Outdoor Furniture - Sri Lanka

Sri Lanka

Highlights

In 2024, the revenue in the Outdoor Furniture market in Sri Lanka amounts to US$13.18m.
It is projected that the market will experience an annual growth rate of -2.51% (CAGR 2024-2029).
When compared to the global market, United States generates the highest revenue, reaching US$18bn in 2024.
Looking at the per person basis, in Sri Lanka, the revenue generated per individual is US$0.60 in 2024.
Sri Lanka's outdoor furniture market is experiencing a surge in demand due to the country's tropical climate and growing tourism industry.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Outdoor Furniture market in Sri Lanka has been experiencing significant growth in recent years. Customer preferences have shifted towards outdoor living spaces, leading to an increased demand for outdoor furniture. In addition, local special circumstances and underlying macroeconomic factors have also contributed to the development of this market.

Customer preferences: in Sri Lanka have played a major role in driving the growth of the Outdoor Furniture market. As people spend more time at home, there has been a growing emphasis on creating comfortable and aesthetically pleasing outdoor spaces. This has led to an increased demand for outdoor furniture that is not only functional but also stylish. Customers are looking for furniture that can withstand the tropical climate and provide a comfortable seating experience. Additionally, there is a preference for furniture made from sustainable materials, reflecting the growing environmental consciousness among consumers. Trends in the Outdoor Furniture market in Sri Lanka have also contributed to its development. One notable trend is the increasing popularity of outdoor dining sets. With the rise of outdoor entertaining, more people are investing in dining sets that can accommodate large gatherings. This trend has been further fueled by the growing popularity of al fresco dining in restaurants and cafes. Another trend is the demand for modular outdoor furniture, which allows customers to customize their outdoor spaces according to their needs and preferences. This flexibility appeals to customers who value versatility and adaptability in their furniture choices.

Local special circumstances: have also played a role in the development of the Outdoor Furniture market in Sri Lanka. The country's tropical climate and abundant natural beauty make it an ideal location for outdoor living. The warm weather and ample sunshine encourage people to spend more time outdoors, creating a demand for comfortable and durable outdoor furniture. Additionally, the tourism industry in Sri Lanka has been growing steadily, attracting both domestic and international visitors. This has led to an increased demand for outdoor furniture in hotels, resorts, and other hospitality establishments.

Underlying macroeconomic factors: have further contributed to the growth of the Outdoor Furniture market in Sri Lanka. The country's economy has been experiencing steady growth, leading to an increase in disposable income among consumers. This has allowed people to allocate more of their budget towards home improvement and outdoor living. Furthermore, the government has been actively promoting tourism and hospitality, which has created a favorable business environment for the Outdoor Furniture market. In conclusion, the Outdoor Furniture market in Sri Lanka is experiencing significant growth due to shifting customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As people seek to create comfortable and stylish outdoor living spaces, the demand for outdoor furniture continues to rise. With the country's tropical climate and growing tourism industry, the market is expected to further expand in the coming years.

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.