Furniture - Sierra Leone

Sierra Leone

In Sierra Leone, the revenue generated in the Furniture market is estimated to be US$21.42m in the year 2024.
It is projected to experience an annual growth rate of 3.97% (CAGR 2024-2029).
The largest segment in this market is the Living Room Furniture segment, which is expected to have a market volume of US$6.10m in 2024.
When compared globally, in the United States leads in terms of revenue generation, with an estimated revenue of US$264bn in 2024.
In terms of per capita revenue, in Sierra Leone generates approximately US$2.39 per person in the year 2024.
Sierra Leone's furniture market is thriving, with a growing demand for locally-made, sustainable pieces that incorporate traditional craftsmanship.

Key regions: Worldwide, United States, China, India, Germany

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

Region

Region comparison

Currency

Analyst Opinion

The Furniture market in Sierra Leone is experiencing significant growth and development. Customer preferences in the country are shifting towards modern and stylish furniture designs, reflecting global trends in the industry. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the expansion of the market.

Customer preferences: in Sierra Leone are evolving, with a growing demand for modern and stylish furniture designs. Consumers are increasingly looking for furniture pieces that not only serve their functional needs but also enhance the aesthetic appeal of their homes. This trend is in line with global preferences, as people around the world are becoming more design-conscious and seeking furniture that reflects their personal style. As a result, furniture retailers in Sierra Leone are focusing on offering a wide range of contemporary designs to cater to the changing tastes of their customers. The market for furniture in Sierra Leone is also being driven by

Local special circumstances:. The country is experiencing rapid urbanization, with a significant portion of the population moving to cities in search of better job opportunities and improved living standards. This urbanization trend has led to an increase in the demand for furniture, as people settle into their new homes and look to furnish them. Additionally, Sierra Leone has a young and growing population, which further fuels the demand for furniture as more households are formed.

Underlying macroeconomic factors: are also contributing to the growth of the furniture market in Sierra Leone. The country has been experiencing steady economic growth in recent years, which has resulted in an increase in disposable incomes. As people have more money to spend, they are more likely to invest in furniture for their homes. Furthermore, the government of Sierra Leone has been implementing policies to attract foreign investment and promote economic development. This has led to an influx of international furniture brands into the country, providing consumers with more options and driving competition in the market. In conclusion, the Furniture market in Sierra Leone is developing in response to changing customer preferences, local special circumstances, and underlying macroeconomic factors. Consumers in the country are increasingly seeking modern and stylish furniture designs, reflecting global trends in the industry. Rapid urbanization, a young population, and steady economic growth are also contributing to the expansion of the market. As the country continues to develop and attract foreign investment, the furniture market in Sierra Leone is expected to further grow and evolve in the coming years.

Methodology

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.