According to the latest report by IMARC Group, titled “Home Decor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global home decor market size reached a value of US$682 Billion in 2021. Home decor is the act of making a residential space more attractive and visually appealing by decorating its interiors. It includes various aesthetic components, such as color, furniture, window coverings, and artworks. Some of the common home decor items include furniture, lamps, floor coverings, vases, artifacts and furnishing items. Inflating income levels and improved living standards have led to a rise in the number of individual households. This has created a significant demand for home décor products across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Home Decor Market Trends:
Rapid development in the real estate sector and a significant shift of the population from rural to urban areas are majorly driving the global home decor market. Besides this, the growing consumer preference toward remodeling and renovating their homes after particular periods is further fueling the demand for luxury home décor items across the globe. Moreover, increasing environmental consciousness amongst consumers has given rise to the demand for eco-friendly home decor products, which has created numerous growth opportunities in the market. The market is also being driven by aggressive marketing strategies, including celebrity endorsements and advertising on social media platforms. Furthermore, the proliferation of online stores with the availability of a dynamic product portfolio and customization features for consumers is creating a positive outlook for the market. Looking forward, the market value is expected to reach US$898.3 Billion by 2027, growing at a CAGR of 4.8% during 2022-2027.
- On the basis of the product type, the market has been classified into home furniture, home textiles, flooring, wall decor, lighting and others. Currently, home furniture is the most popular product type.
- According to the distribution channel, the market has been classified into home décor stores, supermarkets and hypermarkets, online store, gift shops and others.
- On a regional basis, the market has been spread across North America, Asia Pacific, Europe, Latin America and Middle East and Africa. Amongst these, North America holds the leading position in the market.
- The competitive landscape of the market has also been examined with the profiles of the key players operating in the market.
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