Furniture - Suriname

Suriname

Suriname's Furniture market is projected to generate a revenue of US$34.15m in 2024.
It is anticipated that the market will experience a yearly growth rate of 5.43% (CAGR 2024-2029).
The largest segment within the market is Living Room Furniture, which is expected to have a market volume of US$11.65m in 2024.
When compared globally, in the United States stands as the highest revenue generator with US$264bn in 2024.
Considering the population, the per-person revenue in 2024 is estimated to be US$54.30.
Suriname's furniture market is experiencing a surge in demand for locally-made, sustainable and eco-friendly furniture pieces.

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 Suriname has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: in Suriname have shifted towards modern and contemporary furniture designs. Consumers are increasingly looking for furniture that is not only functional but also aesthetically pleasing and in line with current design trends. This preference for modern furniture is influenced by global design trends and the desire to create stylish and comfortable living spaces. Additionally, there is a growing demand for eco-friendly and sustainable furniture options, as consumers in Suriname are becoming more conscious of their environmental impact. Trends in the furniture market in Suriname include the rise of online shopping and the increasing popularity of customized furniture. With the advancement of technology and the increasing availability of internet access, more consumers are turning to online platforms to purchase furniture. This trend is driven by the convenience and accessibility of online shopping, as well as the wider range of options available online. In addition, customized furniture is gaining traction in Suriname, as consumers seek unique and personalized pieces that reflect their individual style and taste.

Local special circumstances: in Suriname also contribute to the development of the furniture market. Suriname is a multicultural country with diverse ethnic backgrounds, and this diversity is reflected in the demand for furniture that caters to different cultural preferences and traditions. For example, there is a demand for furniture that incorporates traditional Surinamese elements and craftsmanship, as well as furniture that is suitable for multi-generational households. Underlying macroeconomic factors such as population growth, urbanization, and rising disposable incomes also play a role in the development of the furniture market in Suriname. As the population continues to grow and more people move to urban areas, the demand for furniture increases. Additionally, rising disposable incomes allow consumers to spend more on furniture and invest in higher quality pieces. In conclusion, the furniture market in Suriname is developing in response to changing customer preferences, emerging trends, local special circumstances, and

Underlying macroeconomic factors:. The shift towards modern and contemporary designs, the rise of online shopping, the demand for customized furniture, and the multicultural nature of Suriname all contribute to the growth of the market. With population growth, urbanization, and rising disposable incomes, the furniture market in Suriname is expected to continue to expand 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 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.