Living Room Furniture - Guinea | Statista Market Forecast

In Guinea, the revenue generated in the Living Room Furniture market in 2024 amounts to US$45.49m.
It is projected that this market will experience an annual growth rate of -1.42% (CAGR 2024-2029).
When compared to other countries globally, United States generates the highest revenue in this segment, reaching US$73bn in 2024.
Considering the total population, the per person revenue generated in Guinea in 2024 is US$3.13.
Despite a growing market for modern living room furniture in Guinea, traditional designs and materials continue to dominate consumer preferences.

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 Guinea is experiencing significant growth and development.

Customer preferences: In Guinea, customers have shown a strong preference for living room furniture that is both stylish and functional. They value furniture that is comfortable and durable, as well as aesthetically pleasing. Customers also appreciate furniture that is easy to clean and maintain, considering the local climate and living conditions. Additionally, there is a growing demand for furniture that is eco-friendly and sustainable.

Trends in the market: One of the key trends in the Living Room Furniture market in Guinea is the increasing popularity of modular furniture. Customers are opting for modular sofas and sectionals that can be easily rearranged to suit their changing needs and preferences. This flexibility allows them to maximize the use of their living space and create different seating arrangements for various occasions. Another trend in the market is the rising demand for multifunctional furniture. With limited living space, customers are looking for furniture pieces that serve multiple purposes. For example, coffee tables with built-in storage or ottomans that can be used as extra seating or as a footrest.

Local special circumstances: Guinea has a rich cultural heritage, and this is reflected in the design preferences of customers. Traditional and ethnic-inspired furniture designs are highly sought after, as they add a unique touch to the living room and showcase the country's cultural identity. Customers also appreciate furniture that is locally made, supporting local artisans and craftsmen.

Underlying macroeconomic factors: The growing middle class in Guinea is a significant driver of the Living Room Furniture market. As disposable incomes rise, more people are able to invest in quality furniture for their homes. Additionally, urbanization and the increasing number of households are contributing to the growth of the market. As more people move to cities and set up their own homes, the demand for living room furniture is on the rise. Furthermore, the improving economic stability in Guinea is boosting consumer confidence and encouraging spending on non-essential items such as furniture. With a more stable economy, people feel more secure in making long-term investments in their homes. In conclusion, the Living Room Furniture market in Guinea is witnessing growth and development due to customer preferences for stylish and functional furniture, the popularity of modular and multifunctional designs, the appreciation for traditional and locally made furniture, and the underlying macroeconomic factors of a growing middle class and improving economic stability.

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.