Ghana and Mozambique will record the joint fastest growth rate in furniture spending over the medium term, with the respective markets forecast to grow around 8.4% year-on-year and 9.3% year-on-year respectively.
Ethiopia will be the second largest spending market for furniture and furnishings spending, benefitting from its sizeable population, with spending forecasted to grow to about $2.5 billion
According to Fitch Solutions, Ghana will record furniture spending of $781.0 million by 2027.
Kenya will however spend $635.3 million with the remaining Sub Sahara Africa markets all spending less than $350.0 million on furniture and furnishing in 2027, highlighting the small base of spending outside of the leading markets in the region.
Sub-Saharan Africa demand for furniture has largely outpaced the level of supply in the market.
The London based firm said the implications of furniture supply shortages in SSA have a profound impact on consumers, further exacerbated by the region’s low urbanisation rates (46.6% on average in 2024) and exchange rate risks.
“When demand outstrips supply, the cost of furniture escalates, contributing to higher unaffordability for households. This situation reinforces the perception in SSA that furniture is seen as a luxury commodity, only accessible to a select demographic”.
Low urbanisation rates across the majority of SSA indicate that a significant proportion of the population lives a considerable distance from commercial hubs. This geographical dispersion, Fitch Solution, said poses challenges to the distribution and accessibility of furniture, thereby restricting availability and further inflating prices.
Source: myjoyonline