IMARC Group has recently released a new research study titled “In Vitro Diagnostics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
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 growing trend of home renovation and remodeling projects, fueled by the desire for personalized and upgraded living spaces, is providing an impetus to the market growth. In confluence with this, rapid urbanization and changing housing preferences, such as the rise of smaller living spaces and the increasing popularity of open floor plans, are creating a positive outlook for market expansion. Furthermore, the rising consumer demand for versatile and space-saving decor solutions that optimize their living environments while reflecting their individual tastes and lifestyles is acting as another significant growth-inducing factor. Apart from this, the rise of social media and influencer culture spurring the demand for trendy decor items as consumers strive to replicate the aspirational lifestyles showcased by influencers and tastemakers is propelling the market forward.
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Factors Affecting the Growth of the Home Decor Industry:
- Changing consumer lifestyles:
As people's lifestyles evolve, so do their preferences and needs regarding their living spaces. With more people living in urban areas, there's a growing demand for compact and multifunctional furniture and decor items that maximize space utilization without compromising on aesthetics. Moreover, shifting demographics, such as the rise of millennials and Generation Z as significant consumer groups, have led to a greater emphasis on customization, sustainability, and experiential shopping. These generations prioritize unique and personalized decor pieces that reflect their individuality and values. As a result, there's a rising demand for artisanal, handmade, and eco-friendly home decor products, which is strengthening the market growth.
- Ongoing technological advancements:
Technological advancements have revolutionized the home decor market, offering innovative solutions that enhance convenience, comfort, and functionality. The advent of smart home technology enabling homeowners to automate various aspects of their living spaces, from lighting and temperature control to security and entertainment systems, is fostering market expansion. In line with this, the integration of voice-controlled assistants has made it easier for consumers to manage their smart home devices and access personalized recommendations for decor products based on their preferences and usage patterns. Moreover, augmented reality (AR) and virtual reality (VR) technologies have transformed the shopping experience by allowing consumers to visualize how different decor items would look in their homes before making a purchase, thereby bolstering the market growth.
- Evolving interior design trends:
Interior design trends play a pivotal role in shaping consumer preferences and driving sales within the home decor market. Design influences from various sources, including fashion, art, architecture, and cultural movements, continually evolve and influence the aesthetic choices of consumers. The rising popularity of minimalist and Scandinavian-inspired designs for their clean lines, neutral color palettes, and emphasis on functionality are aiding in market expansion. Additionally, maximalist trends, characterized by bold colors, eclectic patterns, and eclectic decor pieces, appealing to those seeking a more expressive and eclectic aesthetic are contributing 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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