Furniture - Montenegro

Montenegro

In Montenegro, the Furniture market generates a revenue of US$29.10m in 2024.
It is projected to experience an annual growth rate of 0.44% (CAGR 2024-2029).
The largest segment within this market is the Living Room Furniture segment, which accounts for a market volume of US$10.47m in 2024.
When compared to other countries globally, United States generates the highest revenue in this market, reaching US$263bn in 2024.
In terms of per capita figures, in Montenegro generates US$46.48 in revenue per person in 2024.
Montenegro's furniture market is experiencing a surge in demand for locally sourced, eco-friendly designs that incorporate 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 Montenegro is experiencing steady growth due to a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in Montenegro are shifting towards more modern and stylish furniture options. Consumers are increasingly looking for furniture that is not only functional but also aesthetically pleasing and in line with the latest design trends. This preference for modern furniture is driven by the desire to create contemporary and fashionable living spaces.

Trends in the market: indicate a growing demand for eco-friendly and sustainable furniture in Montenegro. As consumers become more conscious of their environmental impact, they are seeking furniture made from sustainable materials and produced using environmentally friendly manufacturing processes. This trend is in line with the global movement towards sustainability and reflects the growing awareness of environmental issues in Montenegro.

Local special circumstances: also contribute to the development of the Furniture market in Montenegro. The country's growing tourism industry has led to an increase in demand for furniture in hotels, resorts, and vacation rentals. The hospitality sector requires durable and high-quality furniture to accommodate the growing number of tourists visiting Montenegro. This creates opportunities for furniture manufacturers and retailers to cater to the specific needs of the tourism industry.

Underlying macroeconomic factors: play a significant role in the development of the Furniture market in Montenegro. The country's stable economic growth and rising disposable incomes have increased consumer spending power. As a result, consumers are more willing to invest in furniture and home furnishings to improve their living standards. Additionally, montenegro's integration into the European Union has opened up new opportunities for furniture exports and foreign investments in the industry. Overall, the Furniture market in Montenegro is growing due to customer preferences for modern and stylish furniture, the trend towards eco-friendly and sustainable products, local demand from the tourism industry, and favorable macroeconomic conditions. As the market continues to evolve, furniture manufacturers and retailers in Montenegro have the opportunity to capitalize on these trends and meet the changing needs of consumers.

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.