Kitchen & Dining Furniture - Montenegro

Montenegro

In Montenegro, the revenue generated in the Kitchen & Dining Furniture market amounts to US$1.53m in 2024.
It is projected that the market will experience an annual growth rate of -1.76% (CAGR 2024-2029).
When comparing in Montenegro to other countries globally, in the United States generates the highest revenue in this segment, reaching US$38,810m in 2024.
In terms of per capita figures, in Montenegro generates US$2.44 in revenue per person in 2024.
Montenegro's growing interest in sustainable and locally sourced materials has driven a surge in demand for eco-friendly kitchen and dining furniture.

Key regions: Canada, United Kingdom, Brazil, Germany, India

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Analyst Opinion

The Kitchen & Dining Furniture market in Montenegro has been experiencing steady growth in recent years, driven by changing customer preferences and underlying macroeconomic factors.

Customer preferences: in Montenegro have shifted towards more modern and functional kitchen and dining furniture. With the rise of open-concept living spaces and smaller apartment sizes, customers are looking for furniture that maximizes space and offers multi-functionality. This has led to an increased demand for compact dining sets, kitchen islands with built-in storage, and modular furniture that can be easily customized to fit different spaces. Additionally, customers are increasingly interested in sustainable and eco-friendly furniture options, driving the demand for products made from recycled materials or certified sustainable wood. Trends in the market also reflect global and regional developments. The rise of e-commerce has had a significant impact on the Kitchen & Dining Furniture market in Montenegro, with more customers opting to purchase furniture online. This trend has been further accelerated by the covid-19 pandemic, which has led to an increase in online shopping across all sectors. As a result, both local and international furniture retailers have expanded their online presence and invested in digital marketing strategies to reach a wider customer base. Local special circumstances in Montenegro, such as the country's growing tourism industry, have also contributed to the development of the Kitchen & Dining Furniture market. Montenegro is known for its beautiful coastal landscapes and historic cities, attracting a large number of tourists each year. Many tourists choose to rent vacation homes or apartments, creating a demand for well-furnished and stylish properties. This has led to an increased demand for kitchen and dining furniture that is both functional and aesthetically pleasing, catering to the needs of both tourists and local residents.

Underlying macroeconomic factors: have also played a role in the growth of the Kitchen & Dining Furniture market in Montenegro. The country has experienced a period of stable economic growth, with rising disposable incomes and a growing middle class. As a result, more households are able to afford higher-quality furniture and are willing to invest in their homes. Additionally, Montenegro has seen an increase in foreign direct investment, particularly in the real estate sector. This has contributed to the development of new residential and commercial properties, driving the demand for kitchen and dining furniture. In conclusion, the Kitchen & Dining Furniture market in Montenegro is developing in response to changing customer preferences, global and regional trends,

Local special circumstances: and underlying macroeconomic factors. The market is expected to continue growing as customers seek modern and functional furniture, online shopping becomes more prevalent, tourism drives demand for well-furnished properties, and the country's economy continues to grow.

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 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.