Furniture - Papua New Guinea

Papua New Guinea

In Papua New Guinea, the revenue in the Furniture market reached US$13.23m in 2024.
This market segment is expected to experience an annual growth rate of 2.27% (CAGR 2024-2029).
The largest segment within the Furniture market is the Home Décor segment, which had a market volume of US$7.38m in 2024.
When compared globally, United States leads in terms of revenue generation, with US$263bn in 2024.
In relation to the total population, the per person revenue generated in Papua New Guinea amounts to US$1.26 in 2024.
Papua New Guinea's furniture market is experiencing a surge in demand for traditional, handcrafted pieces, reflecting the country's rich 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 Papua New Guinea is experiencing significant growth and development, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: in the Furniture market in Papua New Guinea are shifting towards more modern and stylish designs. Customers are increasingly looking for furniture that not only serves a functional purpose but also adds aesthetic value to their homes. This shift in preferences is influenced by global trends in interior design and the increasing exposure to international furniture brands through online platforms. As a result, there is a growing demand for furniture that is both functional and visually appealing. Trends in the Furniture market in Papua New Guinea include the rising popularity of sustainable and eco-friendly furniture. Customers are becoming more conscious of the environmental impact of their purchasing decisions and are actively seeking furniture made from sustainable materials and produced using eco-friendly manufacturing processes. This trend is in line with global efforts to promote sustainability and reduce carbon footprints. As a result, furniture manufacturers in Papua New Guinea are increasingly focusing on incorporating sustainable practices into their production processes and offering eco-friendly furniture options to meet the growing demand. Another trend in the Furniture market in Papua New Guinea is the increasing demand for customized furniture. Customers are looking for furniture that is tailored to their specific needs and preferences, allowing them to create unique and personalized spaces in their homes. This trend is driven by the desire for individuality and the need to express personal style. As a result, furniture manufacturers in Papua New Guinea are offering customizable options, allowing customers to choose the materials, colors, and designs that best suit their preferences.

Local special circumstances: in Papua New Guinea also contribute to the development of the Furniture market. The country's growing middle class and increasing urbanization rate are driving the demand for furniture. As more people move to urban areas and upgrade their living standards, there is a greater need for furniture to furnish new homes and apartments. Additionally, Papua New guinea's rich cultural heritage and diverse population create a demand for furniture that reflects local traditions and craftsmanship. This presents an opportunity for local furniture manufacturers to showcase their unique designs and cater to the specific tastes and preferences of the local population. Underlying macroeconomic factors, such as economic growth and rising disposable incomes, also play a significant role in the development of the Furniture market in Papua New Guinea. As the economy grows and incomes increase, more people have the financial means to invest in furniture and improve their living spaces. This leads to a higher demand for furniture products and drives market growth. Additionally, the government's focus on infrastructure development and urbanization initiatives further supports the growth of the Furniture market by creating a conducive environment for the industry to thrive. In conclusion, the Furniture market in Papua New Guinea is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and

Underlying macroeconomic factors:. The shift towards more modern and stylish designs, the demand for sustainable and eco-friendly furniture, the popularity of customized options, and the country's growing middle class and urbanization rate are all contributing to the positive growth trajectory 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.