Living Room Furniture - Mongolia

Mongolia

In Mongolia, the Living Room Furniture market records a revenue of US$34.04m in 2024.
It is projected to experience a yearly growth rate of 1.06% (CAGR 2024-2029).
When compared to the global market, United States generates the highest revenue, reaching US$73,080m in 2024.
On a per capita basis, in Mongolia generates revenues of US$9.74 per person in 2024.
Mongolia's demand for traditional Mongolian-style living room furniture is steadily increasing, reflecting a resurgence in cultural pride and appreciation for indigenous designs.

Key regions: Worldwide, India, France, Denmark, Brazil

Market

Region

Region comparison

Currency

Analyst Opinion

The Living Room Furniture market in Mongolia has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Mongolian consumers are increasingly prioritizing comfort, durability, and functionality when it comes to their living room furniture choices. This shift in

Customer preferences: has resulted in a growing demand for furniture that offers both style and practicality. One of the key trends in the Living Room Furniture market in Mongolia is the rising popularity of modular furniture. Modular furniture allows consumers to customize their living room setups according to their specific needs and available space. This flexibility appeals to Mongolian consumers who often live in smaller apartments or houses with limited living room space. Additionally, modular furniture offers the convenience of easy assembly and disassembly, making it ideal for those who frequently move or relocate. Another trend in the market is the increasing demand for eco-friendly and sustainable living room furniture. Mongolian consumers are becoming more conscious of the environmental impact of their purchasing decisions and are actively seeking furniture made from sustainable materials. This trend is in line with the global shift towards sustainability and reflects the growing awareness of environmental issues in Mongolia.

Local special circumstances: also play a role in shaping the Living Room Furniture market in Mongolia. The country's harsh climate, with extremely cold winters and hot summers, influences the choice of furniture materials. Mongolian consumers prefer furniture that can withstand these extreme weather conditions, such as sturdy wooden frames and high-quality upholstery. Additionally, the nomadic lifestyle of some Mongolian communities, particularly in rural areas, contributes to a preference for furniture that is lightweight and easy to transport. Underlying macroeconomic factors also contribute to the development of the Living Room Furniture market in Mongolia. The country's growing middle class, rising disposable incomes, and urbanization have led to an increase in demand for quality furniture. As more Mongolians move to urban areas and experience improved living standards, the demand for modern and stylish living room furniture is expected to continue to grow. In conclusion, the Living Room Furniture market in Mongolia is developing in response to changing customer preferences, emerging trends, local special circumstances, and

Underlying macroeconomic factors:. The demand for modular and eco-friendly furniture, as well as furniture that can withstand mongolia's harsh climate and nomadic lifestyle, is driving the market's growth. With the country's growing middle class and rising disposable incomes, the market 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.