Furniture - South Africa

South Africa

In 2024, the Furniture market in South Africa is projected to generate a revenue of €1,536.00m.
This market is expected to experience an annual growth rate of 1.60% (CAGR 2024-2029).
Within the Furniture market, the largest segment is the Home Décor segment, which is estimated to have a market volume of €509.50m in 2024.
Comparatively, in the United States generates the highest revenue in the global Furniture market, reaching €242bn in 2024.
When considering the population figures, the per person revenue in South Africa is €25.16 in 2024.
The demand for locally made, handcrafted wooden furniture is on the rise in South Africa as consumers prioritize supporting local artisans and embracing sustainable products.

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 South Africa has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in South Africa are increasingly looking for furniture that combines style, functionality, and affordability. They are seeking products that are both aesthetically pleasing and practical, allowing them to make the most of their living spaces. In addition, there is a growing demand for eco-friendly and sustainable furniture options, as consumers become more conscious of the environmental impact of their purchases.

Trends in the market: One of the key trends in the South African furniture market is the rise of online shopping. With the increasing availability of internet access and the convenience it offers, more and more customers are opting to purchase furniture online. This trend has been further accelerated by the COVID-19 pandemic, which has led to a surge in online shopping across various industries. As a result, furniture retailers are investing in their online platforms and expanding their e-commerce capabilities to cater to this growing demand. Another trend in the market is the popularity of modular and multifunctional furniture. With the limited living spaces in urban areas, customers are looking for furniture that can serve multiple purposes and maximize the use of space. Modular furniture, such as sectional sofas and storage beds, allows customers to customize their furniture arrangements to suit their needs. This trend is also driven by the desire for flexibility and adaptability in furniture, as customers seek to accommodate changing lifestyles and living arrangements.

Local special circumstances: South Africa is a diverse country with a rich cultural heritage, and this diversity is reflected in the furniture market. There is a strong demand for furniture that incorporates traditional African design elements and craftsmanship, as well as furniture that celebrates the country's multicultural influences. This presents opportunities for local furniture manufacturers and designers to create unique and culturally relevant products that resonate with the local market.

Underlying macroeconomic factors: The growth of the furniture market in South Africa is also influenced by underlying macroeconomic factors. Economic growth, rising disposable incomes, and urbanization are driving the demand for furniture, particularly in urban areas. As more people move to cities and establish their own households, the need for furniture increases. In addition, government initiatives to promote affordable housing and homeownership are also contributing to the growth of the furniture market, as new homeowners furnish their homes. In conclusion, the Furniture market in South Africa is experiencing growth due to changing customer preferences, emerging trends such as online shopping and modular furniture, local special circumstances that celebrate the country's cultural diversity, and underlying macroeconomic factors such as economic growth and urbanization. As the market continues to evolve, furniture retailers and manufacturers need to adapt to these trends and preferences to stay competitive and meet the needs of the South African consumers.

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.