Living Room Furniture - Malawi | Statista Market Forecast

In 2024, the Living Room Furniture market in Malawi generated a revenue of MWK US$1.35m.
It is projected to experience an annual growth rate of 3.43% (CAGR 2024-2029).
When compared to other countries worldwide, United States leads the market with a revenue of US$73bn in 2024.
In terms of per capita income, the revenue generated per person in Malawi's Living Room Furniture market amounted to MWK US$0.06 in 2024.
Malawi's living room furniture market is experiencing a surge in demand for locally-made, handcrafted pieces, reflecting a growing appreciation for traditional craftsmanship and support for local artisans.

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 Malawi has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: in the Living Room Furniture market in Malawi have been shifting towards more modern and contemporary styles. Consumers are increasingly looking for furniture that is not only functional but also aesthetically pleasing. This preference for modern designs is influenced by global trends and the desire to have a stylish and up-to-date living space. Additionally, there is a growing demand for furniture that is eco-friendly and sustainable, reflecting a greater awareness of environmental issues among consumers. Trends in the market include the rising popularity of multifunctional furniture. With limited living space in many households, consumers are looking for furniture that can serve multiple purposes, such as sofa beds or storage ottomans. This trend is driven by the need to maximize space and enhance functionality in smaller living areas. Another trend is the increasing use of technology in living room furniture, such as built-in charging ports or wireless charging capabilities. This reflects the growing reliance on technology in everyday life and the desire for convenience.

Local special circumstances: in Malawi also contribute to the development of the Living Room Furniture market. The country has a young and growing population, which leads to an increased demand for housing and furniture. As more households are formed, there is a need for affordable and accessible furniture options. Additionally, the urbanization rate in Malawi is increasing, with more people moving to cities and towns. This urbanization trend creates a demand for furniture that is suitable for smaller living spaces. Underlying macroeconomic factors also play a role in the development of the Living Room Furniture market in Malawi. The country has experienced stable economic growth in recent years, which has led to an increase in disposable income among consumers. This rise in income levels allows consumers to spend more on furniture and other household goods. Furthermore, the government of Malawi has implemented policies to promote local manufacturing and reduce reliance on imports. This has led to the growth of domestic furniture production, creating more options for consumers and driving competition in the market. In conclusion, the Living Room Furniture market in Malawi is developing in response to changing customer preferences, emerging trends, local special circumstances, and

Underlying macroeconomic factors:. The shift towards modern designs, the demand for multifunctional furniture, and the use of technology are all shaping the market. The young and growing population, urbanization trend, and stable economic growth in Malawi are also contributing to the development of the market.

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.