Living Room Furniture - Cyprus | Statista Market Forecast

In 2024, the Living Room Furniture market in Cyprus is projected to generate a revenue of US$107.20m.
Furthermore, it is anticipated that this market will experience an annual growth rate of 0.98% (CAGR 2024-2029).
When compared to other countries worldwide, United States leads the way in terms of revenue generation, with an estimated revenue of US$73bn in 2024.
Taking into account the total population figures, it is estimated that each person in Cyprus will generate a revenue of US$84.51 in 2024.
Cyprus is experiencing a growing demand for modern and minimalist living room furniture, reflecting a shift towards contemporary design aesthetics.

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 Cyprus is experiencing significant growth due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in Cyprus are shifting towards more modern and contemporary styles of living room furniture. Customers are looking for sleek designs, clean lines, and minimalist aesthetics. This preference for modern furniture is influenced by global design trends and the desire for a more sophisticated and stylish living space. Additionally, customers in Cyprus are increasingly seeking furniture that is both functional and space-saving, as living spaces in the country are often smaller compared to other countries. Trends in the market indicate a growing demand for multifunctional furniture in Cyprus. With limited space available in many homes, customers are looking for furniture pieces that can serve multiple purposes. For example, sofa beds or modular furniture that can be easily transformed into a bed or provide additional storage options are becoming popular choices. This trend is driven by the need to maximize space utilization and create versatile living areas.

Local special circumstances: in Cyprus also contribute to the development of the Living Room Furniture market. The country's tourism industry plays a significant role in driving demand for furniture, as many hotels and vacation rentals require regular updates and replacements of their living room furniture. Additionally, Cyprus has a high rate of home ownership, with a large portion of the population investing in real estate. This creates a constant demand for new furniture as homeowners seek to furnish their properties or update their existing living room spaces.

Underlying macroeconomic factors: further support the growth of the Living Room Furniture market in Cyprus. The country's economy has been steadily recovering from the financial crisis, leading to increased consumer confidence and spending power. As a result, consumers are more willing to invest in higher-quality furniture and are willing to pay a premium for well-designed and durable living room furniture. Additionally, the construction industry in Cyprus is experiencing growth, with new residential and commercial projects driving demand for furniture. In conclusion, the Living Room Furniture market in Cyprus is developing due to customer preferences for modern and multifunctional furniture, market trends towards space-saving designs, local special circumstances such as the tourism industry and high home ownership, and underlying macroeconomic factors including economic recovery and construction activity. These factors are driving the growth of the market and creating opportunities for furniture manufacturers and retailers in Cyprus.

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.