Furniture - Panama

Panama

Highlights

In 2024, the revenue in the Furniture market in Panama is estimated to reach US$640.20m.
It is projected to experience an annual growth rate of 1.79% (CAGR 2024-2029).
Among the different segments in the market, the largest one is the Living Room Furniture segment, which is expected to have a market volume of US$217.30m in 2024.
When compared on a global scale, United States generates the highest revenue in the Furniture market, amounting to US$264bn in 2024.
Taking into account the population figures, the per person revenue in Panama is estimated to be US$141.40 in 2024.
Panama's furniture market is experiencing a surge in demand for eco-friendly and sustainable products, reflecting the country's growing focus on environmental consciousness.

Key regions:

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Furniture market in Panama has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: in the Furniture market in Panama have shifted towards more modern and contemporary designs. Customers are increasingly looking for furniture that is not only functional but also aesthetically pleasing. This trend is in line with global market preferences, as consumers worldwide are seeking furniture that reflects their personal style and complements their overall home decor. Trends in the Furniture market in Panama include the rising demand for eco-friendly and sustainable furniture. Consumers are becoming more conscious of the environmental impact of their purchases and are actively seeking furniture made from sustainable materials. This trend is in line with the growing global movement towards sustainability and reflects a shift in consumer values. Another trend in the market is the increasing popularity of online furniture shopping. With the rise of e-commerce platforms and the convenience of online shopping, more consumers in Panama are opting to purchase furniture online. This trend is not unique to Panama, as online furniture sales have been growing worldwide.

Local special circumstances: in Panama also contribute to the development of the Furniture market. Panama is a rapidly urbanizing country, with a growing middle class and increasing disposable incomes. This has led to an increase in demand for furniture, as more people are able to afford to furnish their homes. Additionally, panama's tourism industry has been booming in recent years, attracting a large number of tourists who may also contribute to the demand for furniture. Underlying macroeconomic factors, such as gdp growth and population growth, also play a role in the development of the Furniture market in Panama. As the economy grows and the population increases, there is a greater demand for housing, which in turn drives the demand for furniture. Furthermore, panama's strategic location as a transportation and logistics hub makes it an attractive market for furniture manufacturers and retailers. In conclusion, the Furniture market in Panama is developing in response to changing customer preferences, emerging trends, local special circumstances, and

Underlying macroeconomic factors:. The shift towards modern and contemporary designs, the demand for eco-friendly furniture, the rise of online shopping, and the growth of the middle class are all contributing to the growth of the market. With the continued urbanization and economic development of Panama, the Furniture market is expected to continue its upward trajectory.

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.