The global home décor market was valued at USD 697.91 billion in 2023 and is projected to grow from USD 747.75 billion in 2024 to USD 1,097.51 billion by 2032, reflecting a CAGR of 4.91% during the forecast period.
Decorative items like throw pillows, scented candles, and artworks play a crucial role in enhancing the aesthetics of living spaces. A growing consumer preference for home products made from recycled, upcycled, and eco-friendly materials is expected to drive market growth. The COVID-19 pandemic led interior designers to adopt virtual consultations and meetings, enabling personalized interior product selections. This shift, along with the increased use of software and applications for creating virtual room designs, has significantly contributed to market expansion.
Fortune Business Insights™ provides this information in its research report, titled “Home Décor Market, 2024-2032”.
Information Source: https://www.fortunebusinessinsights.com/home-decor-market-109906
Segmentation:
Greater Spending on Soft Flooring to Proliferate the Floor Covering Segment Growth
The market is divided into categories based on products: furniture & home furnishings, home textiles, floor coverings, and others. The floor covering segment holds the largest share of the home décor market, driven by increased household spending on soft flooring during remodeling and renovation projects.
Ease of Accessibility and Wide Range of Affordable Products Spur Hypermarkets/Supermarkets Expansion
Regarding distribution channels, the market is segmented into online channels, hypermarkets & supermarkets, specialty stores, and others. The hypermarkets & supermarkets segment leads the market due to the convenience they offer consumers, providing a wide range of both premium and affordable products all in one location.
Regionally, the home décor market is divided into Europe, the Middle East & Africa, North America, the Asia Pacific, and South America.
Top Leading Company in the Home Decor Market
- 1888 Mills, LLC. (U.S.)
- Inter IKEA Systems B.V.(Netherlands)
- Williams-Sonoma Inc. (U.S.)
- Ashley Furniture Industries, LLC. (U.S.)
- Idea Nuova (U.S.)
- Ethan Allen Global, Inc. (U.S.)
- American Textile Company (U.S.)
- Ralph Lauren Corporation (U.S.)
- Welspun Flooring (India)
- Kimball International, Inc. (U.S.)
- Herman Miller, Inc. (U.S.)
- Steelcase, Inc. (U.S.)
Report Coverage
The competitive strategies deployed by top companies to gain a competitive edge have been mentioned in the report. Besides this, it describes the significant driving and restraining factors impacting the market growth in detail. The report further offers an in-depth analysis of the key segments, the COVID-19 pandemic impact, the top trends, and notable industry developments.
Drivers and Restraints:
Surging Demand for Personalized Interior Products to Foster Market Growth
The growth in consumer demand for custom-made interior products with personalized décor alternatives, such as DIY (do-it-yourself) craft supplies and monogrammed products, boosts product revenues across the globe. In addition, the growing preference of households toward custom-made functional furniture products equipped with home-office product upgradation features, storage solutions, and easy entryway alternatives bolster the demand for the product globally.
Despite such growth opportunities, the prohibitive cost of premium-priced products may hinder the home décor market growth.
Regional Insights:
Asia Pacific Leads Owing to Growing Preference of Homeowners for Free-standing Wooden Furniture
Asia Pacific market for home décor was valued at USD 317.20 billion in 2023 and holds the leading position in the market. The surging preference of Japanese and Chinese homeowners for free-standing, contemporary-style furnishing products and wooden furniture with decorative drawers and shelves, boosts product replacement rate.
North America’s market growth can be credited to the rising demand for renovation projects coupled with the evolution of personal preferences pertaining to home utilities, which considerably impact the demand for décor products.
Competitive Landscape:
Leading Players Emphasize Investments to Provide Enhanced User Experience
A wide array of competitive strategies, including mergers & acquisitions, product development, joint ventures, and capacity expansions are being adopted by top companies to enhance their position in the home décor market. Investment strategies are also being emphasized by top companies to deliver enhanced user experience.
Key Industry Development:
November 2023: Home Décor Group acquired business assets of White Street Paint, a retailer of wallpaper, paint, and window treatment products to build its portfolio of home improvement and interior.