Furniture - Malta

Malta

In 2024, the Furniture market in Malta generated a revenue of €205.50m.
It is projected to experience an annual growth rate of 1.15% (CAGR 2024-2029).
The largest segment within this market is the Living Room Furniture segment, which accounted for a market volume of €48.54m in 2024.
When comparing globally, in the United States generates the highest revenue in the Furniture market, amounting to €242bn in 2024.
In terms of per capita figures, in 2024, each person in Malta generated revenues of €382.90 in the Furniture market.
This indicates the market's significance in relation to the country's total population.
The Maltese furniture market is seeing a rise in demand for locally-made, artisanal pieces that reflect the country's rich history and cultural heritage.

Key regions: Worldwide, United States, China, India, Germany

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

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Región

Comparación de regiones

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Analyst Opinion

The furniture market in Malta has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Malta have shown a growing preference for modern and contemporary furniture designs. This shift in preference can be attributed to the influence of global design trends and the increasing exposure to international brands. Additionally, customers are increasingly seeking furniture that is both functional and aesthetically pleasing, with a focus on space-saving solutions.

Trends in the market: One of the key trends in the furniture market in Malta is the rising demand for eco-friendly and sustainable furniture. Customers are becoming more conscious of the environmental impact of their purchases and are actively seeking furniture made from sustainable materials such as bamboo or reclaimed wood. This trend is in line with the global movement towards sustainability and reflects the growing awareness of environmental issues among consumers in Malta. Another trend in the market is the growing popularity of online furniture shopping. With the increasing availability of e-commerce platforms, customers in Malta are now able to browse and purchase furniture from the comfort of their own homes. This convenience factor, coupled with competitive pricing and a wider range of options, has contributed to the growth of online furniture retail in Malta.

Local special circumstances: One of the unique aspects of the furniture market in Malta is the country's small size and limited space. With limited living spaces, customers in Malta are often looking for furniture that is compact and multi-functional. This has led to a rise in demand for furniture pieces that can serve multiple purposes, such as sofa beds or storage ottomans. Furniture manufacturers and retailers in Malta have responded to this demand by offering a wide range of space-saving furniture options.

Underlying macroeconomic factors: The growth in the furniture market in Malta can also be attributed to the country's strong economic performance. Malta has experienced steady economic growth in recent years, driven by sectors such as tourism, financial services, and manufacturing. This has resulted in increased disposable income and consumer spending, which in turn has boosted the demand for furniture. Furthermore, the government's efforts to attract foreign investment and promote the tourism industry have also had a positive impact on the furniture market. The influx of expatriates and tourists has created a demand for furniture, both for residential and commercial purposes. In conclusion, the furniture market in Malta is experiencing growth due to changing customer preferences, including a preference for modern and sustainable designs, as well as the increasing popularity of online shopping. The local special circumstance of limited space has also influenced customer preferences for compact and multi-functional furniture. The strong macroeconomic factors, such as steady economic growth and government initiatives, have further contributed to the growth of the furniture market in Malta.

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.