The Outdoor Furniture market in Montenegro has been experiencing steady growth in recent years, driven by customer preferences for outdoor living spaces, increasing disposable incomes, and a growing tourism industry.
Customer preferences: in Montenegro have shifted towards creating comfortable and stylish outdoor living spaces. With the country's beautiful landscapes and favorable climate, there is a growing demand for outdoor furniture that allows people to enjoy their outdoor spaces. Customers are looking for durable and weather-resistant furniture that can withstand the elements and provide comfort for outdoor relaxation and entertainment. Additionally, there is a preference for modern and contemporary designs that complement the overall aesthetic of outdoor spaces. Trends in the market include the rising popularity of multifunctional outdoor furniture. Customers are looking for furniture pieces that can serve multiple purposes, such as outdoor dining sets that can also be used for lounging or modular furniture that can be rearranged to fit different outdoor configurations. This trend is driven by the desire for flexibility and versatility in outdoor spaces, allowing customers to make the most of their limited outdoor areas. Another trend in the market is the increasing focus on sustainability and eco-friendly materials. Customers are becoming more conscious of the environmental impact of their purchasing decisions and are seeking outdoor furniture made from sustainable materials such as recycled plastic, reclaimed wood, or eco-friendly fabrics. This trend is in line with the global movement towards sustainable living and reflects the growing awareness of environmental issues in Montenegro. Local special circumstances in Montenegro contribute to the development of the Outdoor Furniture market. The country's natural beauty and growing tourism industry create a demand for outdoor furniture in hotels, resorts, and vacation rentals. As more tourists visit Montenegro and seek outdoor experiences, the demand for outdoor furniture in these establishments increases. Additionally, the country's growing middle class and rising disposable incomes have led to an increase in homeownership and the desire to create outdoor living spaces, further driving the demand for outdoor furniture. Underlying macroeconomic factors also play a role in the development of the Outdoor Furniture market in Montenegro. The country's stable economic growth and low inflation rate have contributed to increased consumer confidence and purchasing power. As consumers feel more secure in their financial situation, they are more willing to invest in outdoor furniture and other home improvement products. Furthermore, montenegro's integration into the European Union has opened up opportunities for trade and investment, allowing for a wider range of outdoor furniture options to be available in the market. In conclusion, the Outdoor Furniture market in Montenegro is developing due to customer preferences for outdoor living spaces, the rising popularity of multifunctional and sustainable furniture,
Local special circumstances: such as the country's natural beauty and growing tourism industry, and
Underlying macroeconomic factors: such as stable economic growth and integration into the European Union. These factors contribute to the growth and evolution of the market, providing opportunities for both domestic and international outdoor furniture manufacturers and retailers.
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.
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