India Home Decor Market Expected to Rise at a CAGR of 6.20% during 2023-2028 | IMARC Group

The latest report by IMARC Group, titled "India Home Decor Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," provides an extensive analysis of the industry, including India home decor market size, share, trends, and growth opportunities. The report also covers competitor and regional analysis and the latest advancements in the market. The India home decor market is projected to exhibit a growth rate (CAGR) of 6.20% during 2023-2028.

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Factors Affecting the Growth of the India Home Decor Industry:

• Rising Disposable Income and Urbanization:

As India's economy grows, more individuals are finding themselves with higher disposable incomes, which they are willing to spend on improving their living spaces. Urbanization plays a pivotal role in this trend, as more individuals move to cities and adopt urban lifestyles, which often include a focus on aesthetics and comfort in their homes.

This demographic shift is leading to a growing demand for stylish and modern home decor products, ranging from furniture and lighting fixtures to textiles and decorative items. The expanding urban population is more aware of global trends in home decor and is also seeking to create living spaces that reflect their personal style and comfort, fueling the growth of the home decor market in India.

• Influence of Social Media and Lifestyle Changes:

Platforms, such as Instagram, Pinterest, and various home decor blogs have become significant influencers in shaping consumer tastes and preferences. These platforms provide a plethora of ideas and inspirations for home decoration, making consumers more aware of the latest trends and styles in home decor.

Additionally, the increasing exposure to global lifestyle and design trends through the internet and travel has led to a heightened sense of aesthetics among Indian consumers. They are now more inclined towards maintaining homes that are not just functional but also aesthetically pleasing and aligned with contemporary trends. This increased awareness and aspiration for stylish living spaces drives the demand for various home decor products, contributing to the market's growth.

• Growth of E-commerce and Retail Sectors:

Online shopping platforms have made a wide range of home decor products more accessible to consumers, offering convenience, variety, and competitive pricing. E-commerce platforms are particularly appealing to the younger demographic, who are comfortable with online shopping and are looking for a wide array of options and easy delivery.

Moreover, the growth of organized retail in urban and semi-urban areas provides consumers with the opportunity to experience products firsthand, influencing their purchasing decisions. The entry of international home decor brands into the Indian market, either through e-commerce or retail stores, has also played a role in expanding the market.

Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/india-home-decor-market

India Home Decor Market Report Segmentation:

By Product Type:

• Home Furniture
• Home Textiles
• Flooring
• Wall Decor
• Lighting
• Others

Home furniture and home textiles emerged as the largest segment, driven by the essential nature of these products in decorating and furnishing homes.

By Distribution Channel:

• Home Décor Stores
• Supermarkets and Hypermarkets
• Online Store
• Gift Shops
• Others

Food services and retail stores were the dominant distribution channels, likely due to their extensive reach and accessibility to consumers seeking home decor products.

Regional Insights:

• South India
• North India
• West & Central India
• East India

North India, along with West and Central India, led as the largest market regions, possibly due to higher urbanization rates, disposable incomes, and a greater emphasis on home decor in these areas.

Competitive Landscape:

The report also examines the competitive landscape within the market and offers comprehensive profiles of major key players.

India Home Decor Market Trends:

Indian consumers are increasingly seeking personalized and unique home decor solutions that align with their individual lifestyles and preferences. There is a shift away from traditional home decor towards more contemporary and eclectic styles.

Consumers are now looking for products that reflect their personality, interests, and values, leading to a growing demand for customized and artisanal home decor items. Furthermore, the growth of the real estate sector and increasing investments in home improvement projects are positively impacting the home decor market. The real estate boom in India has led to an increase in residential construction and property purchases.

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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