Furniture - Portugal

  • Portugal
  • In 2024, the Furniture market in Portugal is projected to generate revenue amounting to US$2.44bn.
  • It is expected to experience an annual growth rate of 1.20% (CAGR 2024-2029).
  • The largest segment within this market is the Living Room Furniture segment, which is estimated to have a market volume of US$0.68bn in 2024.
  • When compared globally, in the United States generates the highest revenue in the Furniture market, with a value of US$263bn in 2024.
  • Taking into account the total population figures, the per person revenue generated in Portugal's Furniture market amounts to US$239.00 in 2024.
  • Portugal's furniture market is experiencing a growing demand for traditional handcrafted pieces, reflecting the country's rich cultural heritage.

Key regions: Worldwide, United States, China, India, Germany

 
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Analyst Opinion

The Furniture market in Portugal has been experiencing significant growth in recent years.

Customer preferences:
Portuguese customers have shown a strong preference for high-quality furniture that is both functional and aesthetically pleasing. They value durability and long-lasting products, as well as designs that reflect their personal style. Additionally, there is a growing trend towards eco-friendly and sustainable furniture options, as customers become more conscious of their environmental impact.

Trends in the market:
One of the key trends in the Portuguese furniture market is the increasing demand for online shopping. With the rise of e-commerce platforms and the convenience they offer, more and more customers are choosing to purchase furniture online. This trend has been further accelerated by the COVID-19 pandemic, as people have been spending more time at home and looking to improve their living spaces. Another trend in the market is the growing popularity of multifunctional furniture. As living spaces become smaller, customers are seeking furniture that can serve multiple purposes, such as sofa beds or storage ottomans. This trend is driven by the need for space optimization and practicality.

Local special circumstances:
Portugal has a rich cultural heritage and a long tradition of craftsmanship in furniture making. This has contributed to the development of a strong domestic furniture industry, with a focus on quality and design. Portuguese furniture is known for its attention to detail, use of high-quality materials, and unique designs that blend traditional and contemporary elements. Furthermore, Portugal has a favorable geographic location, with easy access to both European and international markets. This has facilitated the export of Portuguese furniture to other countries, contributing to the growth of the industry.

Underlying macroeconomic factors:
The Portuguese economy has been steadily recovering from the global financial crisis, leading to increased consumer confidence and spending power. This has had a positive impact on the furniture market, as customers are more willing to invest in higher-end products. Additionally, the growth of the tourism industry in Portugal has attracted a larger number of international visitors, who often purchase furniture as souvenirs or for their vacation homes. Overall, the Furniture market in Portugal is experiencing growth due to customer preferences for high-quality and sustainable products, as well as the increasing popularity of online shopping. The country's rich cultural heritage and favorable geographic location have also contributed to the development of a strong domestic industry. The recovering economy and growth in the tourism sector have further boosted 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.

Overview

  • Revenue
  • Key Players
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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