Kitchen & Dining Furniture - Armenia

Armenia

In Armenia, the revenue generated in the Kitchen & Dining Furniture market is projected to reach €429.80k in 2024.
It is anticipated that the market will experience an annual growth rate of -16.92% (CAGR 2024-2029).
When compared globally, in the United States leads the way with a revenue of €35,620m in 2024.
In terms of per capita figures, each person in Armenia is expected to generate revenues of €0.15 in 2024.
Armenian consumers are increasingly embracing minimalist designs and compact kitchen & dining furniture to optimize their limited living spaces.

Key regions: Canada, United Kingdom, Brazil, Germany, India

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Analyst Opinion

The Kitchen & Dining Furniture market in Armenia has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Armenian customers have shown a growing preference for modern and stylish kitchen and dining furniture. 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 influence of global design trends and the rising disposable income of the population. As a result, there is a growing demand for sleek, minimalist designs with clean lines and high-quality materials.

Trends in the market: One of the key trends in the Kitchen & Dining Furniture market in Armenia is the increasing popularity of open-plan living spaces. Many homeowners are opting for open kitchens that seamlessly blend into the dining and living areas. This trend has led to a higher demand for multifunctional furniture pieces that can serve different purposes and fit well in smaller spaces. Additionally, eco-friendly and sustainable furniture options are gaining traction in the market, as consumers become more conscious of the environmental impact of their purchasing decisions.

Local special circumstances: Armenia has a rich cultural heritage, and this is reflected in the demand for traditional and handcrafted kitchen and dining furniture. Many customers in Armenia appreciate the craftsmanship and unique designs of locally made furniture. This creates opportunities for local artisans and small businesses to cater to this niche market segment. Furthermore, the country's strong agricultural sector and the emphasis on organic food have also influenced the demand for furniture made from natural materials such as wood and bamboo.

Underlying macroeconomic factors: The growth of the Kitchen & Dining Furniture market in Armenia can also be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has allowed more households to invest in higher-quality and more expensive furniture. Additionally, the government's efforts to promote tourism and attract foreign investment have contributed to the growth of the real estate market, which in turn has stimulated demand for kitchen and dining furniture. In conclusion, the Kitchen & Dining Furniture market in Armenia is developing in response to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The demand for modern, stylish, and multifunctional furniture is on the rise, driven by the influence of global design trends and increasing disposable income. At the same time, the appreciation for traditional and handcrafted furniture reflects the country's cultural heritage. Overall, the market is expected to continue growing as Armenia's economy expands and consumer preferences continue to evolve.

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.