Furniture - Gambia

Gambia

In Gambia, the revenue generated in the Furniture market is estimated to reach €19.96m in 2024.
It is projected that the market will experience an annual growth rate of 4.40% (CAGR 2024-2029).
The largest segment in this market is the Living Room Furniture segment, which is expected to have a market volume of €6.96m in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, with an estimated amount of €242bn in 2024.
Considering the population of Gambia, the per person revenue generated in the Furniture market is approximately €7.02 in 2024.
Gambia's furniture market is experiencing a surge in demand for locally crafted, sustainable pieces, reflecting a growing appreciation for traditional Gambian craftsmanship.

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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Analyst Opinion

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

Customer preferences: In Gambia, customers have shown a growing preference for modern and stylish furniture designs. They are increasingly looking for furniture that not only serves its functional purpose but also adds aesthetic value to their homes. This shift in preferences can be attributed to the increasing influence of global trends and the desire for a more contemporary living environment. Additionally, customers are seeking furniture that is durable and of high quality, as they want their purchases to last for a long time.

Trends in the market: One of the key trends in the furniture market in Gambia is the rising demand for eco-friendly and sustainable furniture. Customers are becoming more conscious of the environmental impact of their purchases and are opting for furniture made from recycled materials or sustainably sourced wood. This trend is in line with the global movement towards sustainability and reflects the growing awareness of environmental issues among consumers. Another trend in the market is the increasing popularity of online furniture shopping. With the proliferation of e-commerce platforms and the growing penetration of internet access in Gambia, customers are now able to browse and purchase furniture online. This has made the market more accessible and convenient for customers, allowing them to compare prices and designs from the comfort of their own homes.

Local special circumstances: Gambia's furniture market is also influenced by its unique cultural and social factors. Traditional Gambian furniture, which is known for its intricate carvings and vibrant colors, continues to hold a special place in the market. Many customers prefer to incorporate traditional furniture pieces into their homes as a way to showcase their cultural heritage. This demand for traditional furniture provides opportunities for local artisans and craftsmen to showcase their skills and preserve traditional craftsmanship.

Underlying macroeconomic factors: The furniture market in Gambia is benefiting from favorable macroeconomic factors. The country has been experiencing stable economic growth, which has resulted in an increase in disposable income and improved living standards. As a result, more people are investing in furniture to enhance their homes and create comfortable living spaces. Additionally, the government's focus on infrastructure development and urbanization has also contributed to the growth of the furniture market, as new housing projects and commercial spaces create demand for furniture. In conclusion, the furniture market in Gambia is developing in response to changing customer preferences, including a preference for modern and stylish designs, eco-friendly options, and online shopping. The market is also influenced by local cultural factors and is supported by favorable macroeconomic conditions. As the country continues to experience economic growth and urbanization, the furniture market is expected to further 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 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.