Living Room Furniture - Turkey

Turkey

In Turkey, the revenue generated in the Living Room Furniture market in 2024 amounts to US$1.14bn.
It is projected that this market will experience an annual growth rate of -0.18% (CAGR 2024-2029).
When compared to the global market, in the United States leads with a revenue of US$73,080m in 2024.
Looking at the per person revenues, in 2024, each individual in Turkey generates US$13.17.
Turkey is experiencing a surge in demand for traditional and handcrafted living room furniture, reflecting a renewed appreciation for local craftsmanship and cultural heritage.

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

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Analyst Opinion

The Living Room Furniture market in Turkey is experiencing significant growth and development due to various factors.

Customer preferences: Turkish consumers have shown a growing interest in modern and stylish living room furniture. They prefer furniture pieces that are functional, comfortable, and aesthetically pleasing. Additionally, there is a preference for furniture that is durable and long-lasting, as Turkish consumers value quality and longevity in their purchases.

Trends in the market: One of the key trends in the Living Room Furniture market in Turkey is the increasing demand for multifunctional furniture. With limited living space in urban areas, Turkish consumers are seeking furniture that serves multiple purposes, such as sofa beds or coffee tables with storage compartments. This trend is driven by the need to optimize space and make the most out of smaller living areas. Another trend in the market is the rising popularity of online shopping for furniture. Turkish consumers are increasingly turning to online platforms to browse and purchase living room furniture. This trend can be attributed to the convenience and wide range of options available online. Online retailers are capitalizing on this trend by offering competitive prices, easy delivery, and hassle-free returns.

Local special circumstances: Turkey's growing middle class and urbanization have contributed to the development of the Living Room Furniture market. As more people move to cities and improve their living standards, there is a greater demand for modern and comfortable living room furniture. Additionally, Turkey's young population is driving the market, as they seek to furnish their homes with trendy and fashionable furniture.

Underlying macroeconomic factors: Turkey's strong economic growth and increasing disposable income have played a significant role in the development of the Living Room Furniture market. As the economy continues to expand, more consumers have the means to invest in quality furniture for their homes. Furthermore, favorable government policies and incentives have encouraged domestic production and attracted foreign investment in the furniture industry, further boosting market growth. In conclusion, the Living Room Furniture market in Turkey is growing and evolving due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for modern and multifunctional furniture, the rise of online shopping, Turkey's growing middle class and urbanization, and the country's strong economic growth are all contributing to the positive development 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.