Furniture - Philippines

  • Philippines
  • In 2024, the Furniture market in the Philippines is projected to generate a revenue of €743.40m.
  • This market is expected to experience an annual growth rate of 3.03% (CAGR 2024-2029).
  • Among the various segments within the Furniture market, the largest segment is Living Room Furniture, which is estimated to have a market volume of €260.30m in 2024.
  • When compared on a global scale, United States leads in terms of revenue generation, with an estimated revenue of €244bn in 2024.
  • Considering the population of the Philippines, the per person revenue in the Furniture market is projected to be €6.24 in 2024.
  • The demand for locally-made, eco-friendly furniture in the Philippines is on the rise as consumers prioritize sustainability and supporting local artisans.

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

 
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Analyst Opinion

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

Customer preferences:
Customers in Philippines are increasingly looking for furniture that is both stylish and functional. They value modern designs and high-quality materials, and are willing to pay a premium for furniture that meets these criteria. Additionally, there is a growing demand for eco-friendly and sustainable furniture, as customers become more conscious of the environmental impact of their purchases.

Trends in the market:
One of the key trends in the furniture market in Philippines is the rise of online shopping. With the increasing penetration of internet and smartphones, more customers are turning to online platforms to purchase furniture. This trend is driven by the convenience and wide range of options offered by online retailers. As a result, traditional brick-and-mortar stores are facing increasing competition and are being forced to adapt their business models to stay relevant. Another trend in the market is the growing popularity of customized furniture. Customers 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, as well as the increasing availability of customization options offered by furniture manufacturers.

Local special circumstances:
The furniture market in Philippines is also influenced by local special circumstances. One such circumstance is the rapid urbanization happening in the country. As more people move to cities, there is a growing demand for furniture that is suitable for small living spaces. This has led to an increase in the popularity of multi-functional furniture, such as sofa beds and extendable dining tables. Another special circumstance is the growing middle class in Philippines. As more people enter the middle class, their disposable income increases, allowing them to spend more on furniture. This has created a larger customer base for furniture retailers, driving the growth of the market.

Underlying macroeconomic factors:
Several macroeconomic factors have contributed to the development of the furniture market in Philippines. One such factor is the steady economic growth in the country. As the economy grows, people have more disposable income to spend on non-essential items such as furniture. Additionally, the low interest rates in the country have made it easier for consumers to access credit and make large purchases, further driving the growth of the market. In conclusion, the furniture market in Philippines is experiencing growth due to changing customer preferences, such as a demand for stylish and functional furniture, as well as local special circumstances like rapid urbanization and a growing middle class. These trends are supported by underlying macroeconomic factors such as steady economic growth and low interest rates.

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.

Visión general

  • Revenue
  • Sales Channels
  • Key Players
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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