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Key regions: Worldwide, United States, China, India, Germany
The Furniture market in Mongolia has been experiencing significant growth in recent years. Customer preferences have shifted towards more modern and stylish furniture options, leading to an increase in demand for imported furniture. Additionally, the rise in disposable income and urbanization has also contributed to the growth of the furniture market in Mongolia.
Customer preferences: Customers in Mongolia are increasingly seeking modern and stylish furniture options. This trend can be attributed to the influence of global design trends and the desire for a more contemporary living environment. As a result, there has been a growing demand for imported furniture that offers unique and fashionable designs. Customers are also looking for furniture that is durable and of high quality, as they want their purchases to last for a long time.
Trends in the market: One of the key trends in the furniture market in Mongolia is the increasing popularity of online shopping. With the advancement of technology and the widespread use of smartphones, customers are now able to browse and purchase furniture online. This has provided them with a wider range of options and the convenience of shopping from the comfort of their own homes. As a result, online furniture retailers have seen a significant increase in sales. Another trend in the market is the growing demand for eco-friendly and sustainable furniture. Customers are becoming more conscious about the environmental impact of their purchases and are seeking furniture made from sustainable materials. This trend is aligned with the global movement towards sustainability and is expected to continue to drive the growth of the furniture market in Mongolia.
Local special circumstances: Mongolia's unique climate and geography present some challenges for the furniture market. The extreme weather conditions, including harsh winters and hot summers, require furniture that is durable and can withstand these conditions. Additionally, the nomadic culture of Mongolia means that there is a demand for furniture that is portable and can be easily moved. This has led to the popularity of modular furniture that can be easily assembled and disassembled.
Underlying macroeconomic factors: The growth of the furniture market in Mongolia can be attributed to several underlying macroeconomic factors. Firstly, the rise in disposable income has allowed consumers to spend more on furniture and home decor. As the economy continues to grow, more individuals are able to afford higher quality furniture and are willing to invest in their homes. Urbanization is another factor driving the growth of the furniture market. As more people move to urban areas, there is an increased demand for furniture to furnish new homes and apartments. This trend is expected to continue as urbanization rates continue to rise. In conclusion, the furniture market in Mongolia is experiencing significant growth due to changing customer preferences, including a desire for modern and stylish furniture options. The rise in disposable income and urbanization has also contributed to the growth of the market. Online shopping and the demand for eco-friendly furniture are also important trends in the market. The unique climate and nomadic culture of Mongolia present some challenges, but also create opportunities for furniture retailers. Overall, the furniture market in Mongolia is expected to continue to grow in the coming years.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)