Home Décor - Tanzania

Tanzania

In Tanzania, the revenue in the Home Décor market Segment in 2024 is recorded at US$116.50m.
It is projected that this market will experience an annual growth rate of 2.67% (CAGR 2024-2029).
When compared to other countries worldwide, in the United States leads in terms of revenue generation, with a staggering amount of US$35,440m in 2024.
On a per capita basis, the revenue generated per person in Tanzania's Home Décor market Segment in 2024 amounts to US$1.68.
Tanzania's home décor market is experiencing a surge in demand for traditional Maasai-inspired textiles and handmade furniture.

Key regions: India, France, United States, Canada, Denmark

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Analyst Opinion

The Home Décor market in Tanzania is experiencing significant growth and development in recent years. Customer preferences are shifting towards more modern and stylish home décor options, driving the demand for innovative and high-quality products. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the expansion of the market.

Customer preferences: in the Home Décor market in Tanzania have evolved to prioritize modern and stylish designs. Consumers are increasingly seeking products that reflect their personal style and enhance the overall aesthetic of their homes. This shift in preferences has led to a surge in demand for contemporary furniture, decorative accessories, and unique home accents. As a result, manufacturers and retailers are focusing on offering a wide range of trendy and fashionable home décor options to cater to the evolving tastes of customers. The market is also witnessing several trends that are driving its growth. One such trend is the increasing popularity of eco-friendly and sustainable home décor products. Consumers are becoming more conscious of the environmental impact of their purchases and are opting for products made from recycled materials or those that are produced using sustainable practices. This trend has led to the emergence of eco-friendly home décor brands and the adoption of sustainable manufacturing processes in the industry. Another trend in the Home Décor market in Tanzania is the growing demand for locally-made products. Consumers are showing a preference for products that are crafted by local artisans and showcase the cultural heritage of Tanzania. This trend has created opportunities for small-scale artisans and craftsmen to showcase their skills and promote traditional craftsmanship. It has also led to the development of a niche market for handcrafted and custom-made home décor items.

Local special circumstances: in Tanzania have played a role in the development of the Home Décor market. The country's growing middle class and increasing urbanization have resulted in higher disposable incomes and a greater focus on home improvement and interior design. As more Tanzanians move to urban areas and upgrade their living spaces, the demand for home décor products has surged. Additionally, the rise of online shopping platforms and e-commerce has made it easier for consumers to access a wide range of home décor options and compare prices, further fueling the growth of the market.

Underlying macroeconomic factors: such as stable economic growth and favorable government policies, have also contributed to the development of the Home Décor market in Tanzania. The country's strong economic performance has increased consumer purchasing power and boosted consumer confidence. This, coupled with government initiatives to promote local manufacturing and entrepreneurship, has created a conducive environment for the growth of the home décor industry. In conclusion, the Home Décor market in Tanzania is experiencing significant growth and development driven by shifting customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers seek more modern and stylish home décor options, manufacturers and retailers are adapting to meet their demands. The market is expected to continue its upward trajectory as the country's middle class expands and consumer preferences continue to evolve.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments 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.