Furniture - Sri Lanka

Sri Lanka

In 2024, the Furniture market in Sri Lanka generated a revenue of US$245.20m.
It is projected to experience an annual growth rate of 0.78% (CAGR 2024-2029).
The largest segment in this market is the Living Room Furniture segment, which had a market volume of US$82.69m in 2024.
When compared globally, in the United States generated the highest revenue in this market, amounting to US$264bn in 2024.
In terms of per person revenues, in Sri Lanka generated US$11.17 in 2024.
Sri Lanka's furniture market is experiencing a surge in demand for traditional handcrafted pieces, reflecting the country's rich cultural heritage.

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 Sri Lanka is experiencing steady growth and development, driven by changing customer preferences and underlying macroeconomic factors.

Customer preferences: Customers in Sri Lanka are increasingly valuing quality and durability when it comes to furniture. They are looking for furniture that is not only aesthetically pleasing but also long-lasting. This shift in preferences can be attributed to the rising disposable incomes and changing lifestyles of the population. Additionally, there is a growing demand for eco-friendly and sustainable furniture options, as consumers become more conscious of the environmental impact of their purchases.

Trends in the market: One of the key trends in the furniture market in Sri Lanka is the growing popularity of online shopping. With the increasing penetration of internet and smartphones, more and more consumers are opting to purchase furniture online. This trend is driven by the convenience and wide range of options available online. Additionally, online retailers are able to offer competitive prices, attracting price-conscious consumers. Another trend in the market is the rise of customized and modular furniture. Consumers are looking for furniture that can be easily personalized to fit their specific needs and preferences. This trend is driven by the desire for unique and individualistic pieces that can enhance the overall aesthetics of their homes. Modular furniture also offers the advantage of flexibility, allowing consumers to easily rearrange and adapt their furniture to changing needs.

Local special circumstances: Sri Lanka has a rich tradition of craftsmanship and woodworking, which has contributed to the development of a thriving local furniture industry. Local artisans and manufacturers are known for their attention to detail and craftsmanship, producing high-quality furniture that is in demand both domestically and internationally. This has led to the growth of furniture exports, particularly to neighboring countries.

Underlying macroeconomic factors: The steady economic growth in Sri Lanka has played a significant role in the development of the furniture market. Rising disposable incomes have increased consumer spending power, leading to higher demand for furniture. Additionally, the growth of the real estate sector, particularly in urban areas, has created a demand for furniture for new homes and offices. The government's focus on infrastructure development and urbanization has also contributed to the growth of the furniture market. In conclusion, the furniture market in Sri Lanka is experiencing growth and development driven by changing customer preferences, including a focus on quality and durability, as well as the desire for customized and modular furniture. The rise of online shopping and the presence of a thriving local furniture industry are also contributing to the market's growth. The underlying macroeconomic factors, such as rising disposable incomes and infrastructure development, are further fueling the growth of the market.

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 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.