Kuwaitis spend KD 2 billion on furniture in 2022

Fitch Solutions confirmed the fantastic opportunities in the home and furniture goods market in Kuwait, explaining that savings accumulated over the past two years prompted consumers to refurbish their homes in Kuwait, reports Al-Qabas daily.

The agency said in its report that the country’s high per capita income, population growth and the large number of expatriates raise consumption, and lead to the benefit of household goods and furniture companies in this market.

The agency expected that the share of household goods and furnishings would constitute about 17% of the total household spending in Kuwait this year, to form the second largest category within the monthly household expenditure after personal expenditure, explaining that factors such as the growth of the number of citizens, the rise in income and urbanization lay strong foundations for medium-term growth between 2022 and 2026 in the home goods and furnishings market.

The agency explained that this is likely that spending on household goods and furnishings in Kuwait will continue to rise compared to other sectors in the medium term to reach 17.7% of total household spending in 2026.

This indicates an increase in spending on household goods and furnishings from about two billion dinars in 2022 (5.2% of total spending families) to 2.9 billion dinars in 2026. The agency stressed that Kuwait, like the rest of the Gulf countries, enjoys the highest rates of income available to citizens, which makes it an ideal market for luxury brands, indicating that the average disposable income for a citizen may reach 2,100 dinars in 2022, and is expected to grow by 7.5% over the next four years to reach 2300 dinars in 2026.