Market Trends of GCC Home Furniture Industry
This section covers the major market trends shaping the GCC Home Furniture Market according to our research experts:
Saudi Arabia, One of the Fastest Growing Home Furniture Market in GCC
Saudi Arabia's home furniture industry has become one of the most vibrant and fastest-growing industries in the GCC region. Saudi Arabia has the largest construction market in GCC, accounting for nearly ~33% of the total market share of the construction market. The increasing real estate development and rising demand for residential properties coupled with government initiatives for developing the socio-economic infrastructure are driving the home furniture industry in Saudi Arabia.
Due to the rising population and urbanization, the construction sector of Saudi Arabia is growing. The country aims to increase the contribution of its construction section to its overall GDP from 5% in 2017 to nearly 10% by 2030. The domestic production of the country in terms of furniture production is relatively low. Hence, the country mainly imports its furniture requirement, especially for the household sector. The rising interest and investment of foreign players either to increase their presence or to expand in different emirates is further boosting the home furniture industry in Saudi Arabia.
The Bedroom Furniture Segment
The bedroom furniture segment is one of the most dominant segments, in terms of revenue generated in Saudi Arabia having opportunities for growth in the other countries in the GCC region. Due to increasing disposable income, the spending capacity of consumers on luxury goods and services, like home furniture, is increasing. Furthermore, economic growth and an increasing number of independent dwellings are driving consumers to spend more on premium bedroom furniture products.
