The global home decor market size was worth US$ 605 Billion in 2018. Home decor is an effective way of portraying the lifestyle that a consumer believes in. Home decor products are used in the decoration of an apartment or a house with various accessories and furnishings to provide a more aesthetic and pleasant appeal to the building. Items in home decor include household furniture, lamps, textiles, floor coverings, pots, candles, artifacts, furnishing items, etc. Home decor has been gaining prominence across both developed and developing markets with increasing urbanization and globalization trends. Globalization is now enabling easy and wide availability of such decorative items, designs and ideas to consumers. Home owners are also realizing the need of such items and are often searching for them to keep their homes more attractive and organized.
Home decor is witnessing a strong growth catalyzed by rising levels of disposable incomes, recovery of the real estate industry, increasing urbanization rates and rising awareness levels. Rising levels of urbanization have resulted in an increasing number of new households being setup. Currently more than half of the global population live in urban areas and these levels are expected to increase further in the coming years, creating a positive impact on the demand of home decor products. Moreover, home decor products are income elastic, we expect global disposable incomes to increase continuously over the next few years, particularly in emerging economies such as Asia, Africa, Middle East, Eastern Europe, etc. Additionally, the recovery of the global real estate industry is also expected to drive home ownership rates creating a positive impact on this market. Another major factor driving this market is the strong performance of the online retail sector. The advent of online retail has made home decor products easily available, affordable and convenient to buy. Looking forward, the global home decor market is projected to exceed US$ 770 Billion by 2024, exhibiting a CAGR of around 4.1% during 2019-2024.
Market Breakup by Product Type:
Based on product types, the market has been classified into home furniture, home textiles, flooring, wall decor, lighting and others. The report finds that furniture is currently one of the most popular type of homedecor products as it offers utility and aesthetic value to the homes.
Market Breakup by Distribution Channel:
Based on the distribution channel, the market has been segmented into supermarkets and hypermarkets, home decor stores, direct to customer, gift shops, online, and others.
Market Breakup by Region:
Region-wise, North America represents the largest market for home decor products worldwide, owing to the construction of new buildings in the region. Other major regions include Europe, Asia Pacific, Latin America, and Middle East and Africa.
The competitive landscape along with the profiles of key players operating in the market have also been examined in this report.
Key Questions Answered in This Report:
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