Living Room Furniture - Ghana

Ghana

In Ghana, the revenue generated in the Living Room Furniture market in 2024 amounts to US$139.20m.
It is projected that the market will experience an annual growth rate of 0.62% (CAGR 2024-2029).
When compared globally, in the United States leads in terms of revenue, generating US$73,080m in 2024.
In relation to the total population, per person revenues amount to US$4.00 in 2024.
Ghanaian consumers are increasingly opting for locally made living room furniture to support the growth of the country's domestic manufacturing industry.

Key regions: China, Germany, Brazil, France, United States

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Analyst Opinion

The Living Room Furniture market in Ghana is experiencing significant growth due to changing customer preferences and local special circumstances.

Customer preferences: for stylish and functional furniture, coupled with the increasing disposable income of the population, have contributed to the growth of the market. Additionally,

Local special circumstances: such as urbanization and the rise of middle-class households have further fueled the demand for living room furniture in Ghana. Customer preferences in Ghana have shifted towards modern and contemporary furniture designs. Consumers are increasingly looking for furniture that not only provides comfort but also adds aesthetic value to their living spaces. This has led to a rise in demand for sleek and minimalist designs, as well as furniture made from high-quality materials. Additionally, customers are seeking furniture that maximizes space utilization, especially in urban areas where living spaces are often limited. As a result, compact and multi-functional furniture options are gaining popularity in the market. The growth of the Living Room Furniture market in Ghana is also driven by local special circumstances. The country has been experiencing rapid urbanization, with more people moving to cities in search of better opportunities. This has led to an increase in the number of households and the need for furniture to furnish their living spaces. Furthermore, the rise of middle-class households in Ghana has contributed to the growth of the market. As more people enter the middle-income bracket, they have more disposable income to spend on home furnishings, including living room furniture. Underlying macroeconomic factors have also played a role in the development of the Living Room Furniture market in Ghana. The country has seen steady economic growth in recent years, which has resulted in an increase in disposable income for many Ghanaians. This has allowed consumers to invest in higher-quality and more expensive furniture options. Additionally, the government's efforts to promote the real estate sector and provide affordable housing have further stimulated the demand for living room furniture. In conclusion, the Living Room Furniture market in Ghana is experiencing growth due to changing customer preferences, local special circumstances, and

Underlying macroeconomic factors:. The demand for stylish and functional furniture, driven by the increasing disposable income of the population, has led to a shift towards modern and contemporary designs. The rise of middle-class households and rapid urbanization in Ghana have also contributed to the growth of the market. Furthermore, the country's steady economic growth and government initiatives to promote the real estate sector have created a favorable environment for the development of the Living Room Furniture market.

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.