Living Room Furniture - Panama | Statista Market Forecast

In Panama, the Living Room Furniture market generates a revenue of US$217.30m in 2024.
It is projected to experience an annual growth rate of 1.36% (CAGR 2024-2029).
When compared to other countries worldwide, United States generates the highest revenue in this segment, with US$73bn in 2024.
In terms of per capita income, each person in Panama generates a revenue of US$48.00 in 2024.
Panama's Living Room Furniture market is experiencing a surge in demand for modern and minimalist designs, reflecting the country's growing urban population and contemporary lifestyle 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 Panama is experiencing steady growth and development due to various factors.

Customer preferences: Panamanian customers have shown a strong preference for modern and contemporary living room furniture designs. They are increasingly looking for furniture pieces that are both functional and aesthetically pleasing. The demand for modular and multi-functional furniture is also on the rise, as customers seek to optimize the use of space in their living rooms. Additionally, there is a growing interest in eco-friendly and sustainable furniture materials, as customers become more conscious of their environmental impact.

Trends in the market: One of the key trends in the Living Room Furniture market in Panama is the increasing popularity of online shopping. With the rise of e-commerce platforms and the convenience of online shopping, more customers are choosing to purchase their furniture online. This trend is driven by factors such as the wider range of options available online, competitive pricing, and the ease of comparing different products. As a result, brick-and-mortar furniture stores are facing increasing competition and are adapting by enhancing their online presence. Another trend in the market is the growing demand for customized and personalized furniture. Customers are looking for unique and one-of-a-kind pieces that reflect their individual style and taste. This trend is driving the growth of custom furniture makers and designers who can cater to the specific preferences of customers. Additionally, there is a rising interest in vintage and retro furniture styles, as customers seek to add a touch of nostalgia and character to their living rooms.

Local special circumstances: Panama's growing economy and rising disposable incomes have contributed to the growth of the Living Room Furniture market. As the middle class expands, more households are able to afford higher-quality furniture and are willing to invest in their living spaces. Furthermore, the increasing urbanization in Panama has led to a higher demand for apartment living, which in turn drives the demand for compact and space-saving furniture solutions.

Underlying macroeconomic factors: The stable economic growth in Panama has created a favorable environment for the Living Room Furniture market. The country's strong GDP growth, low inflation rate, and favorable investment climate have attracted both domestic and international furniture manufacturers and retailers. Additionally, Panama's strategic location as a regional hub for trade and commerce has facilitated the import and export of furniture, further fueling the market growth. In conclusion, the Living Room Furniture market in Panama is developing in response to customer preferences for modern and functional designs, the growing popularity of online shopping, and the demand for customized furniture. The local special circumstances, such as the expanding middle class and urbanization, along with the underlying macroeconomic factors, contribute to the market's steady growth and development.

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.