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:
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.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Nov 2024
Source: Statista Market Insights
Most recent update: Jul 2024
Source: Statista Market Insights
Most recent update: Nov 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Company Insights
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Nov 2024
Source: Statista Market Insights
The Furniture market in Laos is experiencing steady growth due to changing customer preferences, emerging trends, and local special circumstances.
Customer preferences: Laos is witnessing a shift in customer preferences towards modern and stylish furniture. With the rise in disposable income and changing lifestyles, consumers are increasingly looking for furniture that not only provides functionality but also adds aesthetic value to their homes. This has led to a growing demand for contemporary designs, sleek finishes, and innovative materials in the furniture market.
Trends in the market: One of the key trends in the furniture market in Laos is the increasing popularity of eco-friendly and sustainable furniture. As consumers become more conscious about the environment, they are actively seeking furniture made from renewable materials and produced using environmentally friendly manufacturing processes. This trend is driven by a desire to reduce the carbon footprint and contribute to a greener future. Another trend in the market is the growing demand for multifunctional furniture. With limited living spaces and the need for versatility, consumers are opting for furniture pieces that can serve multiple purposes. This includes items such as sofa beds, storage ottomans, and modular furniture systems that can be easily rearranged to adapt to changing needs.
Local special circumstances: Laos is a landlocked country with a rapidly growing tourism industry. This has led to an increase in the demand for furniture in the hospitality sector, including hotels, resorts, and restaurants. The government's efforts to promote tourism and attract foreign investment have created opportunities for furniture manufacturers and suppliers to cater to this growing market segment. Additionally, Laos has a rich cultural heritage, and traditional Lao furniture is highly valued by both locals and tourists. The intricate craftsmanship and unique designs of traditional Lao furniture have become a source of pride for the country. As a result, there is a niche market for handmade, artisanal furniture that showcases Lao cultural heritage.
Underlying macroeconomic factors: Laos has been experiencing steady economic growth in recent years, driven by investments in infrastructure development, manufacturing, and tourism. This has resulted in an increase in disposable income and a growing middle class, which in turn has fueled the demand for furniture. The government's focus on economic diversification and urbanization has also contributed to the growth of the furniture market, as more people move to urban areas and require new furniture for their homes and businesses. Furthermore, Laos has been actively promoting foreign direct investment and trade liberalization, which has attracted international furniture brands and manufacturers to establish a presence in the country. This has not only increased competition in the market but also provided consumers with a wider range of options and access to global furniture trends. In conclusion, the furniture market in Laos is evolving to meet the changing preferences of consumers. The demand for modern, eco-friendly, and multifunctional furniture is on the rise, driven by factors such as increasing disposable income, changing lifestyles, and a growing tourism industry. The local special circumstances, including the demand for furniture in the hospitality sector and the appreciation for traditional Lao furniture, further contribute to the growth of the market. The underlying macroeconomic factors, such as steady economic growth and government initiatives to attract foreign investment, also play a significant role in shaping the furniture market in Laos.
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights