Furniture - South Africa

  • South Africa
  • In 2024, the Furniture market in South Africa is projected to generate a revenue of US$1.65bn.
  • This market is expected to experience an annual growth rate of 1.07% (CAGR 2024-2029).
  • Within the Furniture market, the largest segment is the Home Décor segment, which is estimated to have a market volume of US$0.56bn in 2024.
  • Comparatively, in the United States generates the highest revenue in the global Furniture market, reaching US$263bn in 2024.
  • When considering the population figures, the per person revenue in South Africa is US$26.96 in 2024.
  • The demand for locally made, handcrafted wooden furniture is on the rise in South Africa as consumers prioritize supporting local artisans and embracing sustainable products.

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

 
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Analyst Opinion

The Furniture market in South Africa has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences:
Customers in South Africa are increasingly looking for furniture that combines style, functionality, and affordability. They are seeking products that are both aesthetically pleasing and practical, allowing them to make the most of their living spaces. In addition, there is a growing demand for eco-friendly and sustainable furniture options, as consumers become more conscious of the environmental impact of their purchases.

Trends in the market:
One of the key trends in the South African furniture market is the rise of online shopping. With the increasing availability of internet access and the convenience it offers, more and more customers are opting to purchase furniture online. This trend has been further accelerated by the COVID-19 pandemic, which has led to a surge in online shopping across various industries. As a result, furniture retailers are investing in their online platforms and expanding their e-commerce capabilities to cater to this growing demand. Another trend in the market is the popularity of modular and multifunctional furniture. With the limited living spaces in urban areas, customers are looking for furniture that can serve multiple purposes and maximize the use of space. Modular furniture, such as sectional sofas and storage beds, allows customers to customize their furniture arrangements to suit their needs. This trend is also driven by the desire for flexibility and adaptability in furniture, as customers seek to accommodate changing lifestyles and living arrangements.

Local special circumstances:
South Africa is a diverse country with a rich cultural heritage, and this diversity is reflected in the furniture market. There is a strong demand for furniture that incorporates traditional African design elements and craftsmanship, as well as furniture that celebrates the country's multicultural influences. This presents opportunities for local furniture manufacturers and designers to create unique and culturally relevant products that resonate with the local market.

Underlying macroeconomic factors:
The growth of the furniture market in South Africa is also influenced by underlying macroeconomic factors. Economic growth, rising disposable incomes, and urbanization are driving the demand for furniture, particularly in urban areas. As more people move to cities and establish their own households, the need for furniture increases. In addition, government initiatives to promote affordable housing and homeownership are also contributing to the growth of the furniture market, as new homeowners furnish their homes. In conclusion, the Furniture market in South Africa is experiencing growth due to changing customer preferences, emerging trends such as online shopping and modular furniture, local special circumstances that celebrate the country's cultural diversity, and underlying macroeconomic factors such as economic growth and urbanization. As the market continues to evolve, furniture retailers and manufacturers need to adapt to these trends and preferences to stay competitive and meet the needs of the South African 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.

Overview

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