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 Southern Africa is experiencing significant growth and development.
Customer preferences: Customers in Southern Africa have shown a growing preference for high-quality and durable furniture. They are looking for furniture pieces that are not only aesthetically pleasing but also long-lasting. This shift in customer preferences can be attributed to the increasing disposable income and changing lifestyles in the region. Additionally, customers are also becoming more conscious of sustainability and are seeking furniture made from eco-friendly materials.
Trends in the market: One of the key trends in the Furniture market in Southern Africa is the rising demand for customized furniture. Customers are increasingly looking for unique and personalized furniture pieces that reflect their individual style and taste. This trend has led to the emergence of local artisans and designers who cater to this demand. Furthermore, there is a growing interest in furniture that combines traditional craftsmanship with modern design elements, creating a fusion of styles that appeals to a wide range of customers. Another trend in the market is the increasing popularity of online furniture shopping. With the advent of e-commerce platforms, customers now have easy access to a wide variety of furniture options from both local and international brands. This has not only expanded the choices available to customers but has also made furniture shopping more convenient and accessible. Online platforms also provide customers with the opportunity to compare prices and read customer reviews, enabling them to make informed purchasing decisions.
Local special circumstances: Southern Africa is a region known for its rich cultural heritage and diverse craftsmanship. This has contributed to the growth of the furniture market, as customers value locally-made and handcrafted furniture. Local artisans and designers are able to incorporate traditional techniques and materials into their designs, creating unique and culturally significant pieces. This emphasis on local craftsmanship has also led to the preservation and promotion of traditional skills and knowledge.
Underlying macroeconomic factors: The growth of the Furniture market in Southern Africa can be attributed to several macroeconomic factors. Firstly, the region has experienced steady economic growth in recent years, resulting in an increase in disposable income. This has allowed customers to spend more on furniture and invest in higher-quality pieces. Additionally, urbanization and a growing middle class have also contributed to the expansion of the market. As more people move to cities and improve their living standards, there is a greater demand for furniture to furnish homes and offices. In conclusion, the Furniture market in Southern Africa is witnessing a surge in growth and development. Customer preferences for high-quality and durable furniture, along with a growing interest in customization and online shopping, are driving the market trends. The region's rich cultural heritage and emphasis on local craftsmanship further contribute to the growth of the market. Overall, the underlying macroeconomic factors, such as economic growth, urbanization, and a growing middle class, are fueling the expansion of the Furniture market in Southern Africa.
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