Home Decor Global Market Report 2024

The home decor market size has grown marginally in recent years. It will grow from $639.64 billion in 2023 to $648.54 billion in 2024 at a compound annual growth rate (CAGR) of 1.4%. The growth observed in the historical period can be attributed to the influence of social media, the prevalence of sustainable and eco-friendly products, the globalization of design, stability in the real estate market, and the popularity of home improvement shows.

The home decor market size is expected to see steady growth in the next few years. It will grow to $735.05 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%. The anticipated growth in the forecast period can be ascribed to smart home integration, wellness and biophilic design, sustainability, circular design, and the influence of influencers in the market. Major trends expected during the forecast period encompass digital transformation and online retail, personalization and customization, the adoption of subscription services and rental models, the popularity of multi-functional furniture, and the emergence of augmented reality (AR) shopping.

The rising prevalence of smartphones and e-commerce is expected to boost the home decor market. Smartphones, acting as handheld electronic devices, facilitate connections to cellular networks and the internet. They play a crucial role in purchasing home decor products from various online e-commerce platforms. In October 2021, India recorded the highest mobile data consumption rate globally, with 12 gigabytes per user per month, and the country added 25 million new smartphone users every quarter. With 6.37 billion smartphone users worldwide in 2021, the increasing penetration of smart devices contributes to the growth of the home decor market.

The growing demand for home aesthetic improvement is expected to drive the growth of the home decor market. Home aesthetic improvement involves enhancing the appearance of a home to make it visually appealing and inviting. Home decor contributes to creating a unique and personal atmosphere, fostering well-being in a functional and comfortable environment. A survey by Slickdeals revealed that 69% of homeowners are embarrassed about their homes' aesthetic choices, and 78% have planned home improvement projects, with an average spending plan of $1753. The increasing demand for home aesthetic improvement is a key driver for the home decor market.

Strategic partnerships and collaborations are emerging as a key trend in the home decor market. Major companies are actively engaging in such alliances to sustain and enhance their market position. For instance, in April 2022, Mitzi, a US-based home decor company, collaborated with Dabito, a designer and artist, resulting in 12 new Mitzi pieces. Additionally, Ruggable, a US-based washable rug company, partnered with Keith Haring Studio to create a collection of chenille rugs and doormats adorned with the late American artist's iconic line drawings.

Major companies are launching new products such as wall panels to enhance profitability. Wall panels in home decor are prefabricated, often modular components designed to cover and enhance wall appearance. For example, in November 2022, Euro Pratik, an India-based lifestyle industry, introduced exclusive wall panels named Cassa 4. These panels come in 8 and 9.5-ft sizes, featuring 56 distinct layouts, and aim to both shield and enhance walls aesthetically. With distribution across 150 urban areas in India, Nepal, Sri Lanka, and Bangladesh, Euro Pratik seeks to redefine the Indian interiors market with innovative solutions.

In December 2021, Mensa Brands, an Indian-based digital brand investment firm, acquired Folkulture for an undisclosed amount, aiming to strengthen its presence in key global markets. Folkulture, an Indian home decor label company, provides modern-chic, sophisticated, and affordable styles for home decor and kitchenware.

Major companies operating in the home decor market report are Siemens AG, 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, Hexagon AB, Ashley Furniture Industries Ltd., Rooms To Go, Herman Miller Inc., Crate & Barrel, Conair Corporation, Springs Window Fashions LLC, Suofeiya Home Collection Co. Ltd., Pier 1 Imports Inc., Forbo Group, Hanssem Corporation, Armstrong World Industries Inc., ESRI Inc., Bentley Systems Inc., Mannington Mills Inc., home24, Kimball International Inc., MDA Corporation, Samson Holding Ltd., Zepter International Inc., Duresta Upholstery Ltd.

North America was the largest region in the home decor market in 2023. 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. The countries covered in the home decor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of home decor are furniture, textiles, flooring, and other products. Furniture is used to describe moveable objects that are used to make human life simpler and give comfort to rest and relax. The different price ranges include premium, mass. These are distributed through supermarkets and hypermarkets, specialty stores, e-commerce, and others, and are used in various application areas that include indoor and outdoor.

The home decor market research report is one of a series of new reports that provides home decor market statistics, including home decor industry global market size, regional shares, competitors with a home decor market share, detailed home decor market segments, market trends and opportunities, and any further data you may need to thrive in the home decor industry. This home decor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The home decor market consists of sales of home decor product including wall decor, and lighting. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.