The latest report by IMARC Group, titled “Home Décor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global home décor market reached a value of US$ 605 Billion in 2018. Home décor items are used for decorating a house or apartment and providing a personal touch to the place. These products add to the interior aesthetics and are an effective way of portraying the style of the owner. Some of the common home décor products include artifacts, lamps, candles, furniture and vases. Inflating income levels and improving standards of living have led to a rapid increase in the number of individual households. This has resulted in a rise in the demand for home décor items across the globe. Moreover, as affluent consumers hire interior decorators to enhance the aesthetics of their homes, it has further impelled the demand for luxurious home décor products.
Over the years, the growing rural to urban migration has resulted in the expansion of the real estate sector in large cities. Similarly, rapid globalization has provided easier access to a wide variety of home décor products to consumers throughout the world. In line with this, consumers these days are shifting towards online retail platforms for purchasing home décor products as these stores offer products from different parts of the world at discounted or affordable prices. Apart from this, with widespread awareness about environmental concerns, the manufacturers are introducing eco-friendly home décor products which have minimal impact on the environment. For instance, Greenington is a global manufacturer which produces numerous bamboo products from fully sustainable forests. Market players are also collaborating with interior designers to provide consumers with a broad range of customized home décor items. As a result of these factors, the market is projected to exceed a value of US$ 770 Billion by 2024, exhibiting a CAGR of around 4.1% during 2019-2024.
- Based on product types, the market has been segmented into home furniture, home textiles, flooring, wall décor, lighting and others. Currently, home furniture is the most popular product in the global home décor market.
- On the basis of distribution channels, the market has been segregated into home décor stores, supermarkets and hypermarkets, direct to customers, gift shops, online and others.
- Region-wise, North America enjoys the leading position in the global home décor market. Other major regions include Asia Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the global home décor market has also been analyzed with the profiles of the leading key players operating in the market.
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