Furniture - Bosnia and Herzegovina

Bosnia and Herzegovina

The revenue generated in the Furniture market in Bosnia and Herzegovina amounts to US$198.60m in 2024.
It is projected that the market will experience an annual growth rate of 1.14% (CAGR 2024-2029).
The largest segment within the market is the Living Room Furniture segment, which has a market volume of US$67.46m in 2024.
In comparison to other countries, United States generates the highest revenue in the Furniture market, amounting to US$263bn in 2024.
When considering the total population figures, per person revenues of US$62.17 are generated in Bosnia and Herzegovina in 2024.
The furniture market in Bosnia and Herzegovina is experiencing a surge in demand for locally-made, handcrafted pieces, reflecting a growing appreciation for traditional craftsmanship.

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 Bosnia and Herzegovina is experiencing steady growth due to several factors. Customer preferences for furniture in the country are influenced by global trends, and local special circumstances also play a role in shaping the market. Additionally, underlying macroeconomic factors contribute to the development of the furniture market in Bosnia and Herzegovina.

Customer preferences: in the furniture market are driven by a desire for both style and functionality. Consumers in Bosnia and Herzegovina are increasingly looking for furniture that is aesthetically pleasing and complements their interior design. This trend is in line with global consumer preferences, as people around the world are becoming more conscious of the importance of home decor. Additionally, customers in Bosnia and Herzegovina value furniture that is durable and long-lasting, as they seek to make investments in high-quality pieces that will stand the test of time. Trends in the furniture market in Bosnia and Herzegovina include a growing demand for eco-friendly and sustainable furniture. As global awareness of environmental issues increases, consumers in the country are also becoming more conscious of the impact of their purchasing decisions. This has led to a rise in demand for furniture made from sustainable materials, such as reclaimed wood or recycled plastic. Additionally, there is a trend towards minimalist and multifunctional furniture, as people in Bosnia and Herzegovina seek to maximize the use of space in their homes.

Local special circumstances: also influence the development of the furniture market in Bosnia and Herzegovina. The country has a rich tradition of craftsmanship, and this heritage is reflected in the furniture industry. Local artisans and manufacturers are known for their attention to detail and high-quality craftsmanship, which has contributed to the reputation of Bosnian furniture both domestically and internationally. This has also led to an increase in demand for locally made furniture, as consumers appreciate the unique designs and superior quality.

Underlying macroeconomic factors: such as economic growth and rising disposable incomes, are driving the development of the furniture market in Bosnia and Herzegovina. As the country's economy continues to grow, more people have the means to invest in furniture for their homes. This has led to an increase in consumer spending on furniture, as people in Bosnia and Herzegovina prioritize creating comfortable and stylish living spaces. Additionally, the construction sector in the country is experiencing growth, which has further boosted demand for furniture as new homes and buildings are furnished. In conclusion, the furniture market in Bosnia and Herzegovina is developing in response to customer preferences for stylish and functional furniture, as well as global trends towards sustainability and minimalism. Local special circumstances, such as the country's tradition of craftsmanship, also contribute to the market's growth. Underlying macroeconomic factors, such as economic growth and rising disposable incomes, further drive the development of the furniture market in Bosnia and Herzegovina.

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.