Furniture - Latvia

Latvia

In Latvia, the revenue in the Furniture market is projected to reach US$233.50m in 2024.
It is anticipated that the market will experience an annual growth rate of 1.75% (CAGR 2024-2029).
The largest segment within the market is the Living Room Furniture segment, which is estimated to have a market volume of US$70.62m in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, with a projected revenue of US$264bn in 2024.
In terms of per capita figures, in Latvia generates revenues of US$129.00 per person in 2024.
The furniture market in Latvia is experiencing a surge in demand for minimalist and Scandinavian-inspired designs.

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 Latvia has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends, and favorable macroeconomic factors.

Customer preferences: in the Furniture market in Latvia have shifted towards more modern and minimalist designs. Customers are increasingly looking for furniture that is functional, space-saving, and aesthetically pleasing. This trend is in line with global preferences, as customers seek to create a clean and clutter-free living environment. Additionally, there is a growing demand for sustainable and eco-friendly furniture, as customers become more conscious of the environmental impact of their purchases. One of the key trends in the Furniture market in Latvia is the rise of online retail. With the increasing availability of high-speed internet and the convenience of online shopping, more customers are opting to purchase furniture online. This trend is driven by a wide range of factors, including competitive pricing, a wider selection of products, and the ability to compare prices and read customer reviews. Online retailers are also able to offer personalized recommendations and provide a seamless shopping experience, further attracting customers to this channel. Another trend in the Furniture market in Latvia is the growing popularity of customization. Customers are increasingly seeking furniture that reflects their individual style and preferences. This trend is driven by the desire for unique and personalized pieces that cannot be found in mass-produced furniture stores. Customization options such as choosing the color, material, and size of furniture are becoming more common, allowing customers to create pieces that perfectly fit their needs and tastes. Local special circumstances in Latvia also contribute to the development of the Furniture market. The country has a rich tradition of craftsmanship and woodworking, which has resulted in a high-quality furniture industry. Latvian furniture manufacturers are known for their attention to detail, use of sustainable materials, and innovative designs. This reputation has helped the country establish itself as a key player in the global furniture market, attracting both domestic and international customers. Underlying macroeconomic factors also play a role in the development of the Furniture market in Latvia. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income and consumer spending. This has positively impacted the furniture market, as customers have more purchasing power and are willing to invest in high-quality and durable furniture. Additionally, favorable government policies and incentives have encouraged investment in the furniture industry, further driving its growth. In conclusion, the Furniture market in Latvia is developing in response to changing customer preferences, emerging trends,

Local special circumstances: and

Underlying macroeconomic factors:. The shift towards modern and minimalist designs, the rise of online retail, the growing popularity of customization, and the country's reputation for high-quality craftsmanship all contribute to the market's growth. Additionally, favorable macroeconomic factors such as economic growth and government support further drive the development of the Furniture market in Latvia.

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.