Furniture - Kuwait

Kuwait

The Furniture market in Kuwait is projected to generate a revenue of US$1,269.00m in 2024.
This market segment is expected to grow at a compound annual growth rate (CAGR) of 4.05% from 2024 to 2029.
Among the various segments, the largest market share is held by Living Room Furniture, with a volume of US$352.20m in 2024.
In terms of global comparison, in the United States generates the highest revenue in the Furniture market, with US$264bn in 2024.
When considering the population figures, the per person revenue generated in Kuwait amounts to US$291.80 in 2024.
The furniture market in Kuwait is experiencing a surge in demand for luxury, imported pieces due to the country's high disposable income.

Key regions: Worldwide, United States, China, India, Germany

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market 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.

Market

Region

Region comparison

Currency

Analyst Opinion

The Furniture market in Kuwait has been experiencing significant growth in recent years. Customer preferences have shifted towards modern and contemporary furniture designs, with a focus on functionality and comfort. Additionally, there has been an increased demand for eco-friendly and sustainable furniture options.

Customer preferences: Customers in Kuwait are increasingly looking for furniture that not only meets their aesthetic preferences but also offers functionality and comfort. Modern and contemporary furniture designs have gained popularity, with clean lines and minimalist styles being particularly favored. Customers are also seeking furniture that is durable and can withstand the harsh climate conditions in Kuwait, such as high temperatures and humidity.

Trends in the market: One of the key trends in the furniture market in Kuwait is the growing demand for eco-friendly and sustainable furniture options. Customers are becoming more conscious of the environmental impact of their purchases and are actively seeking furniture made from sustainable materials and produced using environmentally friendly manufacturing processes. This trend is in line with the global movement towards sustainability and reflects the increasing awareness of environmental issues among consumers in Kuwait. Another trend in the market is the rise of online furniture shopping. With the increasing use of smartphones and internet penetration, customers in Kuwait are embracing the convenience of online shopping for furniture. Online platforms offer a wide range of options, competitive prices, and the convenience of home delivery, making it an attractive option for customers.

Local special circumstances: One of the unique factors influencing the furniture market in Kuwait is the country's affluent population. Kuwait has one of the highest per capita incomes in the world, and this has a direct impact on customer preferences and purchasing power. Customers in Kuwait are willing to invest in high-quality furniture and are often willing to pay a premium for luxury brands and designer pieces. Additionally, the hot climate in Kuwait poses specific challenges for furniture retailers. Customers are looking for furniture that can withstand the extreme temperatures and high humidity levels. This has led to an increased demand for materials that are resistant to heat and moisture, such as rattan, teak, and synthetic wicker.

Underlying macroeconomic factors: The growth of the furniture market in Kuwait can be attributed to several underlying macroeconomic factors. The country has a stable economy and a high GDP per capita, which has contributed to increased consumer spending on furniture. Additionally, the government's investment in infrastructure projects and the construction sector has created a demand for furniture for new homes, offices, and commercial spaces. Furthermore, Kuwait has a young and growing population, which has also contributed to the growth of the furniture market. As the population continues to expand, the demand for housing and furniture is expected to increase, further driving the growth of the market. In conclusion, the furniture market in Kuwait is experiencing growth due to customer preferences for modern and contemporary designs, the demand for eco-friendly and sustainable options, and the rise of online shopping. The affluent population and the unique climate conditions in Kuwait also play a role in shaping customer preferences and driving the demand for specific types of furniture. The stable economy, government investments, and growing population are underlying macroeconomic factors that contribute to the growth of the market.

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.