Living Room Furniture - Costa Rica

In Costa Rica, the revenue generated in the Living Room Furniture market is estimated to reach US$248.60m in 2024.
It is projected to experience an annual growth rate of 2.73% (CAGR 2024-2029).
When comparing the global market, United States leads with revenues of US$73bn in 2024.
In terms of per capita income, the revenue generated per person in Costa Rica's Living Room Furniture market is US$47.38 in 2024.
Costa Rica's living room furniture market is witnessing a surge in demand for eco-friendly and sustainable designs.

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 Costa Rica has been experiencing significant growth in recent years, driven by changing customer preferences and favorable macroeconomic factors.

Customer preferences: In Costa Rica, customers have shown a growing preference for modern and stylish living room furniture. They are increasingly looking for furniture pieces that are not only functional but also aesthetically pleasing. This shift in preferences can be attributed to the influence of global design trends and the increasing exposure to international brands through social media and online platforms. Customers are also seeking furniture that is durable and of high quality, as they are willing to invest in long-lasting pieces for their living rooms.

Trends in the market: One of the key trends in the Living Room Furniture market in Costa Rica is the rising demand for multifunctional furniture. As living spaces in urban areas become smaller, customers are looking for furniture that can serve multiple purposes, such as sofa beds or coffee tables with built-in storage. This trend is driven by the need to maximize space and create a functional living area in limited square footage. Another trend in the market is the increasing popularity of eco-friendly and sustainable furniture. Customers in Costa Rica are becoming more conscious of the environmental impact of their purchases and are actively seeking furniture made from sustainable materials, such as bamboo or recycled wood. This trend aligns with the global movement towards sustainable living and reflects the growing awareness of environmental issues among consumers.

Local special circumstances: Costa Rica is known for its strong tourism industry, which attracts a large number of international visitors each year. This has a significant impact on the Living Room Furniture market, as tourists often purchase furniture and home decor items to bring back to their home countries. The demand from international tourists adds to the overall growth of the market and provides opportunities for local furniture manufacturers and retailers to expand their customer base.

Underlying macroeconomic factors: Costa Rica has experienced steady economic growth in recent years, which has contributed to the growth of the Living Room Furniture market. A growing middle class with increasing disposable income has led to higher consumer spending on furniture and home furnishings. Additionally, low interest rates and favorable credit conditions have made it easier for consumers to finance their purchases, further driving the demand for living room furniture. In conclusion, the Living Room Furniture market in Costa Rica is developing in response to changing customer preferences, including a preference for modern and stylish furniture, as well as the increasing demand for multifunctional and eco-friendly pieces. The strong tourism industry and favorable macroeconomic factors, such as economic growth and low interest rates, are also contributing to the market's growth.

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.