Home Décor - Nigeria

Nigeria

In Nigeria, the Home Décor market Segment records a revenue of ₦€1,021.00m in 2024.
It is projected to experience an annual growth rate of 3.39% (CAGR 2024-2029).
When compared to other countries worldwide, in the United States leads the market with a revenue of €32,860m in 2024.
Considering the population, the per person revenue amounts to ₦0.00 in 2024.
The Nigerian home décor market is experiencing a surge in demand for traditional African-inspired furniture and accessories.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Home Décor market in Nigeria has been experiencing significant growth in recent years.

Customer preferences: Nigerian customers are increasingly looking to personalize their living spaces and create a unique atmosphere in their homes. As a result, there is a growing demand for home décor products that reflect their individual style and taste. Customers are also becoming more conscious of the quality and durability of home décor items, preferring products that are both aesthetically pleasing and long-lasting. Additionally, there is a rising interest in eco-friendly and sustainable home décor options, as customers seek to minimize their environmental impact.

Trends in the market: One of the key trends in the Nigerian Home Décor market is the growing popularity of locally-made products. Nigerian artisans and craftsmen are known for their skill and creativity, and customers are increasingly appreciating the value of supporting local talent. This has led to a surge in the availability and variety of locally-made home décor items, ranging from handcrafted furniture to unique decorative pieces. Another trend is the integration of technology in home décor products. Smart home devices, such as voice-controlled lighting systems and automated window blinds, are gaining traction among Nigerian consumers who value convenience and innovation.

Local special circumstances: Nigeria's rapidly urbanizing population is a major driver of the Home Décor market. As more people move to cities and settle into their own homes, there is a growing need for home décor products to furnish and decorate these spaces. Additionally, Nigeria's large and diverse population, with over 250 ethnic groups, contributes to a rich and vibrant home décor market. Each ethnic group has its own unique cultural traditions and design aesthetics, resulting in a wide range of home décor styles and influences.

Underlying macroeconomic factors: Nigeria's economy has been gradually recovering from a period of recession, leading to increased consumer spending power. As disposable incomes rise, more Nigerians are able to invest in home décor products to enhance their living spaces. Furthermore, the growth of e-commerce platforms in Nigeria has made it easier for customers to access a wide range of home décor products from both local and international brands. This has expanded the market and provided customers with greater choice and convenience in their shopping experience. In conclusion, the Home Décor market in Nigeria is experiencing growth due to customer preferences for personalized and high-quality products, the popularity of locally-made items, the integration of technology, and the underlying macroeconomic factors of urbanization, cultural diversity, and increasing consumer spending power. As the market continues to evolve, it presents opportunities for both local and international home décor brands to cater to the diverse needs and preferences of Nigerian customers.

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.