Furniture - Mexico

Mexico

In 2024, the Furniture market in Mexico is projected to generate a revenue of €9.41bn.
This market is expected to experience an annual growth rate of 2.16% (CAGR 2024-2029).
Within the Furniture market, the largest segment is the Living Room Furniture segment, which is estimated to have a market volume of €3.47bn in 2024.
When compared globally, in the United States leads in terms of revenue generation, with an estimated revenue of €245bn in 2024.
Considering the population figures, the per person revenue in Mexico's Furniture market is forecasted to be €72.74 in 2024.
The furniture market in Mexico is experiencing a surge in demand for modern, minimalist designs, reflecting the country's growing preference for sleek and contemporary home decor.

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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Analyst Opinion

The Furniture market in Mexico has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: in the Furniture market in Mexico have shifted towards more modern and contemporary designs, reflecting global trends in the industry. Customers are increasingly looking for furniture that is not only functional but also aesthetically pleasing, with clean lines and minimalist designs. This preference for modern furniture is influenced by factors such as urbanization and the growing influence of global design trends.

Trends in the market: also play a significant role in shaping the development of the Furniture market in Mexico. One notable trend is the increasing demand for eco-friendly and sustainable furniture. As consumers become more environmentally conscious, they are seeking furniture made from sustainable materials and produced using environmentally friendly manufacturing processes. This trend is in line with global efforts to promote sustainability and reduce the carbon footprint of the furniture industry. Another trend in the market is the rise of online furniture retailers. With the increasing penetration of the internet and the growing popularity of e-commerce, more customers are choosing to shop for furniture online. Online retailers offer a wide range of options, competitive prices, and the convenience of home delivery, making it an attractive option for many customers. This trend is also driven by changing consumer behavior, as more people are comfortable making large purchases online.

Local special circumstances: also contribute to the development of the Furniture market in Mexico. One such circumstance is the country's strong tradition of craftsmanship and artisanal furniture making. Mexican furniture is known for its high-quality craftsmanship and unique designs, which attract both domestic and international customers. This local special circumstance gives Mexican furniture manufacturers a competitive advantage in the market. Underlying macroeconomic factors also play a role in shaping the Furniture market in Mexico. The country's growing middle class and increasing disposable income levels have led to higher consumer spending on furniture. Additionally, favorable government policies and initiatives to promote the manufacturing sector have attracted investment in the furniture industry, further driving its growth. In conclusion, the Furniture market in Mexico is developing in response to changing customer preferences, emerging trends in the market, local special circumstances, and

Underlying macroeconomic factors:. The shift towards modern and sustainable designs, the rise of online furniture retailers, the country's strong tradition of craftsmanship, and favorable macroeconomic conditions are all contributing to the growth 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.