Global Home Décor Market is anticipated to cross USD 945 Billion by 2029 with 5.62% CAGR.
The home decor industry, beyond being a marketplace of furniture and accessories, is a realm of creativity, innovation, and cultural expression. The culture of the home decor industry is shaped by a confluence of influences, including design trends, consumer preferences, craftsmanship, and societal values. At the heart of the home decor industry is a celebration of artistic expression. Designers and artisans bring their creativity to life through a diverse array of styles, ranging from classic and timeless to modern and avant-garde. The culture values innovation, pushing the boundaries of traditional aesthetics and introducing novel concepts that captivate and inspire. The home decor culture empowers consumers to be active participants in the design of their living spaces. The industry values personalization, allowing individuals to express their unique tastes and preferences. Whether through customizable furniture, DIY projects, or design consultations, the culture encourages consumers to curate homes that authentically reflect their personalities.
According to the research report, “Global Home Décor Market Outlook, 2029” published by Bonafide Research, the market is anticipated to cross USD 945 Billion by 2029, increasing from USD 684.28 Billion in 2023. The market is expected to grow with 5.62% CAGR by 2024-29. As economies grow and disposable incomes increase, consumers are more willing to invest in their homes. The ability to spend more on non-essential items, such as home decor, contributes to the overall growth of the market. Higher income levels enable consumers to prioritize aesthetics and invest in creating personalized and stylish living spaces. Modern consumers, especially younger demographics, place a high value on individuality and personal expression. This shift in preferences has led to an increased demand for unique and customized home decor items. Companies that offer a wide range of styles, from traditional to contemporary, and allow for personalization are likely to capture a larger market share. Social media platforms play a significant role in shaping consumer trends and preferences within the home decor market. Platforms like Instagram , Pinterest , and TikTok showcase a plethora of design ideas and inspirations, driving consumers to seek out trendy and aesthetically pleasing decor items. The visual nature of these platforms fuels the desire for constant home upgrades and renovations. The growth of e-commerce has transformed the way consumers shop for home decor items. The convenience of online shopping, coupled with a vast array of choices and often competitive prices, has driven the shift from traditional brick-and-mortar stores to digital platforms. The ease of purchasing and the ability to access a global marketplace contribute significantly to the overall expansion of the home decor market. Technological advancements, particularly in augmented reality (AR), have enhanced the shopping experience for consumers. AR applications allow users to virtually visualize how furniture and decor items will look in their homes before making a purchase. This technology-driven convenience is a compelling factor driving the growth of the home decor market. The global trend toward urbanization has led to smaller living spaces, prompting consumers to prioritize efficient and aesthetically pleasing home decor solutions. Compact and multifunctional furniture, along with space-saving decor items, are in high demand. Manufacturers and designers addressing these urban living challenges contribute to the overall market growth.
Shifting trends towards the adoption of eco-friendly products has increased the application of the product in different locations of the house such as bedroom, bathroom, outdoor, and indoor. Various raw materials used in the manufacturing of furniture such as metal, plastic, glass, and leather, in combination with pinewood as an alternative, have gained traction in the market. Moreover, the increasing popularity of multifunctional furniture owing to its greater convenience is boosting the growth of furniture in the market. Consumers seek furniture not only for its practical use but also as a means of expressing personal style and enhancing the visual appeal of their homes. This category includes items such as sofas, chairs, tables, beds, and storage solutions, with designs ranging from classic to contemporary. The growth is linked to the rising popularity of wooden furniture among middle- and high-income communities, who value it for its higher quality and aesthetic appeal. Additionally, changing trends toward the adoption of eco-friendly products have led to an increase in the usage of eco-friendly products in various sections of the home, including the bedroom, bathroom, outdoor space, and indoor space. In addition to pinewood as an alternative, various raw materials such as metal, plastic, glass, and leather have made strides in the market. Ashley Global Retail (Ashley) is a prominent American manufacturer and retailer known for its comprehensive range of home furnishings. The company offers products like the Signature Design Co by Ashley sofa collections, the Bolanburg dining room set, and the Porter bedroom series, catering to various tastes and lifestyles. Thus, the growing need for furniture products will drive the growth of the furniture segment in the market during the forecast period.
Home decor stores typically offer a wide and curated range of products, including furniture, lighting, textiles, wall art, and accessories. The diversity in their product offerings allows consumers to explore various styles and find items that suit their preferences, creating a one-stop shopping destination for all their home decor needs. Leading home decor stores often curate collections that align with current design trends and consumer preferences. By staying attuned to emerging styles and market demands, these stores can set trends and influence the overall aesthetic direction of the home decor industry. Their ability to showcase trendsetting designs attracts consumers seeking the latest and most stylish options.
Shifting trends towards creative and innovative furnishing as well as furniture has influenced the consumers to invest in these products. Increasing preference for compact products in the house has driven the market of foldable furniture, which provides ease of storage and convenience. For instance, in February 2019, Inter 宜家 Systems B.V. has launched space-saving shelves under its IVAR storage system product line. The product is manufactured particularly for small space dwellers. Increasing usage of upholstery in various applications also pose a great potential in the indoor home décor market. While, increasing adoption of western culture lifestyle has largely influenced consumers to buy luxury products, particularly for the bathroom and bedroom.
Home Decor Segmentation
By Product Type
By Distribution Channel
By Application
Link to full report: https://bonafideresearch.com/product/240215461/global-home-decor-market
Innovation in home decor reflects our culture & future. Like Socrates said, the secret of change is to focus all energy not on fighting the old, but on building the new. Embrace the trend! ??? #Innovation #HomeDecorTrends