Furniture - Pakistan

Pakistan

In Pakistan, the revenue generated in the Furniture market is estimated to be approximately €572.50m in 2024.
It is projected to experience an annual growth rate of 4.39% from 2024 to 2029 (CAGR 2024-2029).
Among the various segments within the Furniture market, the largest segment is the Home Décor segment, which is expected to have a market volume of approximately €199.10m in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, with an estimated revenue of €242bn in 2024.
Taking into consideration the population figures, the per person revenue generated in Pakistan's Furniture market is approximately €2.34 in 2024.
Pakistan's furniture market is experiencing a surge in demand for handcrafted, traditional furniture designs, reflecting a growing appreciation for the country's rich 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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Analyst Opinion

The Furniture market in Pakistan is experiencing significant growth and development, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in Pakistan are increasingly seeking furniture that combines functionality with aesthetics. They are looking for furniture that not only serves its purpose but also adds beauty and style to their homes. This has led to a growing demand for modern and contemporary furniture designs that are sleek, minimalistic, and visually appealing. Additionally, customers are also showing a preference for furniture that is eco-friendly and sustainable, as awareness about environmental issues continues to grow.

Trends in the market: One of the key trends in the furniture market in Pakistan is the rise of e-commerce. With the increasing penetration of the internet and smartphones, more and more customers are opting to purchase furniture online. This trend is driven by the convenience and ease of online shopping, as well as the availability of a wide range of options and competitive prices. Online furniture retailers are capitalizing on this trend by offering attractive discounts, easy return policies, and personalized customer service. Another trend in the market is the growing popularity of customized furniture. Customers in Pakistan are increasingly looking for furniture that is tailored to their specific needs and preferences. This trend is driven by the desire for unique and personalized pieces that reflect their individual style and taste. Customized furniture allows customers to choose the materials, colors, and designs that best suit their requirements, resulting in a truly personalized product.

Local special circumstances: Pakistan has a rich tradition of craftsmanship and woodworking, which has contributed to the growth of the furniture market. The country is known for its skilled artisans who create intricate and beautifully crafted furniture pieces. This local expertise has helped position Pakistan as a hub for high-quality and handmade furniture, attracting both domestic and international customers.

Underlying macroeconomic factors: The growth of the furniture market in Pakistan is also influenced by several macroeconomic factors. The country's expanding middle class, rising disposable incomes, and urbanization are driving the demand for furniture. As more people move to cities and establish new homes, the need for furniture increases. Additionally, government initiatives to promote the housing sector and improve living standards are also contributing to the growth of the furniture market. In conclusion, the furniture market in Pakistan is experiencing significant growth and development due to changing customer preferences, emerging trends, and local special circumstances. Customers are seeking furniture that combines functionality with aesthetics, leading to a growing demand for modern and contemporary designs. The rise of e-commerce and the popularity of customized furniture are also driving the market. Pakistan's rich tradition of craftsmanship and woodworking, along with macroeconomic factors such as the expanding middle class and government initiatives, are further fueling the growth of the furniture 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 segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments 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.