Outdoor Furniture - Armenia

Armenia

Highlights

In Armenia, the revenue generated in the Outdoor Furniture market in 2024 amounts to US$507.20k.
It is projected that the market will experience an annual growth rate of -10.36% (CAGR 2024-2029).
When compared globally, United States leads in terms of revenue generation, with US$18bn in 2024.
In relation to the total population, per person revenues of US$0.18 are generated in 2024.
Armenia's outdoor furniture market is thriving, with an increasing demand for traditional, handcrafted pieces that showcase the country's rich cultural heritage.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Outdoor Furniture market in Armenia is experiencing steady growth due to customer preferences for stylish and functional outdoor furniture, as well as the increasing popularity of outdoor living spaces.

Customer preferences: Armenian consumers are increasingly seeking outdoor furniture that combines style and functionality. They are looking for durable materials that can withstand the harsh weather conditions in the region, such as extreme temperatures and high humidity. Additionally, there is a growing demand for furniture that is easy to maintain and clean. Customers also prefer furniture that is versatile and can be used for multiple purposes, such as dining, lounging, or entertaining.

Trends in the market: One of the key trends in the Outdoor Furniture market in Armenia is the rise in demand for modern and contemporary designs. Consumers are looking for furniture that complements their outdoor spaces and reflects their personal style. This trend is driven by the increasing influence of global design trends and the desire to create outdoor spaces that are both functional and aesthetically pleasing. Another trend in the market is the growing popularity of outdoor living spaces. Armenian consumers are increasingly investing in their outdoor areas, transforming them into extensions of their homes. This trend is driven by the desire to create additional living and entertaining spaces, as well as the appreciation for nature and outdoor activities. As a result, there is a higher demand for outdoor furniture that can withstand the elements and provide comfort and functionality.

Local special circumstances: Armenia has a unique climate, with hot summers and cold winters. This presents a challenge for outdoor furniture manufacturers, as they need to ensure that their products can withstand extreme temperature fluctuations and other weather conditions. As a result, there is a higher demand for furniture made from materials such as teak, wrought iron, or aluminum, which are known for their durability and resistance to weathering.

Underlying macroeconomic factors: The growth of the Outdoor Furniture market in Armenia is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income levels. As a result, consumers have more purchasing power and are willing to invest in high-quality outdoor furniture. Additionally, the government has been promoting tourism in the country, which has led to an increase in the number of hotels and resorts. This has created a demand for outdoor furniture in the hospitality sector, further driving the growth 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.