclusion, the Home Décor market in Panama is experiencing significant growth due to customer preferences for modern and sustainable products, trends in the market driven by e-commerce and social media, local special circumstances such as rising disposable incomes and a growing tourism industry, and underlying macroeconomic factors including a stable political environment and favorable business climate. This growth is expected to continue as more customers prioritize home décor and seek out unique and high-quality products for their homes.

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.