Home Décor - Africa

Africa

In the year 2024, the Home Décor market Segment in Africa is projected to generate a revenue of €4.12bn.
It is anticipated that this market will experience an annual growth rate of 2.89% from 2024 to 2029 (CAGR 2024-2029).
When compared to other countries around Worldwide, in the United States leads in terms of revenue generation, with an estimated amount of €32,520m in 2024.
Considering the total population, the per person revenue in Africa is expected to reach €3.17 in 2024.
This indicates the level of spending on home décor products by individuals in the region.
In Africa, there is a growing trend of incorporating traditional African designs and motifs into home décor, reflecting a sense of cultural pride and heritage.

Key regions: India, France, United States, Canada, Denmark

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Home Décor market in Africa is experiencing significant growth and development driven by various factors.

Customer preferences: African consumers are increasingly embracing home décor as a means of expressing their personal style and creating a comfortable living environment. They are becoming more aware of the latest trends in interior design and are willing to invest in high-quality and aesthetically pleasing home décor products. Additionally, the growing middle class in many African countries has led to an increase in disposable income, allowing consumers to allocate a larger portion of their budget to home improvement and decoration.

Trends in the market: One of the key trends in the African home décor market is the rising demand for locally sourced and handmade products. Consumers are seeking unique and authentic pieces that reflect their cultural heritage and support local artisans. This trend has led to the emergence of small-scale home décor businesses that specialize in producing and selling handcrafted items such as woven baskets, pottery, and traditional textiles. Another notable trend is the growing popularity of sustainable and eco-friendly home décor products. African consumers are increasingly concerned about the environmental impact of their purchasing decisions and are actively seeking out products that are made from recycled materials or produced using sustainable manufacturing processes. This trend is driving innovation in the home décor industry, with companies introducing new eco-friendly materials and production techniques.

Local special circumstances: The diversity of cultures and traditions across Africa has a significant influence on the home décor market. Each country and region has its own unique style and design preferences, which creates opportunities for local artisans and businesses to cater to specific customer needs. For example, in North Africa, there is a strong influence of Islamic art and architecture, while in West Africa, vibrant colors and bold patterns are commonly used in home décor. Furthermore, the rapid urbanization and population growth in many African countries are contributing to the growth of the home décor market. As more people move to cities and settle in smaller living spaces, there is a greater demand for compact and multifunctional home décor products that can maximize the use of limited space. This has led to the popularity of modular furniture, space-saving storage solutions, and innovative home accessories.

Underlying macroeconomic factors: The overall economic growth and stability in many African countries have played a significant role in the development of the home décor market. As economies continue to expand, household incomes are rising, enabling consumers to spend more on home improvement and decoration. Additionally, foreign direct investment and the growth of the construction industry are driving demand for home décor products, particularly in the residential and hospitality sectors. Furthermore, the increasing internet penetration and the rise of e-commerce platforms in Africa have made it easier for consumers to access a wide range of home décor products. Online shopping has become increasingly popular, allowing consumers to browse and purchase products from both local and international retailers. This has led to increased competition in the market and has encouraged businesses to innovate and offer unique products and services to attract customers. In conclusion, the Home Décor market in Africa is experiencing growth and development due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. African consumers are increasingly interested in home décor as a means of self-expression and are willing to invest in high-quality and unique products. The diversity of cultures and traditions across the continent creates opportunities for local artisans and businesses to cater to specific customer needs. Additionally, the overall economic growth and stability in many African countries, as well as the rise of e-commerce, are driving the demand for home décor products.

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 categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories 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.