What Has Been the Growth Trajectory for the Home Decor Market in Recent Years?
The home decor market has seen considerable growth due to a variety of factors.
• Over the past few years, the home decor market has experienced a minor increase in size. It is projected to escalate from $644.93 billion in 2024 to $654.09 billion in 2025, with a compound annual growth rate (CAGR) of 1.4%.
Social media influence, the rise of sustainable and eco-friendly products, a global design perspective, stability in the real estate market and popularity of home improvement shows contributed to the growth seen in the historical period.
What Is The Forecast For The Home Decor Market By 2029?
The home decor market is expected to maintain its strong growth trajectory in upcoming years.
• The residential decoration sector is estimated to experience consistent expansion over the coming years. The market is projected to reach $777.81 billion by 2029, boasting a compound annual growth rate of 4.4%.
The anticipated growth during this forecast period is largely attributed to such factors as integration of smart home technology, emphasis on wellness and biophilic design, adoption of sustainable and circular models, influence from popular influencers, and worldwide cultural fusion. Key trends expected during this period include a digital shift, online shopping, the rise of personalized and customized services, subscription-based services and rental models, the emergence of multi-functional furniture, and the advent of augmented reality shopping.
What Are The Core Factors Supporting Growth In Home Decor Market?
The surge in the usage of smartphones and expanding e-commerce is anticipated to drive the expansion of the home decor market in the future. A smartphone is a portable electronic device that offers access to a cell network and the internet. These devices are beneficial in purchasing home decor items like wall decoration, cushions, curtains, and statuettes from different online e-commerce platforms. For example, data from the U.S. Department of Transportation, a US governmental agency, from December 2023 revealed that in 2023, exports and imports accounted for 11.7 percent of the tonnage and 20.6 percent of the value of freight consignments. These statistics are expected to ascend, with international trade forecasted to make up 13.8 percent of the tonnage and 21.7 percent of the value of freight traffic throughout the United States by 2050. Thus, the burgeoning penetration of smart gadgets plays a significant role in the growth of the home decor market.
How Is The Globa Home Decor Market Divided Into Key Segments?
The home decor market covered in this report is segmented –
1) By Product Type: Furniture, Textile, Flooring, Other Products
2) By Price: Premium, Mass
3) By Application: Indoor, Outdoor
4) By Distribution Channel: Super markets And Hyper markets, Specialty Stores, E-Commerce, Other Distribution Channels
Subsegments:
1) By Furniture: Living Room Furniture (Sofas, Chairs, Coffee Tables), Bedroom Furniture (Beds, Nightstands, Dressers), Dining Room Furniture (Tables, Chairs, Cabinets), Office Furniture (Desks, Chairs, Bookcases), Outdoor Furniture (Patio Sets, Loungers)
2) By Textile: Curtains And Drapes, Cushions And Throws, Rugs And Carpets, Table Linens (Tablecloths, Runners), Bed Linens (Sheets, Duvet Covers)
3) By Flooring: Hardwood Flooring, Laminate Flooring, Vinyl Flooring, Carpeting, Tiles
4) By Other Products: Wall Art (Paintings, Prints, Mirrors), Decorative Accessories (Vases, Sculptures, Candles), Lighting Fixtures (Lamps, Chandeliers, Wall Sconces), Storage Solutions (Baskets, Shelves, Organizers), Home Fragrances (Candles, Diffusers, Air Fresheners)
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What Trends Are Reshaping The Home Decor Market Landscape?
The home decor market is experiencing an increasing trend in strategic alliances and collaborations. For most key players in the industry, forming strategic partnerships and collaborations is a way to maintain market position and competitiveness. For instance, Mitzi, a home decor firm based in the United States, teamed up with Dabito, a notable designer, photographer, and artist who is also the founder of Old Brand New, in April 2022. This partnership resulted in the creation of 12 new Mitzi items, such as chandeliers and wall sconces, each a perfect blend of cool, contemporary, and desirable. Additionally, in the same month, Ruggable, a pioneering washable rug company also based in the United States, partnered with Keith Haring Studio. They produced a collection of 15 chenille rugs and 9 doormats adorned with the famous line drawings of the late American artist. Like all other Ruggable's offerings, each rug features a padded base and a top layer that is simple to remove and machine-washable.
Who Are the Key Players in the Home Decor Market?
Major companies operating in the home decor market include:
• General Electric
• Inter IKEA Systems BV
• Koninklijke Philips N.V.
• Wayfair Inc.
• Mohawk Industries Inc.
• Shaw Industries Group Inc.
• Bed Bath & Beyond Inc.
• IKEA USA
• Ashley Furniture Industries Ltd.
• Rooms To Go
• Herman Miller Inc.
• Crate & Barrel
• Springs Window Fashions LLC
• Suofeiya Home Collection Co. Ltd.
• Pier 1 Imports Inc.
• Forbo Group
• Hanssem Corporation
• Armstrong World Industries Inc.
• Mannington Mills Inc.
• home24
• Kimball International Inc.
• Samson Holding Ltd.
• Duresta Upholstery Ltd.
What are the Regional Insights into the Home Decor Market?
North America was the largest region in the home decor market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the home decor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
