Furniture - Togo | Statista Market Forecast

Furniture - Togo

Togo

Highlights

In Togo, the revenue in the Furniture market in 2024 is estimated to be US$6.09m.
It is projected to experience an annual growth rate of 2.13% (CAGR 2024-2029).
The largest segment in the market is the Home Décor segment, which is valued at US$2.56m in 2024.
When compared globally, United States generates the highest revenue in the Furniture market, amounting to US$264bn in 2024.
In terms of per capita revenue, in Togo generates US$0.66 per person in 2024.
The furniture market in Togo is experiencing a surge in demand for locally-made, eco-friendly pieces, reflecting a growing preference for sustainable and artisanal products.

Key regions:

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 definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Furniture market in Togo is experiencing significant growth and development in recent years. Customer preferences are shifting towards modern and stylish furniture designs, which are in line with global trends. The market is also being driven by local special circumstances, such as urbanization and a growing middle class. Additionally, underlying macroeconomic factors, such as a stable political environment and increasing disposable incomes, are contributing to the growth of the furniture market in Togo.

Customer preferences: in the furniture market in Togo are evolving towards modern and stylish designs. Consumers are increasingly looking for furniture pieces that are not only functional but also aesthetically pleasing. This trend is in line with global preferences, as more people are prioritizing the overall look and feel of their living spaces. As a result, furniture retailers in Togo are focusing on offering a wide range of contemporary designs to cater to this demand. Trends in the furniture market in Togo are also influenced by

Local special circumstances:. Urbanization is a key factor driving the growth of the market. As more people move to urban areas, the demand for furniture for apartments and smaller living spaces is increasing. This has led to a rise in the popularity of compact and multi-functional furniture pieces that can maximize the use of limited space. Additionally, the growing middle class in Togo is fueling the demand for furniture as more households have the means to invest in home furnishings. Local special circumstances also include the cultural preferences of the Togolese people. Traditional Togolese furniture, such as handcrafted wooden pieces, continues to be valued and sought after. This creates a niche market for artisanal furniture makers who can cater to customers looking for unique and culturally significant pieces. The combination of modern and traditional furniture options allows consumers in Togo to express their individuality and personal style.

Underlying macroeconomic factors: play a crucial role in the development of the furniture market in Togo. The country has enjoyed a relatively stable political environment, which has attracted foreign investments and boosted economic growth. This has resulted in an increase in disposable incomes, allowing more people to afford furniture purchases. Furthermore, the government's efforts to promote the manufacturing sector have led to the establishment of local furniture production companies, creating employment opportunities and contributing to the overall growth of the market. In conclusion, the furniture market in Togo is experiencing growth and development driven by customer preferences for modern and stylish designs, local special circumstances such as urbanization and a growing middle class, and underlying macroeconomic factors including a stable political environment and increasing disposable incomes. This presents opportunities for both local and international furniture retailers to cater to the evolving needs and tastes of consumers in Togo.

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.