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Key regions: Worldwide, United States, China, India, Germany
The Furniture market in Southern Asia is experiencing significant growth and development.
Customer preferences: Customers in Southern Asia are increasingly looking for furniture that is both stylish and functional. They are seeking furniture that not only enhances the aesthetic appeal of their homes but also provides practical solutions for storage and organization. Additionally, there is a growing demand for furniture that is eco-friendly and sustainable, as customers in this region are becoming more conscious of the environmental impact of their purchasing decisions.
Trends in the market: One of the key trends in the furniture market in Southern Asia is the rise of online shopping. With the increasing penetration of smartphones and internet connectivity, customers are now able to browse and purchase furniture from the comfort of their own homes. This has led to the emergence of online furniture retailers, who are able to offer a wide range of products at competitive prices. Furthermore, online platforms provide customers with the convenience of doorstep delivery and easy return policies, making it an attractive option for many. Another trend in the market is the growing popularity of customized and modular furniture. Customers are increasingly looking for furniture that is tailored to their specific needs and preferences. Modular furniture allows customers to mix and match different components to create a personalized and flexible living space. This trend is driven by the desire for versatility and adaptability in furniture, as customers in Southern Asia often have limited living spaces and need furniture that can maximize functionality.
Local special circumstances: One of the unique aspects of the furniture market in Southern Asia is the rich cultural heritage and craftsmanship that is reflected in the design and production of furniture. Many customers in this region value traditional and handcrafted furniture, which often showcases intricate detailing and unique patterns. This has created a niche market for artisanal furniture, which appeals to customers who appreciate the craftsmanship and cultural significance of these pieces.
Underlying macroeconomic factors: The growing middle class in Southern Asia is a key driver of the furniture market. As disposable incomes rise, more customers are able to afford higher-quality furniture and are willing to invest in durable and long-lasting pieces. Additionally, rapid urbanization and population growth in this region have led to an increased demand for furniture, as more people move into new homes and apartments. Furthermore, government initiatives to promote affordable housing and urban development have also contributed to the growth of the furniture market in Southern Asia. In conclusion, the Furniture market in Southern Asia is experiencing growth and development due to changing customer preferences, emerging trends such as online shopping and customized furniture, local special circumstances such as the appreciation for craftsmanship, and underlying macroeconomic factors such as the growing middle class and urbanization.
Data coverage:
Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments 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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)