Furniture - Peru

Peru

In Peru, the revenue generated in the Furniture market is estimated to reach €592.20m in 2024.
It is anticipated that the market will experience an annual growth rate of 1.57% (CAGR 2024-2029).
The largest segment within this market is the Home Décor segment, which is expected to have a market volume of €208.80m in 2024.
When comparing globally, in the United States leads in terms of revenue generation, with an estimated revenue of €242bn in 2024.
In relation to the population of Peru, the per person revenue generated in the Furniture market is projected to be €17.07 in 2024.
Peru's furniture market is experiencing a surge in demand for handcrafted, traditional pieces, showcasing 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 Peru has been experiencing significant growth in recent years. Customer preferences have shifted towards more modern and functional furniture designs, while local special circumstances and underlying macroeconomic factors have also contributed to the market's development.

Customer preferences: in the Peruvian furniture market have evolved in response to changing lifestyles and tastes. Consumers are increasingly seeking furniture that is not only aesthetically pleasing but also functional and space-saving. This trend can be attributed to the growing urbanization in Peru, with more people living in smaller apartments and houses. As a result, furniture that maximizes space and offers storage solutions has become highly popular among Peruvian consumers. Another customer preference that has emerged in the Peruvian furniture market is a focus on sustainability. With increasing awareness of environmental issues, consumers are becoming more conscious of the materials used in furniture production. This has led to a demand for furniture made from sustainable and eco-friendly materials, such as bamboo or recycled wood. Additionally, consumers are also looking for furniture that is durable and long-lasting, as they seek to make more sustainable purchasing decisions. In terms of trends in the market, there has been a rise in online furniture shopping in Peru. The convenience and ease of online shopping have attracted many consumers, particularly the younger generation who are tech-savvy and comfortable with making purchases online. This trend has been further accelerated by the covid-19 pandemic, which has led to an increase in online shopping across various industries. Another trend in the Peruvian furniture market is the growing popularity of customized and personalized furniture. Consumers are increasingly looking for unique and personalized pieces that reflect their individual style and preferences. This trend has been driven by the rise of social media and interior design influencers, who inspire consumers to create their own personalized spaces.

Local special circumstances: in Peru have also contributed to the development of the furniture market. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has allowed consumers to invest more in furniture and home decor, driving the demand for quality and stylish furniture. Furthermore, Peru has a rich cultural heritage and a strong tradition of craftsmanship. This has resulted in a thriving local furniture industry, with many artisans and small businesses producing high-quality and unique furniture pieces. The combination of traditional craftsmanship and modern design has made Peruvian furniture highly sought after both domestically and internationally.

Underlying macroeconomic factors: such as population growth and urbanization, have also played a role in the development of the furniture market in Peru. As the population continues to grow and more people move to urban areas, the demand for furniture and home furnishings is expected to increase. Additionally, the government's efforts to promote sustainable development and support the local furniture industry have also contributed to the market's growth. In conclusion, the Furniture market in Peru is experiencing growth due to evolving customer preferences, including a focus on functionality and sustainability. Trends such as online shopping and personalized furniture have also emerged in the market. Local special circumstances, such as economic growth and a strong tradition of craftsmanship, have further contributed to the market's development. Underlying macroeconomic factors, such as population growth and urbanization, are expected to continue driving the demand for furniture in Peru.

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.