Home Décor Market Outlook and Forecast by 2025
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Home décor has been a popular consumer interest market for a decade now. The growth of the home décor market is increasing significantly, including the emerging economies where home accessories and other related products are gaining high acceptance in the home décor market. The impact of this factor in home décor market is expected to increase during the forecast period due to the growth of the real estate industry in the large cities and transformation from traditional to urban living. Consumers in the developing economies are learning to renovate and redesign their homes with the help of home décor in order to make it more attractive and a better place to live in. therefore the market of home décor is gaining popularity globally. Consumers are connecting the idea of home décor with that of spirituality and aesthetic pleasures and the branded stores are offering their ideas and products in the similar manner. However, the home décor products are costly and it becomes slightly difficult for the whole world to grab the best home décor at a stupendous price. It is certainly a matter of fact that the urbanization in countries of the Asia Pacific, Latin America are increasing where the purchasing power of individuals are also increasing to afford such luxuries in life.
For the purpose of providing and extensive analysis of the home décor market, the global home décor market has been segmented on the basis of product and distribution channel. Based on product, the home décor market is broadly classified into home textile, floor covering and furniture. The furniture category of home décor has witnessed an increased adoption among consumers, owing to the increased disposable income along with the influence of western culture, especially growing adoption of modular kitchen and lighting. The furniture segment of home décor market is further encompasses the ones used in kitchen, living and bedroom, bathroom, outdoor and lighting. Furniture is used for domestic as well commercial purposes therefore various materials such as metal, wood, plastic, glass and leather are used solely or in combination with other materials to manufacture parts of furniture. Shape and structure with reference to design are important factors in the furniture industry as it directly influences the consumers’ decision to buy a particular home décor product. Multifunctional furniture is gaining popularity among urban consumers in the home décor market globally. Furthermore, based on various channels via which home décor are majorly sold across various region, the home decor market can be categorized into specialty stores, boutique stores, departmental stores as well as the online platform. The online platform of home décor sale is well equipped with good door-to-door delivery and fitting services.
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For the purpose of providing information related to demand of home décor across different regions, the home décor market has been classified into North America, Europe, Asia Pacific, Middle-East and Africa (MEA) and Latin America. Geographically, home décor is expected to be a leading market across the globe. North America held the largest market share in the home décor market in 2016 and is expected to maintain a dominant position through the forecast period in terms of sale of home décor across different regions. The regions like North America and Europe are the largest consumers of home décor market and the same is being propagated in to the developing regions like Asia- Pacific and Latin America. Recently the developing regions have been in great demand by the home décor producers and the trend of such consumption is passing on to the developing countries. Therefore, Asia Pacific home décor market is expected to grow at the highest rate during the forecast period majorly due to urbanization compounded by lifestyle changes in the developing countries.
Due to the presence of few home décor manufacturers across the globe, the global market for home décor is highly consolidated in nature. The prominent vendors in the home décor market includes Kimball International, Herman Miller, Ashley Furniture Industries Inc., Costco Wholesale, Herman Miller, Home24, J.C. Penney, Otto, Sears Holdings, Target and IKEA.
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