Home Décor - Togo | Statista Market Forecast

In Togo, the Home Décor market Segment generates a revenue of US$2.56m in 2024.
It is projected to experience an annual growth rate of 1.19% (CAGR 2024-2029).
When compared to the global market, United States leads with a revenue of US$35bn in 2024.
Looking at the per capita figures, each person in Togo generates a revenue of US$0.28 in 2024.
The demand for traditional African home decor items is surging in Togo, as more individuals seek to embrace their cultural heritage in their living spaces.

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 Togo is experiencing significant growth and development, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: in the Home Décor market in Togo are shifting towards more modern and contemporary styles, as consumers seek to create stylish and comfortable living spaces. There is a growing demand for sleek furniture designs, minimalist home accessories, and vibrant colors that add a touch of personality to the interiors. Additionally, customers are increasingly looking for eco-friendly and sustainable home décor products, reflecting a global trend towards environmental consciousness. Trends in the Home Décor market in Togo include the rising popularity of online shopping, which allows customers to conveniently browse and purchase a wide range of home décor products. Online platforms offer a vast selection of items, competitive prices, and convenient delivery options, making it an attractive option for consumers. Furthermore, the market is witnessing an increased interest in handmade and artisanal home décor products, as customers appreciate the unique and authentic qualities of these items. This trend aligns with a growing appreciation for craftsmanship and the desire to support local artisans.

Local special circumstances: in Togo contribute to the development of the Home Décor market. Togo has a rich cultural heritage, and this is reflected in the home décor preferences of its residents. Traditional African motifs, vibrant prints, and locally sourced materials are often incorporated into home interiors, adding a distinct and authentic touch. Additionally, togo's growing middle class and urbanization have led to an increase in disposable income and a desire for improved living standards. As a result, consumers are willing to invest in high-quality home décor products to enhance their homes. Underlying macroeconomic factors also play a role in the development of the Home Décor market in Togo. Economic stability and a growing gdp contribute to increased consumer spending power, allowing individuals to allocate more funds towards home décor. Furthermore, urbanization and the expansion of the real estate sector create opportunities for the Home Décor market, as new homeowners and renters seek to furnish and decorate their spaces. Additionally, government initiatives to promote the local manufacturing industry and support small businesses contribute to the growth of the home décor sector. In conclusion, the Home Décor market in Togo is experiencing growth and development driven by changing customer preferences, emerging trends, local special circumstances, and

Underlying macroeconomic factors:. As consumers in Togo seek to create stylish and comfortable living spaces, there is a growing demand for modern and contemporary home décor products. The market is witnessing trends such as online shopping and an interest in handmade and artisanal items. Local special circumstances, including togo's cultural heritage and growing middle class, contribute to the development of the market. Underlying macroeconomic factors such as economic stability and urbanization also play a role in the market's growth.

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.