Outdoor Furniture - Vietnam

Vietnam

In Vietnam, the revenue generated in the Outdoor Furniture market in 2024 amounts to €71.17m.
According to projections, the market is expected to experience an annual growth rate of 2.24% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, with €16,940m in 2024.
Taking into account the total population figures, the per person revenue generated in Vietnam in 2024 amounts to €0.72.
Vietnam's outdoor furniture market is experiencing a surge in demand due to the country's growing tourism industry and increasing disposable incomes.

Key regions: Brazil, China, France, India, Germany

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Analyst Opinion

The Outdoor Furniture market in Vietnam is experiencing significant growth and development due to several factors. Customer preferences have shifted towards outdoor living spaces, leading to an increased demand for outdoor furniture. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the expansion of the market.

Customer preferences: Vietnamese consumers are increasingly valuing outdoor living spaces as a way to relax and enjoy nature. This has led to a growing interest in outdoor furniture that can enhance the comfort and aesthetics of these spaces. Customers are looking for durable and weather-resistant materials such as teak, rattan, and aluminum that can withstand Vietnam's tropical climate. They also prefer furniture that is easy to clean and maintain, allowing them to fully enjoy their outdoor spaces without the hassle of constant upkeep.

Trends in the market: One of the key trends in the Outdoor Furniture market in Vietnam is the rise of eco-friendly and sustainable products. With growing awareness of environmental issues, customers are seeking furniture made from recycled materials or sourced from sustainable forests. This trend is driven by a desire to reduce the environmental impact of their purchases and support companies that prioritize sustainability. Another trend in the market is the increasing popularity of multifunctional outdoor furniture. Vietnamese consumers are looking for furniture that can serve multiple purposes and maximize the use of limited outdoor space. For example, outdoor dining sets with built-in storage or convertible benches that can be transformed into loungers are in high demand. This trend reflects the need for practical and versatile furniture solutions in urban areas where space is often limited.

Local special circumstances: Vietnam's warm climate and abundant natural beauty make outdoor living spaces an integral part of the Vietnamese lifestyle. The country's long coastline, lush landscapes, and vibrant cities provide numerous opportunities for outdoor activities and gatherings. As a result, the demand for outdoor furniture is higher compared to countries with colder climates or less outdoor-oriented cultures. Vietnamese consumers are willing to invest in high-quality outdoor furniture that can withstand the elements and enhance their outdoor experiences.

Underlying macroeconomic factors: Vietnam's strong economic growth and rising disposable incomes have contributed to the development of the Outdoor Furniture market. As the middle class expands and more people have the means to invest in their homes, the demand for outdoor furniture has increased. Additionally, urbanization and the development of housing projects have created new opportunities for the market. As more people move into apartments and condominiums with balconies or outdoor spaces, the demand for outdoor furniture has grown. In conclusion, the Outdoor Furniture market in Vietnam is experiencing growth and development driven by customer preferences for outdoor living spaces, trends towards eco-friendly and multifunctional furniture, local special circumstances such as Vietnam's warm climate, and underlying macroeconomic factors such as economic growth and urbanization. These factors are shaping the market and creating opportunities for both domestic and international outdoor furniture manufacturers and retailers.

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.