Home Décor - Armenia

Armenia

In Armenia, the revenue generated in the Home Décor market Segment in 2024 amounts to €12.63m.
It is projected that the market will experience an annual growth rate of 4.69% (CAGR 2024-2029).
When compared globally, in the United States leads the way in terms of revenue generation, with €32,520m in 2024.
Taking into consideration the total population figures, it can be observed that in Armenia, per person revenues amount to €4.55 in 2024.
Armenia's home décor market is experiencing a surge in demand for traditional Armenian craftsmanship, incorporating intricate designs and vibrant colors.

Key regions: India, France, United States, Canada, Denmark

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Home Décor market in Armenia is experiencing significant growth and development in recent years.

Customer preferences: Armenian consumers have shown a growing interest in home décor products, with a particular focus on modern and contemporary designs. There is a strong demand for stylish and functional items that can enhance the aesthetic appeal of their homes. Customers are increasingly looking for unique and personalized pieces that reflect their individual tastes and preferences. Additionally, there is a growing awareness and appreciation for sustainable and eco-friendly products in the home décor market.

Trends in the market: The home décor market in Armenia is witnessing several key trends. Firstly, there is a shift towards online shopping for home décor products. This trend is driven by the convenience and wide range of options available to consumers. Online platforms provide access to a variety of products from both local and international brands, allowing customers to find the perfect pieces for their homes. Another trend in the market is the increasing popularity of DIY (do-it-yourself) home décor projects. Many consumers are opting to create their own unique pieces by repurposing old furniture or using recycled materials. This trend not only allows individuals to express their creativity but also contributes to a more sustainable approach to home decoration.

Local special circumstances: Armenia's rich cultural heritage and traditional craftsmanship play a significant role in the home décor market. There is a strong demand for locally-made products that showcase Armenian craftsmanship and cultural motifs. This has led to the emergence of small-scale artisanal businesses that produce handmade home décor items, such as rugs, pottery, and textiles. These products not only cater to the local market but also attract international customers who appreciate the unique and authentic nature of Armenian craftsmanship.

Underlying macroeconomic factors: Several macroeconomic factors contribute to the development of the home décor market in Armenia. The country's growing economy and increasing disposable income levels have resulted in higher consumer spending on home decoration. As people's standard of living improves, they are willing to invest more in creating a comfortable and aesthetically pleasing living environment. Furthermore, the government's efforts to promote tourism and cultural heritage preservation have also had a positive impact on the home décor market. The influx of tourists and the growing interest in Armenian culture have created a demand for home décor items that reflect the country's rich heritage. This has provided opportunities for local artisans and businesses to showcase their products and attract both domestic and international customers. In conclusion, the Home Décor market in Armenia is experiencing growth and development due to changing customer preferences, emerging trends such as online shopping and DIY projects, local special circumstances that highlight Armenian craftsmanship, and underlying macroeconomic factors such as economic growth and government initiatives. These factors combined create a favorable environment for the continued expansion of the home décor market in Armenia.

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.