Furniture - North Macedonia

North Macedonia

In North Macedonia, the revenue in the Furniture market is recorded at US$114.20m in 2024.
It is projected that the market will experience an annual growth rate of 1.53% (CAGR 2024-2029).
Among the various segments within the market, the largest one is the Home Décor segment, which accounts for a market volume of US$48.24m in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, amounting to US$264bn in 2024.
Taking into consideration the total population figures, the per person revenue generated in North Macedonia in 2024 stands at US$54.83.
The furniture market in North Macedonia is experiencing a surge in demand for traditional and handcrafted pieces, reflecting the country's rich cultural heritage.

Key regions: Worldwide, United States, China, India, Germany

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market 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.

Market

Region

Region comparison

Currency

Analyst Opinion

The Furniture market in North Macedonia is experiencing significant growth and development. Customer preferences are shifting towards more modern and stylish furniture designs, while local special circumstances and underlying macroeconomic factors are contributing to the expansion of the market.

Customer preferences: in the Furniture market in North Macedonia are evolving. Consumers are increasingly looking for furniture that is not only functional, but also aesthetically pleasing. They are willing to invest in high-quality pieces that enhance the overall look and feel of their homes. Modern and contemporary designs are particularly popular, as they offer a sleek and minimalist aesthetic that complements the current interior design trends. Additionally, customers are seeking furniture that is durable and long-lasting, as they want to make a worthwhile investment. Trends in the Furniture market in North Macedonia are driven by global and regional market developments. With the rise of e-commerce, online furniture retailers are gaining popularity among consumers. This trend is also observed in North Macedonia, as more people are turning to online platforms to purchase furniture. The convenience of online shopping, coupled with a wide range of options and competitive prices, make it an attractive choice for customers. This trend is expected to continue as more people become comfortable with online shopping and as online retailers enhance their customer experience.

Local special circumstances: in North Macedonia are contributing to the growth of the Furniture market. The country has a growing middle class with increasing disposable income, which allows individuals to invest in higher quality furniture. Furthermore, urbanization and a growing population are driving the demand for furniture, as more people move into new homes or renovate their existing ones. This creates a favorable environment for furniture retailers to expand their businesses and cater to the needs of the market.

Underlying macroeconomic factors: also play a role in the development of the Furniture market in North Macedonia. The country has been experiencing steady economic growth, which has led to an increase in consumer spending. As the economy continues to improve, consumers are more willing to invest in big-ticket items such as furniture. Additionally, favorable government policies and incentives for the furniture industry have encouraged local manufacturers to produce high-quality furniture, further boosting the market. In conclusion, the Furniture market in North Macedonia is witnessing growth and development due to evolving customer preferences, global and regional market trends, local special circumstances, and underlying macroeconomic factors. As consumers seek more modern and stylish furniture designs, online retailers are gaining popularity. The country's growing middle class, urbanization, and steady economic growth also contribute to the expansion of the market. With these factors in play, the Furniture market in North Macedonia is poised for further growth 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.