Outdoor Furniture - Albania

Albania

Highlights

In Albania, the revenue generated in the Outdoor Furniture market is estimated to be US$9.49m in 2024.
It is projected to experience an annual growth rate of 2.35% (CAGR 2024-2029).
When compared to other countries worldwide, United States leads in terms of revenue, generating US$18bn in 2024.
Looking at the per capita perspective, each individual in Albania contributes US$3.36 in revenue in 2024.
Albania's growing tourism industry is driving the demand for outdoor furniture, with a focus on durable and weather-resistant materials.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Outdoor Furniture market in Albania has been experiencing significant growth in recent years.

Customer preferences: Albanian consumers have shown a growing interest in outdoor living spaces, leading to an increased demand for outdoor furniture. This can be attributed to several factors, including the desire for a more relaxed and comfortable lifestyle, as well as the influence of global trends in home decor and design. Additionally, the rise of social media has played a role in shaping customer preferences, as people are increasingly seeking to create aesthetically pleasing outdoor spaces that can be showcased online.

Trends in the market: One of the key trends in the Outdoor Furniture market in Albania is the growing popularity of multifunctional furniture. Consumers are looking for outdoor furniture that can serve multiple purposes, such as dining sets that can also be used for lounging or storage solutions that can double as seating. This trend is driven by the limited space available in many outdoor areas, as well as the desire for versatility and practicality. Another trend in the market is the increasing demand for eco-friendly and sustainable outdoor furniture. Albanian consumers are becoming more conscious of the environmental impact of their purchasing decisions and are seeking products that are made from recycled materials or are produced using sustainable manufacturing processes. This trend is in line with global efforts to promote sustainability and reduce waste.

Local special circumstances: Albania's favorable climate and natural beauty make it an ideal location for outdoor activities and gatherings. The country's stunning landscapes, including its coastline and mountains, provide ample opportunities for outdoor living and entertaining. As a result, there is a strong cultural tradition of spending time outdoors, which has contributed to the growing demand for outdoor furniture.

Underlying macroeconomic factors: Albania has experienced steady economic growth in recent years, which has increased disposable incomes and consumer purchasing power. This has allowed more people to invest in their homes and outdoor spaces, including the purchase of outdoor furniture. Additionally, the growth of the tourism industry in Albania has also contributed to the demand for outdoor furniture, as hotels, restaurants, and other hospitality businesses seek to create attractive outdoor spaces for their guests. In conclusion, the Outdoor Furniture market in Albania is experiencing growth due to changing customer preferences, including a desire for multifunctional and sustainable products. The country's favorable climate and natural beauty, along with its growing economy and tourism industry, have also contributed to the increased demand for outdoor furniture.

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.