Outdoor Furniture - Latvia

Latvia

Highlights

In Latvia, the revenue generated in the Outdoor Furniture market in 2024 amounts to US$12.61m.
It is projected that the market will experience an annual growth rate of 3.50% (CAGR 2024-2029).
When compared to other countries worldwide, United States leads the market with a revenue of US$18bn in 2024.
Taking into account the population figures, in 2024, per person revenues in Latvia amount to US$6.97.
This indicates the amount of revenue generated by each individual in the country.
Latvia's outdoor furniture market is thriving, with a strong emphasis on durable, weather-resistant materials to withstand the country's unpredictable climate.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Outdoor Furniture market in Latvia has been experiencing steady growth in recent years, driven by customer preferences for outdoor living spaces and the increasing popularity of outdoor activities.

Customer preferences: in the Outdoor Furniture market in Latvia have been influenced by the global trend of creating outdoor living spaces that serve as extensions of indoor spaces. Customers are increasingly looking for durable and stylish outdoor furniture that can withstand different weather conditions and provide comfort and functionality. Additionally, there is a growing demand for outdoor furniture that is easy to maintain and can be easily customized to suit individual preferences and outdoor spaces. Trends in the market include the rising popularity of multifunctional outdoor furniture that can serve multiple purposes, such as dining tables that can be converted into loungers or storage benches that can also be used as seating. This trend is driven by the limited space available in many outdoor areas and the desire to maximize functionality. Another trend is the increasing use of sustainable materials in outdoor furniture, as customers become more environmentally conscious and seek products that are eco-friendly. Local special circumstances in Latvia also contribute to the development of the Outdoor Furniture market. The country has a relatively short summer season, which means that customers want to make the most of the outdoor spaces during this period. This leads to a higher demand for outdoor furniture that is durable and can withstand the changing weather conditions. Additionally, the country's natural landscapes, including forests and lakes, provide opportunities for outdoor activities such as camping and picnics, further driving the demand for outdoor furniture. Underlying macroeconomic factors also play a role in the development of the Outdoor Furniture market in Latvia. The country has experienced steady economic growth in recent years, which has resulted in increased disposable income and consumer spending. This has allowed customers to invest in outdoor furniture and create outdoor living spaces. Additionally, the growth of the tourism industry in Latvia has also contributed to the demand for outdoor furniture, as tourists seek to enjoy the country's natural beauty and outdoor activities. Overall, the Outdoor Furniture market in Latvia is developing due to customer preferences for outdoor living spaces,

Trends in the market: such as multifunctional and sustainable outdoor furniture,

Local special circumstances: such as the short summer season and natural landscapes, and

Underlying macroeconomic factors: including economic growth and the growth of the tourism industry.

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.