NEW YORK, USA, March 07, 2024 (GLOBE NEWSWIRE) — Furniture and upholstery fabrics are used in a variety of settings, including spas, offices, clean rooms, restaurants, campsites, outdoor spaces, libraries, and retail stores. Furniture, home textiles, and flooring are just some of the products used in interior décor. Depending on the application, the furniture design can be modified using machine-based and handcrafted techniques. Currently, the expansion of the global upholstery market is driven by the real estate sector. Moreover, the rise in small homes has promoted the use of products with larger storage capacity, improving the aesthetics of homes.
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Increasing consumer interest in home decoration drives global market
According to Straits Research, “The global home decor market revenue was valued at USD 665,917.5 million in 2021. It is projected to grow at a CAGR of 3.9% during the forecast period (2022-2030), reaching USD 939,637.2 million by 2030.” Globally, consumer interest in home décor has increased significantly in recent years. Research shows that US consumers are now focusing on home renovation. Developing countries such as China and India are experiencing exponential growth in their real estate markets. Customers in these countries are showing their willingness to spend money on home furnishings, textiles, and flooring, which is driving the growth of the global market.
Rising disposable income and improving lifestyles create huge opportunities
Across the globe, people are seeing an increase in the amount of disposable money they have available. Gross Disposable Household Income (GDHI) per capita is increasing across the UK, according to the UK Office for National Statistics (ONS). Moreover, the disposable income of people in North America and Asia Pacific is on the rise. Hence, the rise in disposable income of individuals is expected to spur market expansion. Moreover, the surge in construction activities and the affluent lifestyle of customers, as well as the fact that furniture, textiles, and flooring have evolved into key elements of modern life, are driving the demand for these products. As these products enhance the visual appeal of the home, the increasing tendency of customers to spend more on home décor items is expected to create lucrative opportunities for expanding the global market.
Regional Analysis
Asia Pacific Home Decoration Market Share The furniture market is expected to grow at a CAGR of 3.2% during the forecast period. Rising disposable income and rapid urbanization in Asian countries such as India, China, and Vietnam are driving the expansion of the Asia-Pacific market. China currently holds the top position in furniture sales in the Asia-Pacific region due to its growing middle class and local real estate industry. Changes in people's lifestyles in Asia are influencing consumer purchasing trends. Moreover, the real estate market in the region is growing, boosting the market growth. Improving lifestyles, rising disposable income, and increasing home renovation projects are the key factors driving the market expansion.
Europe is expected to grow at a CAGR of 3.8% during the forecast period. Residential applications account for the majority of home decoration applications in Europe, followed by the commercial sector. Spain currently dominates global home decoration in terms of revenue, owing to the increased use of items for residential applications. Government regulations also mandate that hospital furniture be specially created and manufactured. Moreover, there is a huge need for adaptable furniture in the region due to the lack of space.
The United States dominates the global market for home décor products due to high domestic demand. Leading manufacturers are trying to recapture the North American market by implementing cutting-edge manufacturing and marketing techniques, providing faster delivery, more specific product offerings, and higher quality artistry. In the United States, it is illegal to sell flooring products that contain hazardous substances. With growing environmental awareness, consumers' inclination towards eco-friendly products is also increasing the demand for eco-friendly and organic home décor products in North America. Manufacturers are under pressure from strict government regulations to produce eco-friendly home décor products in countries such as the United States.
Key highlights
- Based on product type, the global home décor market is segmented into home textiles, flooring, and furniture. The flooring segment is the largest contributor to the market and is expected to grow at a CAGR of 4.1% during the forecast period.
- Based on distribution channel, the global home decoration market is segmented into supermarkets & hypermarkets, specialty stores, e-commerce, and others. The specialty stores segment held the highest market share and is expected to grow at a CAGR of 3.7% during the forecast period.
- Based on price, the global home decoration market is bifurcated into premium and mass. The mass segment is the largest contributor to the market and is expected to grow at a CAGR of 3.7% during the forecast period.
- Based on income group, the global home decoration market is bifurcated into low-middle income, upper-middle income, and high income. The high income group is the largest contributor to the market and is expected to grow at a CAGR of 3.9% during the forecast period.
- Asia Pacific accounted for the largest share of the global home decoration market, and is expected to grow at a CAGR of 3.2% during the forecast period.
Competitive Players
The major players in the global home decoration market are Inter Ikea Systems BV, Forbo International Sa, Armstrong World Industries, Inc, Mannington Mills Inc, Mohawk Industries Inc, Shaw Industries Group, Inc, Herman Miller Inc, Ashley Furniture Industries Ltd, Kimball International, and Duresta Upholstery Ltd.
Market News
- In July 2022, Armstrong World Industries, Inc. and Price Industries, two leading innovators in the commercial construction industry, announced an expanded partnership focused on accelerating the development of holistic solutions that promote healthy indoor spaces.
- IKEA plans to launch the OBEGRÄNSAD collection in collaboration with Swedish House Mafia in September 2022 and in autumn 2022.
Global Home Decoration Market: Segmentation
By Product Type
- Home Textiles
- Floor coverings
- furniture
By distribution channel
- Supermarkets and hypermarkets
- specialty shop
- E-commerce
- others
Price order
By income group
- Low-middle income
- Upper middle income
- Higher income
By region
- North America
- Europe
- Asia Pacific
- Ramea
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