Furniture - Cyprus

Cyprus

In Cyprus, revenue in the Furniture market is projected to reach US$348.70m in 2024.
The market is expected to experience an annual growth rate of 1.26% (CAGR 2024-2029).
The largest segment within this market is Living Room Furniture, which is estimated to have a market volume of US$107.20m in 2024.
When compared globally, United States generates the highest revenue in this market, with an estimated revenue of US$263bn in 2024.
In terms of per capita figures, each person in Cyprus is projected to generate revenues of US$274.90 in 2024.
The furniture market in Cyprus has experienced a surge in demand for traditional Cypriot-style designs, reflecting a growing appreciation for the country's cultural 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 Cyprus has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: in the Furniture market in Cyprus have shifted towards more modern and contemporary designs, with a preference for sleek and minimalist furniture. This change in preference is influenced by global design trends and the increasing influence of social media, where consumers are exposed to a wide range of furniture styles and designs. Additionally, there is a growing demand for furniture that is both functional and aesthetically pleasing, as consumers seek to create stylish and comfortable living spaces. One of the key trends in the Furniture market in Cyprus is the increasing popularity of online shopping. With the rise of e-commerce platforms and the convenience of online shopping, more consumers are opting to purchase furniture online. This trend is driven by factors such as the wide variety of options available online, competitive pricing, and the ease of comparing products and prices. As a result, traditional brick-and-mortar furniture stores are facing increasing competition and are adapting their business models to include online sales channels. Another trend in the Furniture market in Cyprus is the growing demand for sustainable and eco-friendly furniture. Consumers are becoming more conscious of the environmental impact of their purchasing decisions and are seeking out furniture made from sustainable materials and produced using environmentally friendly manufacturing processes. This trend is driven by a combination of factors, including increasing awareness of climate change and environmental issues, as well as a desire to support ethical and responsible businesses.

Local special circumstances: in Cyprus also contribute to the development of the Furniture market. The country's strong tourism industry plays a significant role in driving demand for furniture, particularly in the hospitality sector. As Cyprus attracts a growing number of tourists each year, hotels and other accommodation providers are investing in new furniture to create attractive and comfortable spaces for their guests. Additionally, the country's favorable climate and outdoor lifestyle contribute to the demand for outdoor furniture, as consumers seek to create outdoor living spaces for relaxation and entertainment. Underlying macroeconomic factors also play a role in the development of the Furniture market in Cyprus. The country's improving economic conditions, including increasing disposable incomes and a growing middle class, have led to higher consumer spending on furniture. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase furniture, further driving market growth. In conclusion, the Furniture market in Cyprus is developing in response to changing customer preferences, emerging trends, local special circumstances, and

Underlying macroeconomic factors:. With a shift towards modern and contemporary designs, the growing popularity of online shopping, and an increasing demand for sustainable furniture, the market is poised for continued growth 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.