DUBLIN, May 17, 2024 (GLOBE NEWSWIRE) — The “Global Home Decoration Market Outlook, 2029” report has ResearchAndMarkets.com Recruitment.
The global home décor market continues to show robust growth due to factors such as technological advancements, changing consumer trends, and rising focus on sustainability, etc. It is expected to grow at a CAGR of 5.62% from 2024 to 2029, with the market expected to reach a valuation of over USD 945 billion by the end of the forecast period.
The integration of technologies such as augmented reality (AR), virtual reality (VR) and artificial intelligence (AI) has significantly improved the shopping experience, driving the expansion of the home decor market. Moreover, growing environmental awareness has boosted the demand for sustainable home decor products and practices, with consumers actively seeking out eco-friendly options.
Issues and trends
Despite the upward trend, the home decoration industry is not without challenges. Supply chain disruptions have caused major issues, affecting product production and delivery. Moreover, keeping up with rapidly changing consumer preferences remains a challenge for market players. Trends such as biophilic design and the impact of remote work requirements on home decoration are gaining momentum, signaling a shift towards more nature-inspired and functional living spaces. These trends reflect the industry's responsiveness to changing modern lifestyles.
Impact of COVID-19
The pandemic's impact on the supply chain led to a significant acceleration in online home décor sales as consumers spent more time at home. The industry saw a surge in demand for items that catered to comfort, aesthetics, and home office setups, driving sales growth across various product segments.
Regional Insights
Asia Pacific remains a major player in the home decoration market, with the region's rising economic strength and rich cultural heritage of craftsmanship contributing significantly to its growth. The rise of e-commerce platforms across the region has made home decoration products more accessible, expanding the scope and inclusiveness of the industry.
Key Industry Trends
Leading market players are focusing on expanding their product portfolios, with sustainable and technology-integrated products gaining prominence. Innovations such as smart home features and sustainable manufacturing are increasingly being prioritized to meet evolving consumer demands. The report also highlights key strategic developments, ranging from the launch of new product lines including space-efficient furniture to partnerships that enhance holistic solutions for healthy living spaces. These initiatives highlight the industry's commitment to innovation and sustainability.
Market Outlook
The home décor market outlook indicates the synergy between consumer preferences, technological advancements, and sustainable living, projecting a compound annual growth rate that indicates the industry's vitality. As market players continue to adapt and innovate, the home décor industry is poised to undergo a vibrant evolution in the coming years.
### The contents of this press release are intended to provide insight into market trends and are for informational purposes. It details current industry trends, growth and challenges, but is not intended to recommend any specific business practice or as a commercial solicitation. The data presented is based on past market analysis and reports showing future forecasts.
Key attributes:
| Report Attributes | detail |
| number of pages | 171 |
| Forecast Period | 2023 – 2029 |
| Estimated market value in 2023 (USD) | $684.28 billion |
| Market value forecast to 2029 (USD) | $945 billion |
| Compound Annual Growth Rate | 5.6% |
For more information on this report, please visit: https://www.researchandmarkets.com/r/81qpp6
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