Living Room Furniture - Colombia | Statista Market Forecast

Colombia's Living Room Furniture market records a revenue of US$1.14bn in 2024.
Projections indicate an annual growth rate of 1.85% (CAGR 2024-2029).
In terms of global standings, United States leads the market with a revenue of US$73bn in 2024.
Considering the population size, per capita revenue reaches US$21.75 in 2024.
Colombian consumers are increasingly opting for modern and minimalist living room furniture designs to create a sleek and contemporary aesthetic in their homes.

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 Colombia is experiencing significant growth and development.

Customer preferences: Colombian consumers have shown a growing interest in modern and contemporary living room furniture designs. They are increasingly looking for furniture pieces that are not only functional but also aesthetically pleasing. This shift in customer preferences can be attributed to the rising influence of global design trends and the increasing disposable income of Colombian households. Additionally, consumers in Colombia are also placing a greater emphasis on sustainability and eco-friendly materials when choosing their living room furniture.

Trends in the market: One of the key trends in the Living Room Furniture market in Colombia is the popularity of multifunctional furniture. With limited living space in many Colombian homes, consumers are seeking furniture pieces that can serve multiple purposes, such as sofa beds or coffee tables with built-in storage. This trend is driven by the need for practicality and efficiency in smaller living spaces. Another trend in the market is the growing demand for online shopping. Colombian consumers are increasingly turning to online platforms to purchase their living room furniture. This trend can be attributed to the convenience and wide range of options available online. E-commerce platforms provide consumers with the ability to compare prices, read reviews, and make informed decisions from the comfort of their own homes.

Local special circumstances: Colombia's growing middle class and improving economy have contributed to the development of the Living Room Furniture market. As more households have disposable income, they are able to invest in higher quality and more stylish living room furniture. Additionally, the urbanization trend in Colombia has led to an increase in apartment living, which has further fueled the demand for compact and space-saving furniture.

Underlying macroeconomic factors: Colombia's stable economic growth and low inflation rate have created a favorable environment for the Living Room Furniture market. As the economy continues to improve, consumers have more confidence in making larger purchases, such as furniture. Additionally, the government's efforts to attract foreign investment and promote tourism have also contributed to the growth of the market. The influx of tourists and expatriates has created a demand for high-quality and stylish living room furniture in the country.

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.