Furniture - Albania

Albania

In Albania, the revenue generated in the Furniture market in 2024 amounts to US$191.50m.
It is anticipated that this market will experience an annual growth rate of 2.26% (CAGR 2024-2029).
The largest segment within this market is the Living Room Furniture segment, which is expected to have a market volume of US$76.51m in 2024.
When compared globally, it is noteworthy that United States generates the highest revenue in this market, reaching US$263bn in 2024.
Moreover, in terms of per capita income, each individual in Albania contributes US$67.75 to the revenue generated in the Furniture market in 2024.
Albania's furniture market is experiencing a surge in demand for locally crafted, eco-friendly pieces, reflecting a growing emphasis on sustainable and authentic design.

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.

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: in the Furniture market in Albania have shifted towards modern and contemporary designs, as well as eco-friendly and sustainable materials. Customers are increasingly looking for furniture pieces that are not only aesthetically pleasing but also functional and durable. This shift in preferences is influenced by global trends in the furniture industry, where minimalistic and eco-friendly designs are gaining popularity. Trends in the market include the rise of online furniture retailers, which has opened up new opportunities for customers to explore a wider range of options and compare prices. This trend is in line with global developments in the e-commerce sector, where online shopping is becoming increasingly popular. Additionally, there is a growing demand for customized furniture, as customers seek unique and personalized pieces to suit their individual tastes and needs. This trend is driven by the desire for exclusivity and the ability to express one's personal style in their living spaces.

Local special circumstances: also play a role in the development of the Furniture market in Albania. The country has experienced economic growth in recent years, leading to an increase in disposable income and purchasing power. As a result, consumers are more willing to invest in higher-quality furniture that offers both style and durability. Additionally, the growing trend of urbanization has led to a rise in apartment living, creating a demand for space-saving furniture solutions. Underlying macroeconomic factors also contribute to the growth of the Furniture market in Albania. The country's stable political environment and improving infrastructure have attracted foreign investment, leading to the establishment of international furniture brands and retailers. This has increased competition in the market and provided customers with a wider range of options. Furthermore, the government's efforts to promote tourism have boosted the hospitality sector, driving the demand for furniture in hotels, restaurants, and other commercial establishments. In conclusion, the Furniture market in Albania is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and

Underlying macroeconomic factors:. The shift towards modern designs, the rise of online retailers, and the demand for customized furniture are shaping the market. The country's economic growth, urbanization, and government initiatives are also contributing to the expansion of the 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.