Furniture - Laos

Laos

in Laos, a country Southeast_Asia, is projected to see a revenue of US$126.00m in the Furniture market by 2024.
The market is expected to experience an annual growth rate of 1.34% (CAGR 2024-2029).
The largest segment in this market is the Living Room Furniture segment, which is estimated to have a market volume of US$46.17m in 2024.
When compared globally, in the United States leads in generating the highest revenue with US$263bn in 2024.
In terms of per capita income, in Laos generates approximately US$16.29 in revenue per person in 2024.
The Furniture market, although experiencing growth, still has room for further development in Laos.
Laos has witnessed a surge in demand for handcrafted bamboo furniture, reflecting a growing appreciation for traditional craftsmanship in the country.

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 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.

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.