Furniture - Armenia

Armenia

In Armenia, the revenue generated in the Furniture market is estimated to reach US$20.24m in 2024.
It is projected that the market will experience an annual growth rate of 0.64% (CAGR 2024-2029).
The largest segment within the market is the Home Décor segment, which is expected to have a market volume of US$13.76m in 2024.
When compared to other countries worldwide, United States leads in terms of revenue generation, with an estimated revenue of US$263bn in 2024.
Taking into account the population figures, the per person revenue in Armenia is approximately US$7.29 in 2024.
The Armenian furniture market is experiencing a surge in demand for traditional designs, reflecting a cultural appreciation for craftsmanship and 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.

Market

Region

Region comparison

Currency

Analyst Opinion

The Furniture market in Armenia has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in the Furniture market in Armenia have been shifting towards modern and contemporary designs. Customers are increasingly looking for furniture that is not only functional but also aesthetically pleasing. This trend is in line with global market preferences, as customers seek to create stylish and comfortable living spaces. Additionally, there is a growing demand for eco-friendly and sustainable furniture, reflecting a broader global trend towards environmentally conscious consumerism.

Trends in the market: indicate a rise in online furniture shopping in Armenia. With the increasing penetration of the internet and the growing popularity of e-commerce platforms, customers are now able to browse and purchase furniture from the comfort of their homes. This trend is driven by the convenience and accessibility offered by online shopping, as well as the wider range of product options available online. Furthermore, the covid-19 pandemic has accelerated the adoption of online shopping in Armenia, as customers have turned to online platforms to meet their furniture needs during lockdowns and social distancing measures.

Local special circumstances: also play a role in the development of the Furniture market in Armenia. The country has a rich cultural heritage, and there is a growing demand for furniture that reflects Armenian craftsmanship and traditions. This has led to the emergence of local furniture designers and manufacturers who cater to this niche market segment. Additionally, armenia's strategic location at the crossroads of Europe and Asia has enabled it to tap into international markets, exporting its furniture products to neighboring countries and beyond.

Underlying macroeconomic factors: have also contributed to the growth of the Furniture market in Armenia. The country has experienced steady economic growth in recent years, which has led to an increase in disposable incomes and consumer spending. As a result, more people are able to afford and invest in furniture for their homes. Furthermore, the government has implemented supportive policies and initiatives to promote the development of the furniture industry, such as providing financial incentives and tax breaks to local manufacturers. In conclusion, the Furniture market in Armenia is experiencing growth due to changing customer preferences, the rise of online shopping, local special circumstances, and underlying macroeconomic factors. As customers increasingly seek modern and sustainable furniture, online platforms have become a popular choice for purchasing furniture. The country's rich cultural heritage and strategic location have also contributed to the development of the market. With a favorable economic environment and supportive government policies, the Furniture market in Armenia is poised for further expansion in the coming years.

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.