Living Room Furniture - Bulgaria | Statista Market Forecast

In 2024, the Living Room Furniture market in Bulgaria is projected to generate a revenue of US$196.70m.
It is anticipated that the market will experience an annual growth rate of -0.58% (CAGR 2024-2029).
When compared globally, United States leads in terms of revenue generation with US$73bn in 2024.
On a per person basis, the revenue generated in Bulgaria amounts to US$29.72 in 2024.
The demand for traditional Bulgarian-style living room furniture is on the rise, as consumers in Bulgaria embrace their cultural heritage.

Definition:

This Living Room Furniture segment refers to movable objects that are designed to be used in a living room, which is typically a central and multi-functional space in a home. It includes items that are intended to make the room more comfortable and functional, such as seating, tables, and storage unts (e.g., TV stands, console tables, etc.)

Structure:

The Living Room Furniture segment is divided into two subsegments:

The Seats & Sofas subsegment refers to furniture designed for sitting, lounging, or reclining, and typically includes items such as sofas, armchairs, recliners, and ottomans.
The Cabinets, TV Stands, & Side Tables subsegment refers to furniture items that are designed to store or hold various objects such as media equipment, drinks, books, or lamps.

Additional Information:

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

Sofas and armchairs, dining chairs
Bar tables and chairs, stools, and benches
Coffee, console, and side tables
TV and media furniture

Consumer electronics
Household appliances
Lamps and lighting
Floor covering

The Living Room Furniture market in Bulgaria is experiencing significant growth due to changing customer preferences, emerging trends, and favorable local special circumstances.

Customer preferences: Customers in Bulgaria are increasingly seeking living room furniture that combines functionality, style, and affordability. They are looking for furniture that maximizes space utilization and offers versatile storage options. Additionally, there is a growing demand for eco-friendly and sustainable furniture materials, reflecting the increasing awareness of environmental issues among consumers.

Trends in the market: One of the key trends in the Living Room Furniture market in Bulgaria is the rising popularity of modular furniture. Modular furniture allows customers to customize their living spaces according to their specific needs and preferences. This flexibility appeals to customers who value adaptability and versatility in their furniture choices. Another trend is the increasing demand for multifunctional furniture, such as sofa beds and coffee tables with built-in storage. These furniture pieces cater to the needs of customers who live in smaller apartments or have limited living space.

Local special circumstances: The growing real estate market in Bulgaria, particularly in urban areas, has contributed to the expansion of the Living Room Furniture market. As more people move into newly constructed apartments and houses, there is a higher demand for furniture to furnish these living spaces. Additionally, the relatively low cost of living in Bulgaria compared to other European countries has made furniture more affordable, encouraging consumers to invest in upgrading their living room spaces.

Underlying macroeconomic factors: Bulgaria's improving economy and rising disposable incomes have had a positive impact on the Living Room Furniture market. As the country's GDP per capita increases, consumers have more purchasing power to invest in higher-quality furniture and home decor. The growth of the tourism industry in Bulgaria has also contributed to the market's development, as tourists often seek to purchase souvenirs or home decor items during their visits. Furthermore, the government's initiatives to promote the development of the furniture manufacturing sector have attracted foreign investments and stimulated the domestic production of living room furniture. In conclusion, the Living Room Furniture market in Bulgaria is witnessing growth due to changing customer preferences, emerging trends, favorable local special circumstances, and underlying macroeconomic factors. The demand for functional, stylish, and affordable furniture, along with the rising popularity of modular and multifunctional furniture, has driven the market's expansion. The growing real estate market, low cost of living, improving economy, and rising disposable incomes have also played a significant role in the market's development.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

From homeware to office furniture, even expanding over to pet care, the furniture industry is all-encompassing and ever-growing. Be it homes, schools, offices, or even outdoors, furniture is what gives a room its function and purpose.