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The global home decor market size reached US$ 749.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,087.5 Billion by 2032, exhibiting a growth rate (CAGR) of 4.1% during 2024-2032. The market is experiencing stable growth driven by the increasing focus on health and wellness, rising preferences for personalized and aesthetically pleasing interior designs, and integration of smart technology in decor products to provide enhanced experiences to individuals.
Global Home Decor Market Trends:
The rising influence of current fashion and design trends in home decor is positively impacting the market growth. Along with this, the burgeoning integration of augmented reality (AR) and virtual reality (VR) in the shopping process to enhance the shopping experience by allowing consumers to visualize products in their own spaces before purchase is acting as a growth-inducing factor. Apart from this, the increasing awareness of wellness, boosting the use of biophilic design principles that integrate natural elements into indoor spaces to enhance mental and emotional well-being, is creating a positive outlook for the market growth.
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Factors Affecting the Growth of the Home Decor Industry:
- Changing Consumer Lifestyle and Preferences:
The changing consumer lifestyle as societal norms, economic conditions, and cultural shifts evolve, is one of the major factors boosting the market growth. Moreover, the rising adoption of remote work and flexible schedules, leading to increased demand for home office setups and ergonomic furniture is acting as a growth-inducing factor. Additionally, the growing preference for functional and aesthetically pleasing decor solutions that complement the home workspaces is fueling the market growth. Furthermore, the rising urbanization and compact living spaces, boosting the demand for multifunctional and space-saving furniture and decor, is contributing to the market growth.
- Rapid Technological Advancements:
The rapid technological advancements and innovation that drive continuous evolution, thereby influencing product design, manufacturing processes, distribution channels, and consumer experiences, is enhancing the market growth. in line with this, the burgeoning integration of the Internet of Things (IoT) devices and smart home systems that revolutionize the way consumers interact with their living spaces, is propelling the market growth. Smart lighting systems, automated window treatments, and voice-controlled assistants enhance convenience and functionality while contributing to energy efficiency and environmental sustainability. Furthermore, the rising advancements in manufacturing technologies such as three-dimensional (3D) printing and automated production processes that enable greater design flexibility and customization in home decor products, is catalyzing the market growth.
- Growing Focus on Environmental Sustainability and Ethical Consumerism:
The increasing awareness of environmental issues, coupled with a growing preference for ethically sourced and sustainable products, is positively impacting the market growth. in line with this, the heightened mindfulness among consumers of the environmental impact of their purchases, prompting them to seek home decor products made from renewable resources, recycled materials, and non-toxic substances, is acting as a growth-inducing factor. Moreover, the rising adoption of ethical sourcing and fair-trade practices as these have become important considerations for consumers when choosing home decor items, is promoting the market growth. Furthermore, the rising preference among consumers who are looking for home decor items that are durable, repairable, and recyclable at the end of their use, is providing a thrust to the market growth.
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Key Companies:
- Ashley Furniture Industries Inc.
- Duresta Upholstery Ltd.
- Forbo Holding AG
- Hanssem Co. Ltd.
- Herman Miller Inc.
- Inter IKEA Systems B.V.
- Kimball International Inc. (HNI Corporation)
- Koninklijke Philips N.V.
- Mannington Mills Inc.
- Mohawk Industries Inc.
- Samson Holding Ltd.
- Shaw Industries Group Inc. (Berkshire Hathaway Inc.)
- Sophia Home
- Springs Window Fashions
- Suofeiya Home Collection Co. Ltd.
Home Decor Market Report Segmentation:
By Product Type:
- Home Furniture
- Home Textiles
- Flooring
- Wall Decor
- Lighting
- Others
Home furniture represents the largest segment by product type due to the increasing demand for functional and stylish furniture pieces that cater to diverse consumer preferences and lifestyles.
By Distribution Channel:
- Home Decor Stores
- Supermarkets and Hypermarkets
- Online Store
- Gift Shops
- Others
Home decor stores account for the majority of the market share because they offer a wide range of curated decor items, personalized shopping experiences, and expert advice.
Regional Insights:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
North America leads the market owing to factors such as high disposable income levels, a strong housing market, and a culture that values interior design and home improvement.
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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