Furniture - Timor-Leste

Timor-Leste

In 2024, the Furniture market in Timor-Leste is projected to generate a revenue of US$15.84m.
This market is expected to experience an annual growth rate of 6.45% (CAGR 2024-2029).
The largest segment within this market is the Living Room Furniture segment, which is estimated to have a market volume of US$6.16m in 2024.
When comparing in Timor-Leste to other countries globally, in the United States leads in terms of revenue generated, with a total of US$264bn in 2024.
Considering the population figures, the per person revenue in Timor-Leste for 2024 is US$11.48.
Timor-Leste's furniture market is booming with a surge in demand for locally made, sustainable and culturally-inspired 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 Timor-Leste has been experiencing significant growth in recent years, driven by changing customer preferences and favorable macroeconomic factors.

Customer preferences: in the Furniture market in Timor-Leste have shifted towards more modern and stylish designs. Customers are increasingly looking for furniture pieces that not only serve a functional purpose but also enhance the aesthetic appeal of their homes. This trend is in line with global preferences, as consumers worldwide are becoming more design-conscious and seeking furniture that reflects their personal style. In addition to design preferences, customers in Timor-Leste also prioritize affordability and durability when purchasing furniture. As the country is still developing and has a relatively low average income, affordability is a key factor for many customers. They are looking for furniture options that offer good value for money without compromising on quality. Durability is also important, as customers want furniture that can withstand the test of time and the country's tropical climate. One of the key trends in the Furniture market in Timor-Leste is the rise of online shopping. With the increasing availability of internet access and the convenience it offers, more customers are turning to online platforms to purchase furniture. This trend is not unique to Timor-Leste but is seen worldwide, as e-commerce continues to grow in popularity. Online shopping allows customers to easily compare prices, browse a wide range of options, and have their purchases delivered directly to their doorstep, making it a convenient and time-saving option. Another trend in the market is the growing demand for sustainable and eco-friendly furniture. Customers in Timor-Leste, like many consumers worldwide, are becoming more environmentally conscious and are seeking furniture made from sustainable materials and produced using eco-friendly manufacturing processes. This trend is driven by a desire to reduce the environmental impact of furniture production and consumption. Local special circumstances in Timor-Leste also influence the Furniture market. The country's relatively small population and limited domestic production capacity mean that a significant portion of furniture is imported. This dependence on imports can affect pricing and availability of certain furniture items. Additionally, the country's infrastructure and logistics challenges can impact the distribution and delivery of furniture, especially to more remote areas. Underlying macroeconomic factors, such as economic growth and rising disposable incomes, contribute to the development of the Furniture market in Timor-Leste. As the country's economy continues to grow, more people have the means to invest in furniture and improve their living standards. Additionally, government initiatives to promote tourism and attract foreign investment can also drive demand for furniture, particularly in the hospitality sector. Overall, the Furniture market in Timor-Leste is experiencing growth due to changing customer preferences, the rise of online shopping, and increasing demand for sustainable furniture. However,

Local special circumstances: and macroeconomic factors play a role in shaping the market dynamics. As the country continues to develop, the Furniture market is expected to further expand and evolve to meet the evolving needs and preferences of customers in Timor-Leste.

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.