The Outdoor Furniture market in BRICS is experiencing significant growth and development, driven by a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.
Customer preferences: In the BRICS countries, there is a growing demand for outdoor furniture due to changing lifestyles and increasing disposable incomes. Customers are increasingly seeking to create outdoor living spaces that are both functional and aesthetically pleasing. They are looking for durable, weather-resistant furniture that can withstand the elements and provide comfort and style. Additionally, there is a growing trend towards eco-friendly and sustainable outdoor furniture, as customers become more conscious of their environmental impact.
Trends in the market: One of the key trends in the Outdoor Furniture market in BRICS is the growing popularity of outdoor dining sets and lounging furniture. Customers are increasingly looking for outdoor furniture that allows them to entertain guests and enjoy meals outdoors. This trend is driven by the desire for a seamless transition between indoor and outdoor living spaces. Another trend in the market is the rise of online retail. Customers in BRICS countries are increasingly turning to online platforms to purchase outdoor furniture, as it offers convenience, a wide range of options, and competitive prices. This trend has been further accelerated by the COVID-19 pandemic, as customers have shifted towards online shopping due to lockdowns and social distancing measures.
Local special circumstances: In each of the BRICS countries, there are specific local circumstances that are influencing the Outdoor Furniture market. For example, in Brazil, the country's tropical climate and outdoor-oriented lifestyle contribute to a strong demand for outdoor furniture. In Russia, the popularity of dachas (country houses) has led to a high demand for outdoor furniture for use in these recreational spaces. In India, the growing trend of outdoor dining and entertainment has fueled the demand for outdoor furniture. In China, the rise of urbanization and the development of public spaces have created opportunities for the outdoor furniture market.
Underlying macroeconomic factors: The growth and development of the Outdoor Furniture market in BRICS is also influenced by underlying macroeconomic factors. As the economies of the BRICS countries continue to grow, there is an increase in disposable incomes, which allows customers to spend more on outdoor furniture. Additionally, urbanization and the development of infrastructure in these countries are creating opportunities for the outdoor furniture market. The construction of parks, gardens, and public spaces provides a platform for the growth of the market. In conclusion, the Outdoor Furniture market in BRICS is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As customers seek to create outdoor living spaces and embrace the trend of outdoor dining and entertainment, the demand for outdoor furniture is expected to continue to rise in the BRICS countries. Online retail is also playing a significant role in the market, offering convenience and a wide range of options for customers.
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.
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