Furniture - Serbia

Serbia

In Serbia, the revenue in the Furniture market is projected to reach US$314.50m in 2024.
It is anticipated that the market will experience an annual growth rate of 3.61% (CAGR 2024-2029).
The largest segment within the market is the Home Décor segment, which is expected to have a market volume of US$86.56m in 2024.
When compared globally, United States generates the highest revenue in the Furniture market, reaching US$263bn in 2024.
In terms of per capita figures, the revenue generated per person in Serbia is estimated to be US$44.31 in 2024.
Serbia's furniture market is experiencing a surge in demand for traditional, handcrafted pieces, reflecting a growing appreciation for local craftsmanship and 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 Serbia has been experiencing significant growth in recent years, driven by changing customer preferences and favorable macroeconomic factors.

Customer preferences: In line with global trends, Serbian customers have been increasingly seeking furniture that combines both functionality and aesthetics. They are looking for furniture pieces that are not only durable and practical but also stylish and visually appealing. This shift in customer preferences has led to an increased demand for modern and contemporary furniture designs in Serbia. Additionally, there has been a growing interest in eco-friendly and sustainable furniture options, as customers become more conscious of the environmental impact of their purchasing decisions.

Trends in the market: One of the key trends in the Serbian furniture market is the rise of online retail. With the increasing penetration of the internet and the growing popularity of e-commerce, more and more customers are turning to online platforms to purchase furniture. This trend has been further accelerated by the COVID-19 pandemic, which has limited physical shopping experiences. Online retailers are capitalizing on this trend by offering a wide range of furniture options, competitive prices, and convenient delivery services. Another trend in the market is the growing demand for customized furniture. Customers are increasingly looking for furniture pieces that are tailored to their specific needs and preferences. This has led to the emergence of furniture manufacturers and retailers that offer personalized design and customization services. By offering unique and customized furniture solutions, these companies are able to differentiate themselves in the market and attract a loyal customer base.

Local special circumstances: Serbia's geographical location and historical ties to neighboring countries have had a significant impact on the furniture market. The country's proximity to Western European markets has enabled Serbian furniture manufacturers to tap into export opportunities. Many Serbian furniture companies have successfully expanded their operations and established partnerships with international retailers, allowing them to reach a wider customer base. Additionally, Serbia's rich tradition of craftsmanship and woodworking has earned it a reputation for producing high-quality furniture, further enhancing its competitiveness in the global market.

Underlying macroeconomic factors: Serbia's stable macroeconomic environment and improving living standards have played a crucial role in the growth of the furniture market. The country has witnessed steady economic growth in recent years, leading to an increase in disposable incomes and consumer spending. As a result, more customers are able to afford higher-quality furniture and are willing to invest in their homes. Furthermore, Serbia's ongoing integration into the European Union has opened up new opportunities for the furniture industry, as it allows for easier access to the EU market and attracts foreign investment. In conclusion, the Furniture market in Serbia is experiencing growth due to changing customer preferences, such as a desire for functional and aesthetically pleasing furniture, as well as favorable macroeconomic factors, including stable economic growth and increasing disposable incomes. The rise of online retail and the demand for customized furniture are key trends shaping the market. Serbia's geographical location, craftsmanship tradition, and integration into the European Union also contribute to its competitiveness in the global furniture 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.