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The Online Home Decor Market size is forecast to increase by USD 73.93 billion, at a CAGR of 9.26% between 2023 and 2028. Several factors play a crucial role in the market's growth, such as the rise in online spending and smartphone penetration, the increase in demand for multifunctional furniture, and the rising popularity of blogs related to interior designing. The market analysis and report provides market size, historical data spanning from 2018-2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising popularity of blogs related to interior designing is the key factor driving market growth. Consumers spend more on designer and unique home decor products, including curtains, cushion covers, tables, cupboards, beds, and floor coverings. The growing income of consumers and the increasing penetration of social media have increased consumers inclination toward interior designing and unique designer home-improvement products. Further, online sale platforms play a major role in generating consumer interest in interior design. Independent bloggers and design partners with popular e-retailers and standard-quality websites intimate customers about the latest trends and products.
For instance, Apartment Therapy LLC is a prominent lifestyle blog and publishing company renowned for its focus on home design and decor trends. Major players in home decor, like Homevista Decor and Furnishings Pvt. Ltd. operating through homelane.com, provide personalized interior design services. These services, facilitated by dedicated interior designers, assist homeowners in creating functional and aesthetically pleasing home designs. The increasing popularity of interior design blogs and online platforms is expected to drive demand for trendy home furnishings in the Indian online home decor market. This trend reflects a growing consumer preference for curated and stylish home environments, bolstering market growth opportunities during the forecast period.
The enhancement of consumer experience through technologies is the primary trend shaping market growth. The integration of various technologies, such as AR and VR, by market players has helped customers to choose the best home decor products for their homes. The AR and VR application allows users to input the dimensions of rooms in their homes into the app and then select items from the catalog offered by the company. Consumers can virtually see all the different colors and textures of the product by pointing their smartphone at a particular item of furniture.
For instance, in July 2022, Nextech AR Solutions Corp., a global provider of AR, announced that it is now a three-dimensional model supplier for the largest prime e-commerce marketplaces, such as Amazon.com Inc. and other home decor companies. Therefore, such technological innovations allign with market trends and analysis will fuel the growth of the market during the forecast period.
A long product replacement cycle resulting in infrequent purchases is a challenge that affects market growth. Unlike fast-moving consumer goods, home decor items typically have a longer lifespan, requiring fewer replacements or upgrades. Several factors influence the extended product life cycle. Further, consumers do not have to replace home decor items like furniture, wall art, and fixtures items as frequently, resulting in fewer transactions in the online home decor market. Also, consumers may decide to keep their current home decor items until a major lifestyle change, relocation, or a significant shift in design trends prompts them to reconsider updating their decor.
In addition, the perception of home decor as a more significant and thoughtful investment than everyday items influences infrequent purchases. Prior to making a purchase decision, consumers frequently conduct extensive research, taking into account factors such as style, quality, and functionality. This deliberate approach leads to longer periods between home decor purchases. Therefore, long replacement cycles of home decor products affect the volume of sales, which serves as a major challenge for the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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