Press release
Saudi Arabia Home Decor Market Size | COVID-19 Impact Analysis | Forecast to 2027
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For instance, the government of Saudi Arabia under the Ministry of Housing is providing new homes to the families under the “Sakani” program. The ‘Sakani’ scheme launched in 2017, aims to increase homeownership in Saudi Arabia to 60.0% by 2020 and 70.0% by 2030. In 2020, under the “Sakani” program, more than 300,000 families get benefitted by constructing houses, providing financing options, and allocating lands.
However, due to COVID-19, the housing sector in the country remained weak in 2020. As per GASTAT, the country’s real estate index for the residential sector decreased by 3.5% YoY in Q3 2020 (inflation-adjusted). Moreover, in May 2020, the government had increased the VAT on home from 5.0% to 15.0% to support the country’s economy affected by the COVID-19 pandemic. The country's economy is affected due to a decrease in petroleum product export in 2020 as Saudi Arabia is the largest petrol exporter globally. However, in October 2020 to increase the demand for affordable homes, the government announced to provide relief from the tax hike, and all properties were exempted from the 15.0% VAT and a 5.0% tax was reintroduced for the home up to around $267,000.
Moreover, growth in ultra-high rich in the country will create a significant demand for luxury furniture in the country as it is perceived as an indication of wealth and social status to them. As per the Knight Frank report, in Saudi Arabia, Ultra High Net Worth (UHNW) Individuals (with a net worth over $30 million), have increased by 227.0% in 2020 as compared to 2015 and reached 7,020. The 5-year growth rate is highest in the top 20 countries listed in the Knight Frank report 2020. Besides, a preference for multi-utilitarian furniture is also registered due to the multiple benefits of less space necessity and multi-usage purposes which will also boost the home décor industry in Saudi Arabia.
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Market Coverage
• The market number available for – 2020-2027
• Base year- 2020
• Forecast period- 2021-2027
Segment Covered-
• Product
• Distribution Channel
Regions Covered-
• Saudi Arabia
• Competitive Landscape- Inter IKEA Systems B.V., Al-Kayan Decor Company, Koninklijke Philips N.V., KARE Design GmbH
Saudi Arabia Home Decor Market Report Segment
By Product
• Wall Arts
• Mirror
• Wall Shelves
• Decorated Table
• Home Textile
• Flooring
• Lighting And Lamps
• Other
By Distribution Channel
• Supermarkets & Hypermarkets
• Home Decor Store
• Online
• Other
Regional Analysis
North America
• United States
• Canada
Europe
• UK
• Germany
• Spain
• France
• Italy
• Rest of Europe
Asia-Pacific
• India
• China
• Japan
• Rest oF APAC
Rest of The World
Company Profiles
• Ace Hardware Corp.
• Alfanar Group
• Al-Kayan Decor Co.
• Armstrong World Industries, Inc.
• Battoyor Group (Heba Lighting)
• Brabbu Design Forces
• Forbo International SA
• Gautier Online Ltd. (Galipette)
• General Electric Co.
• Hennes & Mauritz AB
• Inara Lighting Company.
• Inter Ikea Systems B.V.
• Kare Design GmbH
• Koninklijke Philips N.V.
• La-Z-Boy Inc.
• Marina Gulf Trading Co LLC (Marina Home)
• Mohawk Industries Inc.
• Retail World Ltd. (Home Centre)
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2. More than 120 countries are for analysis.
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4. Our expert research analysts answer all your questions before and after purchasing your report.
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Media Contact:
Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
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Contact no: +91 7803040404
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.
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