United States Home Decor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The United States home décor market is expected to register a CAGR of 4% during the forecast period of 2021-2026.

The sudden COVID-19 pandemic has affected life and businesses across the globe. The US government has taken several protective steps to stop the spreading of the virus, which resulted in partial lockdowns, leading to the closure of physical retail stores for a longer time. However, as people got more time to spend at home, the majority of them started to redecorate their homes, which helped the market record more revenues. The demand for do-it-yourself (DIY) furniture and other home decor products is rising in the country owing to the growing consumer interests.

Due to fast-changing lifestyles and a rise in the number of house possessions, the United States home decor market is experiencing the highest growth, with a market share of more than 60% in the North American region. With the rising number of individuals owning homes in the country, the home decor market is on the rise. The home decor products like furniture, textiles, and floor coverings that are used to enhance the living space are gaining more momentum. One factor responsible for the rapid growth in the home décor market is the expansion of the real estate industry. A large number of people are accessing online retail outlets to decorate their homes. Other factors that are influencing the growth of the market are the rise in disposable incomes and improving the lifestyle of people. However, there are restraints that are slowing the market growth of home decor products, like the increasing price of raw materials like wood and leather for few products.

Key Market Trends

Physical Retail Stores Account for a Higher Share in Market Sales

The home furnishings retail industry allows consumers to make their homes truly their own with their very choices of furniture and decor. The demand for home furnishings is cyclical, influenced by housing starts, as desires to remodel and redesign are not necessary during slow economic times. Demand is also driven by consumer income. Large companies compete through volume purchasing, breadth of products, and effective merchandising and marketing. Small companies focus on a market segment and compete through the depth of products and superior customer service. Sales from home stores slowed down in Q1 of 2020 and are picking up again as markets are opening up.

Increasing Consumer Interest Toward Home Decor is Driving the Market

Growing social media has become one of the influencing factors for the sales of home décor products. Most Americans have admitted that they find more home decor inspirations from home décor magazines, friends and family homes, television stores, etc. The manufacturers are also expanding their presence on social media platforms to get the new launches more familiar to the customers to make them purchase the products. The influential marketing tactics are also widely popular in the country owing to the rising millennial and generation X populations.

Competitive Landscape

The report covers major international players operating in the United States home decor market. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping into new markets.

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