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The US home decor market size is estimated to grow by USD 69.4 billion at a CAGR of 8.08% between 2023 and 2028. In today's digital age, the home furnishings industry has witnessed significant growth due to several key factors. The rise in online spending and smartphone penetration have made it easier for consumers to browse and purchase high-end and luxury home furnishings from the comfort of their homes. Furthermore, the increasing demand for personalized and unique home decor has fueled the interest of consumers towards this market. As a result, businesses specializing in high-end home furnishings have seen a surge in demand. These companies offer a wide range of products, from designer furniture to custom-made decor pieces, catering to the diverse tastes and preferences of consumers. The future of the home furnishings industry looks promising, with technology playing an integral role in enhancing the shopping experience and providing personalized solutions to meet the evolving needs of consumers.
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The market spans diverse sectors like spa, office, clean room, restaurants, camping, bedroom, outdoor, and library settings. Catering to the real estate industry with eco-friendly home decor products, it integrates transportation and mechanical processes alongside artisanal processes for personalized living spaces. Home improvement and digital marketing initiatives drive omnichannel retail strategies in apartment living contexts, reflecting consumer trends. The interior design industry thrives on premium and luxury home decor, leveraging wood floors in home renovation projects. This dynamic market blends creativity and functionality, offering solutions that enhance interior design aesthetics while meeting the demands of modern lifestyles and environmental sustainability. 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 rise in online spending and smartphone penetration is the key factor driving market growth. The high adoption of Internet services, increased economic growth and an increase in purchase and delivery possibilities due to the advent of mobile commerce have also led to a growing popularity of internet shopping over the years on Smart devices. Websites also provide all required information on products, including quality, safety measures, and user guidance, all of which have increased the demand for e-retailing.
Moreover, increasing online sales act as a key market driver for the growth of the market. the increasing emphasis on mobile commerce is mainly driven by the purchase of millions of new smartphones and the creation of more opportunities for buyers to shop. Hence, the rising Internet penetration and online spending will boost the market in focus during the forecast period.
Growing demand for eco-friendly items is the primary trend shaping market growth. The owners of leading brands are required to accept eco-friendly products because of growing concerns about the environment and strict government regulations concerning the use of uncompelling recyclables. The increasing consciousness of a healthy environment has increased the demand for eco-friendly furniture and other furnishings. This has motivated various manufacturers to go green and provide eco-friendly items.
Furthermore, different legal agencies, such as the Forest Stewardship Council (FSC) and the Sustainable Furnishing Council (SFC), help market players in developing eco-friendly home furnishings. For example, FSC helps interior designers by providing a database of suppliers that are engaged in sourcing wood products that comply with environmental sustainability regulations. Hence, the growing use of eco-friendly materials for manufacturing is driving market growth during the forecast period.
Long product replacement cycles resulting in infrequent purchases is a challenge that affects market growth. To determine the purchasing decisions of clients for their home interior furnishings, recent market growth and trends in design play an important role. However, furniture is not meant for frequent changes as it lasts long. Most furniture products are expensive and considered one-time investments. Therefore, after the first purchase, customers do not feel the need for frequent replacement.
Moreover, branded items are durable and reliable as they are mostly offered in superior quality. For such products, consumers need to incur only maintenance and cleaning costs over the years to enhance their lifespan and retain their usability. This results in infrequent purchases, and it acts as an obstacle to the growth of the market. Therefore, the long replacement cycles of these products affect volume sales, which may impede market growth during the forecast period.
The market research 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 growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The offline segment is estimated to witness significant growth during the forecast period. The offline distribution channel contains a vast format of stores, specialty stores, furniture, and other physical stores. The increased penetration of physical stores and an extensive product variety are the key reasons that permit offline distribution channels to earn more revenue than online channels.
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The offline segment was the largest segment and was valued at USD 69.60 billion in 2018. Convenience stores and discount stores are in residential neighborhoods. Convenience stores are broadly prevalent in the US, which boosts the sales of fruits and vegetables in the US through offline distribution channels. Hence, such factors are anticipated to drive the growth of the offline segment and the growth of the market during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Online Home Decor Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, Canada, China, UK, Germany - Size and Forecast
India - Online Home Decor Market by Application, Product Type, and Price - Forecast and Analysis
Home Decor Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, China, India, UK, Germany - Size and Forecast
The market is evolving with a focus on textiles and eco friendly home decor products. Infrastructure facilities cater to trendy and fashionable designs, driven by e commerce platforms accessible to lower middle income and upper middle income demographics. Flooring options range from tiles, wood and laminate, to vinyl and rubber, complemented by carpets and rugs for varied consumer preferences. Decision-makers (CXOs) influence sourcing of raw materials such as metals and plastics, impacting home textiles and the interior design market. Homes feature marble floors and decorative lighting, with a rising demand for environmentally friendly furniture and DIY home decor projects. Smart home technologies integrate seamlessly, reflecting the market's shift towards innovation and sustainability.
Market Scope |
|
Report Coverage |
Details |
Page number |
127 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.08% |
Market growth 2024-2028 |
USD 69.4 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.32 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amazon.com Inc., Ashley Global Retail LLC, Bed Bath and Beyond Inc., Berkshire Hathaway Inc., Brewster Home Fashions, Costco Wholesale Corp., Crane and Canopy Inc., Crate and Barrel, Ethan Allen Interiors Inc., F. Schumacher and Co., Haverty Furniture Companies Inc., Home Depot Inc., Inter IKEA Holding BV, Kimball International Inc., Mannington Mills Inc., MillerKnoll Inc., Mohawk Industries Inc., Riverside Furniture Corp., Springs Window Fashions LLC, and Zepter International |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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