Furniture - Colombia

Colombia

In 2024, the revenue in the Furniture market in Colombia amounts to €2.78bn.
It is projected to grow annually by 1.67% (CAGR 2024-2029).
The largest segment in the market is the Living Room Furniture segment, which has a market volume of €1.04bn in 2024.
When compared globally, in the United States generates the most revenue in the Furniture market, with €241bn in 2024.
In terms of per person revenues, in Colombia generates €53.15 in 2024.
This indicates the amount of revenue generated per individual in relation to the total population figures.
Colombia's furniture market is experiencing a surge in demand for eco-friendly and sustainable products.

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

Moneda

Analyst Opinion

Colombia, a country known for its vibrant culture and stunning landscapes, is also experiencing a significant growth in its furniture market. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this development.

Customer preferences: in Colombia are shifting towards modern and stylish furniture designs. Consumers are increasingly seeking furniture that not only serves its functional purpose but also adds aesthetic value to their homes. This preference for contemporary designs is driven by the global trend of urbanization and the desire for more modern living spaces. Additionally, Colombian consumers are becoming more conscious of the environmental impact of their purchases, leading to a growing demand for sustainable and eco-friendly furniture options.

Trends in the market: reflect the changing preferences of Colombian consumers. The furniture market in Colombia is witnessing a rise in the popularity of online shopping. With the increasing availability of internet access and the convenience it offers, more consumers are turning to online platforms to purchase furniture. This trend is further fueled by the covid-19 pandemic, which has accelerated the adoption of e-commerce across various industries.

Local special circumstances: also contribute to the development of the furniture market in Colombia. The country's growing middle class and rising disposable incomes have resulted in increased spending on home furnishings. Additionally, the government's efforts to promote domestic manufacturing and reduce dependence on imports have created opportunities for local furniture manufacturers. This has led to the emergence of a vibrant domestic furniture industry, offering a wide range of products to cater to different consumer preferences.

Underlying macroeconomic factors: play a crucial role in the growth of the furniture market in Colombia. The country's stable economic conditions, coupled with favorable demographic trends such as population growth and urbanization, provide a conducive environment for the furniture industry to thrive. Moreover, the government's investment in infrastructure development and housing projects further stimulate demand for furniture. In conclusion, the furniture market in Colombia is experiencing significant growth driven by evolving customer preferences, online shopping trends, local special circumstances, and underlying macroeconomic factors. As the country continues to develop and its middle class expands, the demand for modern and sustainable furniture is expected to continue rising. This presents opportunities for both domestic and international furniture manufacturers to capitalize on the growing 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.