Living Room Furniture - Nigeria

Nigeria

In Nigeria, the revenue generated in the Living Room Furniture market is projected to reach €1.53bn in 2024.
It is anticipated that this market will experience an annual growth rate of 2.25% (CAGR 2024-2029).
When compared to other countries, in the United States leads the global market with a revenue of €67,070m in 2024.
In terms of per capita income, each person in Nigeria is expected to generate €6.67 in revenue in 2024.
Nigeria's growing middle class is driving the demand for modern and stylish living room furniture, with a preference for locally made pieces.

Key regions: China, Germany, Brazil, France, United States

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Living Room Furniture market in Nigeria is experiencing significant growth and development in recent years.

Customer preferences: Nigerian consumers have shown a growing interest in modern and stylish living room furniture. They are increasingly looking for furniture pieces that not only provide functionality but also enhance the overall aesthetics of their living spaces. Customers in Nigeria prefer furniture with sleek designs, vibrant colors, and high-quality materials. Additionally, there is a rising demand for multi-functional furniture that can serve multiple purposes and save space in smaller living rooms.

Trends in the market: One of the key trends in the Nigerian Living Room Furniture market is the increasing popularity of online shopping. With the growing use of smartphones and internet penetration, more consumers are opting to purchase furniture online. This trend has been further accelerated by the COVID-19 pandemic, which has led to a shift towards e-commerce and contactless shopping experiences. Online furniture retailers are capitalizing on this trend by offering a wide range of products, competitive prices, and convenient delivery options. Another trend in the market is the focus on sustainability and eco-friendly furniture. Nigerian consumers are becoming more conscious of the environmental impact of their purchases and are actively seeking furniture made from sustainable materials. This trend is driven by a combination of factors, including the global movement towards sustainability, increased awareness of climate change, and the desire to support local artisans and manufacturers who produce eco-friendly furniture.

Local special circumstances: Nigeria has a large and growing population, which is driving the demand for living room furniture. As more people move to urban areas and middle-class households expand, there is a greater need for furniture to furnish their living spaces. Additionally, the rapid urbanization and increasing disposable income levels in Nigeria have contributed to the growth of the Living Room Furniture market.

Underlying macroeconomic factors: The Nigerian economy has been experiencing steady growth in recent years, which has positively impacted the Living Room Furniture market. Rising disposable incomes, expanding middle-class population, and increasing urbanization are key factors driving the demand for furniture in the country. Additionally, government initiatives to promote local manufacturing and reduce import dependency have also boosted the domestic furniture industry. In conclusion, the Living Room Furniture market in Nigeria is witnessing significant growth and development due to changing customer preferences, such as a preference for modern and stylish furniture, increasing online shopping, and a focus on sustainability. The local special circumstances, including a growing population, rapid urbanization, and increasing disposable incomes, are further fueling the demand for living room furniture. The underlying macroeconomic factors, such as steady economic growth and government initiatives, are also contributing to the market's expansion.

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.