Reed Intelligence

The global home decor market is booming, driven by rising disposable income, urbanization, and real estate growth, particularly in Asia-Pacific (led by China and India) and North America. Europe, with a focus on high-end and eco-friendly products, is also showing steady growth. While LAMEA (Latin America, Middle East, and Africa) is still in its early stages, the increasing middle class and disposable income offer promising prospects for future expansion.

New York, United States, March 07, 2024 (GLOBE NEWSWIRE) — Furniture and fabrics for home decor are used in various situations, including spas, offices, clean rooms, restaurants, campgrounds, outdoor spaces, libraries, and retail establishments. Furniture, home textiles, and floor coverings are just a few examples of the products used for home decor. Depending on the intended application, furniture designs can be altered using machine-based and handcrafted techniques. Currently, the expansion of the global home decor market is being driven by the real estate sector. Additionally, the increase in small-sized homes has promoted the usage of products with greater storage capacity and improved the aesthetic appeal of dwellings.

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Increase in Consumer Interest Toward Home Decor Drives the Global Market

According to Straits Research, “The global home decor market revenue was valued at USD 665,917.5 million in 2021. It is projected to reach USD 939,637.2 million by 2030, growing at a CAGR of 3.9% during the forecast period (2022-2030).” Globally, consumer interest in home decor has increased significantly in recent years. According to research, consumers in the United States are currently focusing on home improvement. The real estate market has grown tremendously in developing nations like China and India. Customers in these countries have demonstrated a willingness to spend money on home furnishings, textiles, and floor coverings, which has fueled the growth of the global market.

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Increasing Disposable Income and Improvement in Lifestyle Creates Tremendous Opportunities

Across the world, people’s discretionary money is increasing. According to the Office for National Statistics, the gross disposable household income (GDHI) per person has increased throughout the UK (ONS). Additionally, people’s disposable income has grown in North America and Asia-Pacific. Therefore, increasing personal disposable income is anticipated to spur market expansion. Additionally, due to a surge in construction activities and customers’ wealthy lifestyles, as well as the fact that furniture, textiles, and floor coverings have evolved into crucial elements of contemporary living, demand for these products is rising. A rise in customers’ propensity to spend more on home decor items is anticipated to create profitable opportunities for expanding the global market as these products enhance the visual appeal of homes.

Regional Analysis

Asia-Pacific’s home decor market share is expected to grow at a CAGR of 3.2% during the forecast period. The increase in disposable income and the quick urbanization of Asian nations like India, China, and Vietnam are driving the expansion of the Asia-Pacific market. China now holds the top rank in the Asia-Pacific area for furniture sales due to the growth of the middle class and the local real estate industry. The way people’s lives have changed in Asia has had an impact on consumer purchasing trends. Additionally, the area’s real estate market is growing, fueling the market growth. An improvement in lifestyle, a rise in disposable income, and a rise in home remodeling projects are key factors fueling the market’s expansion.

Europe is anticipated to grow at a CAGR of 3.8%, during the forecast period. In Europe, residential applications make up the majority of uses for home decor, followed by the commercial sector. Spain now dominates global home decor in terms of income due to the increased usage of items for residential applications. Government regulations also mandate that hospital furniture be specially created and produced. Additionally, there is a significant need for adaptable furniture in the area due to a lack of space.

The United States controls the global market for home decor items due to the high domestic demand. By implementing cutting-edge manufacturing and marketing techniques, offering quicker delivery, more specific product offers, and higher-quality artistry, the big manufacturers will attempt to regain the North American market. In the US, it is illegal to sell flooring products that include dangerous substances. Due to rising environmental consciousness, consumers’ predisposition for eco-friendly products also drives up demand in North America for eco-friendly and organic home decor. Manufacturers are under pressure from tight government regulations to produce eco-friendly home decor items in countries like the US.

Key Highlights

• Based on product type, the global home decor market is bifurcated into home textiles, floor covering, and furniture. The floor covering segment is the highest contributor to the market and is expected to grow at a CAGR of 4.1% during the forecast period.

• Based on distribution channels, the global home decor market is bifurcated into supermarkets and hypermarkets, specialty stores, e-commerce, and others. The specialty store segment owns the highest market share and is expected to grow at a CAGR of 3.7% during the forecast period.

• Based on price, the global home decor market is bifurcated into premium and mass. The mass segment is the highest contributor to the market and is expected to grow at a CAGR of 3.7% during the forecast period.

• Based on income group, the global home decor market is bifurcated intolower middle income, upper middle income, and higher income. The higher income is the highest contributor to the market and is expected to grow at a CAGR of 3.9% during the forecast period.

• Asia-Pacific is the largest shareholder in the global home decor market and is expected to grow at a CAGR of 3.2% during the forecast period.

Competitive Players

The global home decor market’s major key players are Inter Ikea Systems B.V., Forbo International Sa, Armstrong World Industries, Inc, Mannington Mills Inc, Mohawk Industries Inc, Shaw Industries Group, Inc, Herman Miller Inc, Ashley Furniture Industries Ltd, Kimball International, and Duresta Upholstery Ltd.

Market News

• In July 2022, Armstrong World Industries, Inc. and Price Industries, two leading innovators in the commercial construction industry, announced an expanded partnership focused on accelerating the development of holistic solutions to promote healthy indoor spaces.

• In September 2022, IKEA to launch the OBEGRÄNSAD collection in collaboration with the Swedish House Mafia in the fall of 2022.

Global Home Decor Market: Segmentation

By Product Type

• Home Textile

• Floor Covering

• Furniture

By Distribution Channel

By Price

By Income Group

• Lower Middle Income

• Upper Middle Income

• Higher Income

By Regions

• North America

• Europe

• Asia-Pacific

• LAMEA

Get Detailed Market Segmentation @ https://straitsresearch.com/report/home-decor-market/segmentation

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