Outdoor Furniture - Papua New Guinea

Papua New Guinea

Highlights

In Papua New Guinea, the revenue generated in the Outdoor Furniture market is estimated to be US$443.20k in 2024.
According to projections, the market is predicted to experience an annual growth rate of 2.86% (CAGR 2024-2029).
When compared globally, it is worth noting that United States generates the highest revenue in this segment, with an estimated amount of US$18bn in 2024.
In terms of per capita figures, the revenue generated per person in Papua New Guinea is US$0.04 in 2024.
Papua New Guinea's outdoor furniture market is experiencing a surge in demand, driven by the country's rich cultural heritage and emphasis on outdoor living spaces.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Outdoor Furniture market in Papua New Guinea is experiencing steady growth due to several key factors.

Customer preferences: Customers in Papua New Guinea have shown a growing interest in outdoor living spaces and are increasingly investing in outdoor furniture to enhance their outdoor experiences. The demand for outdoor furniture is driven by the desire to create comfortable and stylish outdoor spaces for relaxation and entertainment. Customers are looking for durable and weather-resistant furniture that can withstand the tropical climate of the country. Additionally, there is a preference for furniture made from sustainable materials, reflecting the growing global trend towards environmentally friendly products.

Trends in the market: One of the key trends in the Outdoor Furniture market in Papua New Guinea is the increasing popularity of outdoor dining sets. With the rise in outdoor entertaining and dining, customers are investing in dining sets that can accommodate larger groups of people. This trend is driven by the cultural importance of communal dining in Papua New Guinean society, where gatherings with family and friends are common. As a result, there is a growing demand for larger dining sets that can accommodate these social gatherings. Another trend in the market is the growing popularity of modular outdoor furniture. Customers are looking for furniture that can be easily rearranged and customized to suit their specific needs and preferences. Modular furniture allows for greater flexibility in outdoor spaces, enabling customers to create different seating arrangements or change the layout of their outdoor area as needed. This trend is driven by the desire for versatility and adaptability in outdoor furniture.

Local special circumstances: Papua New Guinea is a country with a rich cultural heritage and diverse ethnic groups. This diversity is reflected in the design and style preferences of customers in the Outdoor Furniture market. Customers in Papua New Guinea have a preference for furniture that incorporates traditional elements and craftsmanship. They value furniture that showcases local materials and traditional designs, creating a sense of cultural identity and connection to their heritage.

Underlying macroeconomic factors: The Outdoor Furniture market in Papua New Guinea is influenced by several macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has contributed to the growing demand for outdoor furniture as customers have more financial resources to invest in their outdoor living spaces. Additionally, the tourism industry in Papua New Guinea is growing, attracting both domestic and international visitors. This has created a demand for outdoor furniture in hotels, resorts, and other hospitality establishments. The tourism sector plays a significant role in driving the Outdoor Furniture market as these establishments seek to provide comfortable and attractive outdoor spaces for their guests. In conclusion, the Outdoor Furniture market in Papua New Guinea is developing due to customer preferences for comfortable and stylish outdoor living spaces. The market is characterized by trends such as the popularity of outdoor dining sets and modular furniture. Local special circumstances, such as the cultural importance of communal dining and the preference for traditional designs, also influence the market. The underlying macroeconomic factors, including economic growth and the growing tourism industry, contribute to the overall development 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.