Furniture - Bulgaria

Bulgaria

In Bulgaria, the revenue in the Furniture market is projected to reach €711.70m in 2024.
It is anticipated that the market will experience an annual growth rate of 1.69% (CAGR 2024-2029).
The largest segment in the market is the Living Room Furniture segment, which is expected to have a market volume of €180.50m in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, amounting to €242bn in 2024.
In terms of per person revenues, in Bulgaria generates approximately €107.50 in 2024.
"Bulgaria's furniture market is experiencing a surge in demand for handcrafted, traditional designs inspired by 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.

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Región

Comparación de regiones

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Analyst Opinion

The Furniture market in Bulgaria has been experiencing steady growth in recent years, driven by changing customer preferences and favorable macroeconomic factors.

Customer preferences: Customers in Bulgaria are increasingly seeking furniture that is not only functional, but also aesthetically pleasing and of high quality. There is a growing demand for modern and contemporary furniture designs that can enhance the overall look and feel of homes and offices. Additionally, customers are becoming more conscious about sustainability and are looking for furniture made from eco-friendly materials. As a result, manufacturers and retailers are focusing on offering a wide range of stylish and sustainable furniture options to cater to these evolving customer preferences.

Trends in the market: One of the key trends in the furniture market in Bulgaria is the rise of online retail. With the increasing penetration of internet and smartphones, more customers are opting to purchase furniture online. Online retail offers convenience, a wider product selection, and competitive prices, making it an attractive option for customers. This trend has led to the emergence of several online furniture retailers, who are able to reach a larger customer base and offer a seamless shopping experience. Another trend in the market is the growing popularity of customized furniture. Customers are increasingly looking for furniture that is tailored to their specific needs and preferences. This trend is driven by the desire for unique and personalized furniture pieces that can reflect individual style and taste. Manufacturers and retailers are responding to this trend by offering customizable furniture options, allowing customers to choose from a range of designs, materials, and finishes.

Local special circumstances: Bulgaria has a rich history and culture, which is reflected in its furniture market. Traditional Bulgarian furniture, known for its intricate woodwork and craftsmanship, continues to be popular among customers who appreciate the country's heritage. This has created a niche market for traditional furniture, with manufacturers and retailers specializing in producing and selling these unique pieces.

Underlying macroeconomic factors: The growth of the furniture market in Bulgaria is also supported by favorable macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable incomes. As a result, customers have more purchasing power and are willing to invest in furniture that meets their preferences and requirements. Additionally, low interest rates and favorable credit conditions have made it easier for customers to finance their furniture purchases, further driving market growth. In conclusion, the furniture market in Bulgaria is developing in response to changing customer preferences for stylish and sustainable furniture, the rise of online retail, and the growing demand for customized furniture. The market is also influenced by the country's rich history and culture, which has created a niche market for traditional Bulgarian furniture. Favorable macroeconomic factors, such as economic growth and low interest rates, are supporting the overall 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 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.