Living Room Furniture - Iraq

Iraq

In Iraq, the revenue generated in the Living Room Furniture market is projected to reach US$1.02bn in 2024.
This market is anticipated to grow annually by 3.65% (CAGR 2024-2029).
When compared globally, in the United States leads with a revenue of US$73,080m in 2024.
In terms of per person revenues, in Iraq is expected to generate US$21.93 in 2024.
Despite the challenges faced by the Iraqi living room furniture market due to economic instability, there is a growing demand for locally produced, traditional-style furniture that reflects the rich cultural heritage of the country.

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

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Analyst Opinion

The Living Room Furniture market in Iraq has been experiencing steady growth in recent years. Customer preferences have shifted towards more modern and contemporary designs, reflecting global trends in the furniture industry. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market.

Customer preferences: in Iraq have evolved to favor modern and contemporary living room furniture designs. This shift can be attributed to the increasing exposure to global trends through the internet and social media. Customers are now seeking furniture pieces that are not only functional but also aesthetically pleasing. The demand for sleek and minimalist designs has increased, as customers look to create a stylish and modern living space. Trends in the market indicate a growing demand for multi-functional furniture pieces. With limited living spaces in many Iraqi homes, customers are seeking furniture that can serve multiple purposes. This includes items such as sofa beds, storage ottomans, and modular furniture sets. The versatility of these pieces allows customers to maximize their living space and adapt to changing needs.

Local special circumstances: also play a role in the development of the Living Room Furniture market in Iraq. The country has a young population, with a significant portion of the population under the age of 30. This demographic is more likely to embrace modern designs and seek out trendy furniture options. Additionally, the increasing number of urban dwellers in Iraq has created a demand for compact and space-saving furniture solutions.

Underlying macroeconomic factors: have also contributed to the growth of the Living Room Furniture market in Iraq. The country has experienced a period of relative stability in recent years, following years of conflict and political instability. This stability has led to increased consumer confidence and a willingness to invest in home furnishings. Additionally, rising disposable incomes have allowed more Iraqis to afford higher-quality furniture. In conclusion, the Living Room Furniture market in Iraq is developing in response to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The shift towards modern and contemporary designs, the demand for multi-functional furniture, and the young urban population all contribute to the growth of the market. With continued stability and economic growth, the market is expected to further expand in the coming years.

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.