Home Décor - Papua New Guinea | Statista Market Forecast

In Papua New Guinea, the Home Décor market Segment generates a revenue of US$7.38m in 2024.
It is projected to experience an annual growth rate of 1.73% (CAGR 2024-2029).
Comparatively, United States leads the global market with a revenue of US$35bn in 2024.
When considering the population, the per person revenue for Home Décor market amounts to US$0.70 in 2024.
Papua New Guinea's home décor market is experiencing a surge in demand for traditional tribal-inspired furniture and handmade artisanal crafts.

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 Papua New Guinea is experiencing significant growth and development. Customer preferences are shifting towards more modern and stylish home décor options, driving the demand for a wide range of products. This trend is being fueled by several factors, including increasing disposable income, urbanization, and a growing middle class.

Customer preferences: in Papua New Guinea are evolving, with consumers seeking out home décor that reflects their personal style and taste. There is a growing demand for modern and contemporary designs, as well as unique and handmade pieces. Customers are also looking for products that are durable and of high quality, as they want their home décor to last for a long time. One of the key trends in the Home Décor market in Papua New Guinea is the increasing popularity of eco-friendly and sustainable 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 and produced in an environmentally friendly manner. This trend is driving the demand for home décor items made from natural materials such as bamboo, rattan, and recycled materials. Another trend in the market is the growing popularity of online shopping for home décor products. With the increasing availability of internet access and the convenience of online shopping, more consumers are turning to online platforms to purchase their home décor items. This trend is driving the growth of e-commerce in the Home Décor market in Papua New Guinea, with both local and international retailers expanding their online presence to cater to the growing demand. Local special circumstances in Papua New Guinea also contribute to the development of the Home Décor market. The country's rich cultural heritage and diverse ethnic groups provide a unique opportunity for the creation and sale of traditional and indigenous home décor products. These products, which often feature intricate designs and craftsmanship, are sought after by both local and international customers. Underlying macroeconomic factors, such as increasing disposable income and urbanization, are also driving the growth of the Home Décor market in Papua New Guinea. As the country's economy continues to grow, more individuals and households are able to afford home décor products. Additionally, the rapid pace of urbanization is leading to the construction of new homes and the renovation of existing ones, creating a strong demand for home décor items. In conclusion, the Home Décor market in Papua New Guinea is experiencing significant growth and development. Customer preferences are shifting towards more modern and stylish home décor options, and there is a growing demand for eco-friendly and sustainable products. Online shopping is also becoming increasingly popular, driving the growth of e-commerce in the market.

Local special circumstances: such as the country's cultural heritage and diverse ethnic groups, contribute to the development of unique home décor products.

Underlying macroeconomic factors: including increasing disposable income and urbanization, are also driving the growth of the market.

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.