Home Décor - Gambia

Gambia

In Gambia, the revenue in the Home Décor market Segment for the year 2024 is calculated to be €3.72m.
According to market projections, this segment is expected to experience an annual growth rate of 4.16% (CAGR 2024-2029).
When compared on a global scale, in the United States leads in terms of revenue generation, with an estimated amount of €32,520m in 2024.
Considering the population figures, in 2024, per person revenues amount to €1.31.
The demand for handcrafted Gambian furniture is on the rise, as consumers increasingly seek unique and culturally authentic home décor pieces.

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

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Analyst Opinion

The Home Décor market in Gambia is experiencing significant growth and development.

Customer preferences: Customers in Gambia are increasingly interested in home décor products that reflect their personal style and cultural heritage. They are seeking unique and artisanal pieces that add a touch of elegance and sophistication to their homes. Additionally, there is a growing demand for eco-friendly and sustainable home décor products, as customers are becoming more conscious of the environmental impact of their choices.

Trends in the market: One of the key trends in the Home Décor market in Gambia is the rise of locally-made products. Artisans and craftsmen in the country are creating beautiful and high-quality home décor items that showcase the rich cultural heritage of Gambia. These products often feature traditional motifs and materials, such as woven baskets, wooden carvings, and hand-dyed fabrics. This trend not only supports local artisans and promotes cultural preservation but also appeals to customers who are looking for unique and authentic pieces for their homes. Another trend in the market is the increasing popularity of minimalist and Scandinavian-inspired home décor styles. Customers in Gambia are embracing clean lines, neutral colors, and natural materials in their interior design choices. This trend reflects a desire for simplicity and a focus on functionality, as well as an appreciation for the timeless elegance of Scandinavian design.

Local special circumstances: Gambia's tourism industry plays a significant role in driving the growth of the Home Décor market. The country attracts a large number of international tourists who are interested in purchasing locally-made souvenirs and home décor items. This creates a lucrative market for local artisans and businesses, as they can cater to the preferences of both domestic and international customers.

Underlying macroeconomic factors: The growing economy and rising disposable incomes in Gambia are contributing to the development of the Home Décor market. As people have more money to spend, they are willing to invest in high-quality and aesthetically pleasing home décor products. Additionally, the government's efforts to promote local industries and support small businesses are creating favorable conditions for the growth of the market. In conclusion, the Home Décor market in Gambia is experiencing a surge in growth and development. Customer preferences for unique and culturally significant products, as well as eco-friendly options, are driving the demand for home décor items. Local artisans and craftsmen are benefiting from this trend by creating locally-made products that showcase the rich cultural heritage of Gambia. The rise of minimalist and Scandinavian-inspired styles is also shaping the market. The tourism industry and the country's growing economy are further contributing to the market's expansion. Overall, the Home Décor market in Gambia is a vibrant and dynamic sector that is poised for continued growth 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.