In 2023, the assessment of the Home decor market was valued at USD 216,291.4 million, with forecasts predicting the value to reach USD 394,715.7 million by 2033. The global market is expected to grow at a compound annual growth rate (CAGR) of 6.2% during the forecast period.
Increasing consumer interest in decorating and improving home spaces is driving the global market growth. Rising disposable income, changing preferences and home improvement trends are driving the market. The demand for home decor products is increasing rapidly as people tend to show their creativity through home improvement activities.
Growth drivers in the home decor market:
- Rising disposable income: As the economy grows and disposable income increases, consumers are more willing to spend money on decorative items to enhance the aesthetics of their homes.
- Urbanization trend: More and more people are moving to urban areas and with it the demand for home decoration products is increasing as people want to personalize and beautify their houses, apartments and living spaces.
- Influence of social media and digital platforms: Platforms like Instagram, Pinterest and home decor blogs have significantly influenced consumer preferences and trends, driving demand for new and innovative home decor products and styles.
- Focus on home improvement and renovations: Homeowners are increasingly investing in home improvement projects and renovations, which is driving demand for home accessories such as furniture, lighting, wall art and decorative accessories.
- Growing awareness of sustainability and eco-friendly products: There is an increasing preference for sustainable and eco-friendly home decor items, leading to increased demand for products made from recycled materials, organic fabrics and sustainable production practices.
Industry Restraints in Home Decor Market:
- Economic downturns and fluctuations: Economic uncertainty, recessions or fluctuations in consumer spending can negatively impact the home decor market as consumers become more cautious about spending on non-essential items.
- Supply chain disruptions and material shortages: The home decoration industry relies on complex global supply chains and disruptions such as natural disasters, trade disputes or pandemics can lead to material shortages, production delays and increased costs.
- Intense competition and price pressure: The home decor market is highly competitive as numerous players offer similar products. Intense competition can lead to price pressure and lower profit margins for the companies operating in the industry.
- Changing consumer preferences and trends: Rapidly evolving consumer preferences and trends pose a challenge for interior design companies as they must continuously innovate and adapt to survive in the market.
- Regulatory and environmental compliance: Compliance with regulations related to product safety, environmental standards and labor practices can increase the complexity and costs of home decor businesses. Failure to comply with regulations can result in legal and reputational risks.
Major companies in the home decoration market
- IKEA
- The Home Depot
- Williams Sonoma, Inc.
- Wayfair
- Ethan Allen
- Box and barrel
- Bed Bath & Beyond
- Ashley Furniture Industry
- RH (restoration hardware)
- Herman Miller
- Pier 1 Imports
- La Z Boy Translation of lyrics
- Box and barrel
- anthropology
- Houzz
- Overstock.com
- Tempur Sealy International
- Surya
- Z Gallery
Complete Market Overview: A Complete Report Analysis
Key segments in the home decor market
Product type:
- Home furniture
- Carpets
- Bathroom textiles
- Bed linen
- Kitchen and dining room textiles Tiles
- Wood and laminate floors
- Vinyl and rubber floors
- lighting
- Other products
Distribution channel:
- Retail stores
- Direct to the consumer
- Manufacturer shops
- E-commerce shops
- Discounters
- Rental shops
- Club shops
- Hardware stores
Application:
- Interior
- Outdoors
- Other applications
Region:
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award recipient and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that are driving demand in the market. FMI is the world’s leading provider of market intelligence, advisory services, consulting and events for the packaging, food and beverage, consumer technology, healthcare, industrial and chemical markets. With a huge team of around 400 analysts worldwide, FMI offers global, regional and local expertise on various domains and industry trends in more than 110 countries.
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