The Global home decor market size was estimated at USD 689.26 billion in 2019, the market is anticipated to reach a market size of USD 852.20 Billion by 2025, growing at a CAGR of 4.8% over the forecast period, as per the new market research report by UpGraph Research. The home décor market and consumer goods industry depends on consumer preferences and innovation in brands.
The constant change in consumer preferences leads market players to expand their product verify and improve quality. Increasing demand for wooden furniture, home décor product & fabric product is the key factor for the rise in the market. Considering the growing population, Housing places are becoming smaller but expensive. Due to small spaces, consumers are preferring compact furniture like folding bed, tables which will occupy less space with maximum efficiency.
The urban population spends most of the income on home furnishing as it is one of the status symbols, which helps in image building. The new trends include organic fabric products, eco-friendly furniture, and green housing pattern.
There are two distinct types of home decor, indoor & outdoor home decor products. there are a number of brands available that offer products for either or both categories. The growing demand for technologically advanced and energy-saving home appliances is expected to keep the market growth buoyant. There is also a growing number of people demanding environmentally friendly and minimalistic home.
Asia Pacific region is the fastest-growing market for the home décor industry. With the increase in population, India and China are considered as key marketplaces for the development of the home furnishings market. The easy accessibility of furniture in different regions via the online platform has affected the sales of domestic furniture products in recent years.
Consumers demand more product variety, quality, and delivery services from both online as well as offline home decor stores. Many of a time a customer is hesitated to buy furniture online, as they fear that the furniture may get damaged during transit, or there would be some color or size issues. The online stores are trying to reduce this hesitation by offering easy returns & refunds, AI-based product try-on, and free installation in order to gain customer trust.
As the new lifestyle trend of minimalist homes is in a boom, many consumers are preferring attractive but restricted products. It is accomplished primarily by using practical furniture and interior items, geometric forms, and a mix of typically no more than two simple colors.
- Global Home Decor Market Product Type Overview (Revenue, USD Million, 2017 – 2027)
- Home Textiles
- Floor Coverings
- Global Home Decor Market Distribution Channel Overview (Revenue, USD Million, 2017 – 2027)
- Supermarkets & Hypermarkets
- Specialty Stores
- Global Home Decor Market Regional Overview (Revenue, USD Million, 2017 – 2027)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- North America