IMARC Group has recently released a new research study titled “Home Decor Market Report by Product Type (Home Furniture, Home Textiles, Flooring, Wall Decor, Lighting, and Others), Distribution Channel (Home Décor Stores, Supermarkets and Hypermarkets, Online Stores, and Others), and Region 2024-2032”, offers a detailed analysis of the market trends, growth, drivers, segmentation, opportunities and competitive landscape to understand the current and future market scenarios.
How big is the home decor market?
The global home decor market size reached US$ 749.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,087.5 Billion by 2032, exhibiting a growth rate (CAGR) of 4.1% during 2024-2032.
Factors Affecting the Growth of the Home Decor Industry:
- Economic Factors:
Economic conditions significantly impact the home décor market. A strong economy usually translates into higher disposable incomes, enabling consumers to spend more on home décor. Conversely, economic downturns often result in reduced spending on non-essential items, including home décor. Additionally, real estate market trends can influence home décor spending. When the real estate market is booming, new homeowners are likely to invest in home decoration. Interest rates and housing prices also play a role, as they determine the overall affordability of home upgrades and renovations.
- Cultural and Social Trends:
Consumer preferences and social trends heavily influence the home décor market. The rise in popularity of home design shows and social media platforms has led to an increased interest in interior design among the general public. Trends such as minimalism, sustainable living, and personalized spaces have shaped consumer choices in home décor. Moreover, demographic shifts, like the increasing number of single-person households, can alter demand for certain types of home décor products. Cultural influences, including local art and craft traditions, also play a crucial role in shaping the market dynamics.
- Technological Advancements:
Technology has a profound impact on the home décor industry. E-commerce has made home décor products more accessible, allowing consumers to shop from a wide range of options online. Augmented reality (AR) and virtual reality (VR) technologies enable customers to visualize products in their space before making a purchase, enhancing the buying experience. The integration of smart home technology into home décor items, such as lighting and window treatments, is also a growing trend. Technological advancements in manufacturing have led to the production of more cost-effective and high-quality home décor items, expanding the market further.
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Home Decor Market Report Segmentation:
By Product Type:
- Home Furniture
- Home Textiles
- Flooring
- Wall Decor
- Lighting
- Others
Home furniture represented the largest product type segment due to its essential role in functionality and aesthetic appeal in home decor.
By Distribution Channel:
- Home Décor Stores
- Supermarkets and Hypermarkets
- Online Store
- Gift Shops
- Others
Home décor stores represented the leading distribution channels, as they offer specialized selections and personalized customer service.
Regional Insights:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
North America emerged as the largest regional market, driven by high consumer spending power and a strong interest in home aesthetics.
Global Home Decor Market Trends:
The increasing disposable incomes globally allow more consumers to invest in home decoration. This economic upliftment enables individuals to spend on aesthetics and comfort, leading to a higher demand for home décor products. The rise of social media and home renovation shows has significantly influenced consumer preferences and trends. Platforms like Instagram and Pinterest inspire homeowners to keep up with current styles, thereby fueling continuous market demand. The growing availability of customized and luxury home décor products caters to diverse consumer tastes, further expanding the market. E-commerce growth has made home décor items more accessible, allowing consumers to conveniently browse and purchase a wide array of products online, thus boosting the market's expansion.
Top Companies in the Home Decor Market:
Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- Ashley Furniture Industries Inc.
- Duresta Upholstery Ltd.
- Forbo Holding AG
- Hanssem Co. Ltd.
- Herman Miller Inc.
- Inter IKEA Systems B.V.
- Kimball International Inc. (HNI Corporation)
- Koninklijke Philips N.V.
- Mannington Mills Inc.
- Mohawk Industries Inc.
- Samson Holding Ltd.
- Shaw Industries Group Inc. (Berkshire Hathaway Inc.)
- Sophia Home
- Springs Window Fashions
- Suofeiya Home Collection Co. Ltd.
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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