Home Décor - Myanmar

Myanmar

In Myanmar, the revenue in the Home Décor market Segment is projected to reach €155.40m in 2024.
It is expected that the market will experience an annual growth rate of 4.15% (CAGR 2024-2029).
Comparing this to the global market, in the United States generates the highest revenue with €32,860m in 2024.
Taking into account the total population, in Myanmar generates €2.83 in per person revenues in 2024.
Myanmar's home décor market is embracing traditional Burmese crafts and incorporating them into modern design trends.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Home Décor market in Myanmar has been experiencing significant growth in recent years. Customer preferences have shifted towards more modern and stylish home décor products, leading to an increase in demand for these items. Additionally, the local special circumstances in Myanmar have played a role in driving the development of the market.

Customer preferences: in Myanmar have evolved to favor more modern and stylish home décor products. As the country has opened up to the global market, consumers have been exposed to a wider range of design options and trends. This has led to a growing desire for contemporary and fashionable home furnishings. Customers are now seeking out products that reflect their personal style and taste, and are willing to invest in high-quality items to achieve the desired look for their homes. The trends in the Home Décor market in Myanmar are aligned with global and regional market trends. The rise of social media and online platforms has made it easier for consumers to access design inspiration and discover new products. This has contributed to a growing demand for unique and personalized home décor items. Additionally, the increasing urbanization and rising disposable incomes in Myanmar have created a larger consumer base with higher purchasing power, further driving the growth of the market.

Local special circumstances: in Myanmar have also played a role in the development of the Home Décor market. The country has a rich cultural heritage and a tradition of craftsmanship, which has led to the production of unique and artisanal home décor products. These locally made items have gained popularity both domestically and internationally, attracting customers who appreciate the craftsmanship and authenticity of these products. Additionally, the growing tourism industry in Myanmar has created a demand for home décor items that reflect the local culture and traditions, further boosting the market. Underlying macroeconomic factors have also contributed to the growth of the Home Décor market in Myanmar. The country has experienced steady economic growth in recent years, leading to an increase in disposable incomes and consumer spending. This has allowed consumers to allocate more funds towards home improvement and decoration, driving the demand for home décor products. Furthermore, the government's efforts to promote foreign investment and improve infrastructure have attracted international retailers and brands to enter the market, increasing the availability and variety of home décor options for consumers. In conclusion, the Home Décor market in Myanmar is developing due to shifting customer preferences towards more modern and stylish products, aligned with global and regional trends. The local special circumstances, such as the country's rich cultural heritage and tradition of craftsmanship, have also contributed to the growth of the market. Additionally,

Underlying macroeconomic factors: such as economic growth and government initiatives, have played a role in driving the development 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.