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:
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.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Nov 2024
Source: Statista Market Insights
Most recent update: Jul 2024
Source: Statista Market Insights
Most recent update: Nov 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Company Insights
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Nov 2024
Source: Statista Market Insights
The Furniture market in Senegal has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.
Customer preferences: in the Furniture market in Senegal have been shifting towards modern and contemporary styles, as consumers seek more functional and aesthetically pleasing furniture options. This shift is influenced by global trends in interior design and the increasing exposure to international furniture brands. Additionally, there is a growing demand for environmentally friendly and sustainable furniture, as consumers become more conscious of their ecological footprint. Trends in the market include the rise of e-commerce and online furniture retailers, which have made it easier for consumers to access a wide range of furniture options and compare prices. This trend is particularly relevant in urban areas, where consumers have busy lifestyles and limited time for traditional shopping. In addition, there is a growing interest in customized and personalized furniture, as consumers look for unique pieces that reflect their individual style and taste. This trend is driven by the desire for exclusivity and the need for self-expression.
Local special circumstances: also play a role in the development of the Furniture market in Senegal. The country has a young and growing population, which creates a strong demand for housing and furniture. Rapid urbanization and increasing disposable incomes have further fueled this demand. Additionally, the government has implemented policies to promote the local manufacturing industry, including furniture production. This has led to the emergence of local furniture manufacturers and artisans, who offer unique and locally made products. Underlying macroeconomic factors have also contributed to the growth of the Furniture market in Senegal. The country has experienced stable economic growth in recent years, which has increased consumer purchasing power. Additionally, the government has invested in infrastructure development, such as housing projects and commercial buildings, which has created a demand for furniture. Furthermore, Senegal is strategically located in West Africa, making it an attractive market for international furniture brands looking to expand their presence in the region. In conclusion, the Furniture market in Senegal is developing in response to changing customer preferences, emerging trends, and local special circumstances. The shift towards modern and sustainable furniture, the rise of e-commerce, the demand for customized products, and the presence of a young and growing population are driving the growth of the market. Additionally, stable economic growth, government investments, and the country's strategic location contribute to the favorable market conditions.
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights