Home Office Furniture - Ghana

Ghana

In Ghana, the Home Office Furniture market recorded a revenue of US$18.84m in 2024.
It is anticipated that this market will experience an annual growth rate of 0.42% from 2024 to 2029.
When compared to other countries worldwide, in the United States leads in terms of revenue generation, reaching a staggering US$18,920m in 2024.
To put this into perspective, in Ghana, the per person revenue in the Home Office Furniture market amounts to US$0.54 in 2024.
This figure is calculated by dividing the total revenue by the population.
Ghanaian consumers are increasingly investing in ergonomic home office furniture to enhance productivity and create a comfortable working environment.

Key regions: Germany, Brazil, United Kingdom, Denmark, China

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Analyst Opinion

The Home Office Furniture market in Ghana has been experiencing significant growth in recent years.

Customer preferences: Customers in Ghana are increasingly prioritizing comfort and functionality when it comes to home office furniture. They are looking for ergonomic designs that promote good posture and reduce the risk of musculoskeletal disorders. Additionally, there is a growing demand for multi-purpose furniture that can serve as both a workspace and storage solution.

Trends in the market: One of the key trends in the Home Office Furniture market in Ghana is the rise of remote work. With advancements in technology and the increasing availability of internet access, more people are opting to work from home. This trend has been accelerated by the COVID-19 pandemic, which has forced many companies to adopt remote work policies. As a result, there is a growing need for home office furniture that can support productivity and create a comfortable working environment. Another trend in the market is the growing interest in sustainable and eco-friendly furniture. Customers in Ghana are becoming more conscious of the environmental impact of their purchases and are seeking out furniture made from renewable materials and produced using sustainable manufacturing processes.

Local special circumstances: Ghana has a young and rapidly growing population, which is driving demand for home office furniture. As more young professionals enter the workforce, there is an increasing need for furniture that can accommodate their work-from-home needs. Additionally, the rise of entrepreneurship in Ghana has created a demand for home office furniture among small business owners and freelancers.

Underlying macroeconomic factors: The Ghanaian economy has been experiencing steady economic growth in recent years. This has led to an increase in disposable income and consumer spending. As a result, more people are able to afford home office furniture and are willing to invest in creating a comfortable and productive workspace at home. Furthermore, the government of Ghana has been implementing policies to promote the growth of the manufacturing sector. This has led to an increase in the production of furniture locally, making it more accessible and affordable for consumers. In conclusion, the Home Office Furniture market in Ghana is growing due to the increasing demand for comfortable and functional furniture, driven by the rise of remote work and the growing interest in sustainable products. The young and growing population, along with the steady economic growth and government support for the manufacturing sector, are also contributing to the market's development.

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.