Home Decor Market to grow by USD 326.66 million between 2024-2028
According to a research report “ Home Decor Market” by Product (Furniture, Floor coverings, Others) Distribution Channel (Offline, Online) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 326.66 million at a CAGR of 7.34% during the forecast period. In the global business landscape, the expansion of disposable income among consumers serves as a significant catalyst for the growth of the home decor market. As economies advance and income levels rise, businesses witness an increased demand for non-essential offerings, including home decor items. This consumer segment, empowered by greater financial means, is driven to invest in improving the visual appeal and functionality of their residential spaces. This trend is most prominent in emerging markets such as India, China, Brazil, and South Africa, where rising affluence fuels a shift towards premium and designer home decor solutions..
Browse market data tables, figures, and in-depth TOC on “Home Decor Market” by Product (Furniture, Floor coverings, Others) Distribution Channel (Offline, Online) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028.
View detailed Table of Content- Click here
By Product, the Furniture segment is projected to dominate the market size in 2024.
In the global home decor market, offline distribution channels cater to consumers through a diverse range of retail outlets. These include brick-and-mortar stores such as furniture specialists, like Ashley Furniture Homestore, and home improvement vendors, such as The Home Depot Inc. These establishments offer a tangible shopping experience, enabling customers to personally assess home decor products and make informed purchasing decisions. Retailers showcase a broad spectrum of furniture styles, materials, and designs, thereby fostering a rich and engaging shopping experience.
By Distribution Channel, Offline segment is expected to hold the largest market size for the year 2024.
In the home decor market, consumers prioritize functional furniture that aligns with their personal style and elevates their living spaces. This sector encompasses products such as sofas, chairs, tables, beds, and storage solutions, with offerings extending from traditional to modern designs. The preference for wooden furniture, appreciated for its superior quality and aesthetic value, is driving growth among middle- and high-income demographics. Furthermore, the adoption of modular kitchens and closets, influenced by Western trends, is expanding market opportunities. Lastly, the shift towards eco-friendly products is fueling demand for sustainable furniture solutions across various home areas.
APAC is forecasted to hold the largest market size by region in 2024.
In the APAC region, the home decor market holds the largest market share globally in 2023. Factors contributing to this growth include the expansion of disposable income, urbanization rates, and real estate industry recovery. With nearly half of the APAC population residing in urban areas, the increase in new households will positively influence demand for home decor products. Furthermore, the revival of the regional real estate sector is projected to boost homeownership rates, thereby fueling market expansion.
The Home Decor Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
.
For insights on company offerings- Request a sample report!
Research Analysis Overview
The home decor market encompasses a wide range of products, including raw materials for timber flooring, environmentally friendly fixtures, decor items, and furniture. Consumer preferences continue to shift towards lifestyle improvement and sustainability, driving demand for eco-friendly and high-quality house possessions. With increasing disposable incomes, online retail outlets have gained significant traction, offering convenience and competitive pricing. However, physical retail stores remain a significant player in the market, providing a tactile shopping experience and infrastructure facilities that facilitate easy transportation and access to skilled labor. Housing starts and living standards also influence consumer interests in floor coverings, textiles, and other home decor items. Overall, the home decor market caters to various lifestyle needs and consumer preferences, offering a diverse range of products and services.
Market Research Overview
The home decor market encompasses a wide range of products and materials, including wooden furniture, Wood & Laminate, vinyl & rubber, and textiles such as upholstery products and rugs textiles. With the rise of urban lifestyles and the need for small-sized houses, there is a growing demand for multipurpose furniture, modular wardrobes, and compact space solutions. Skilled labor is essential in creating high-quality furniture and fixtures from raw materials like pinewood, metal, and glass. Infrastructure facilities, including transportation and online retail outlets, enable easy access to various home decor options, from new launches to eco-friendly items. Consumer shifting preferences towards convenience, attractiveness, and affordability have led to an increase in the popularity of smart devices, floor coverings, and lighting. High-income consumers are particularly interested in luxury goods, such as leather and kitchen appliances. Home decor inspirations can be found in various sources, including home decor magazines, social media platforms, and television stores. Social media and online retail outlets offer a vast selection of home decor items, making it easier for consumers to make informed decisions based on their disposable incomes and living standards. Customer service and availability are crucial factors in the success of physical retail stores and online outlets alike.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
