What is the global market size of Home Decor Market?

Home Decor Market size was valued at USD 803.25 billion in 2021 and is poised to grow from USD 856.26 billion in 2022 to USD 1427.79 Billion by 2030, at a CAGR of 6.6% during the forecast period (2023-2030).

Home Decor Market Size, Share, Growth Analysis, By Product(Furniture, Textile, Flooring, and Others), By Application(Indoor, and Outdoor), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25F2045 | Region: Global | Published Date: April, 2024
Pages: 223 | Tables: 63 | Figures: 75

Home Decor Market Dynamics

Home Decor Market Drivers

Growing Disposable Income

Rising disposable income levels have led to an increase in consumer spending on home decor products. As consumers have more money to spend, they are more likely to invest in higher-end home decor items.

Home Decor Market Restraints

High Competition

The home decor market is highly competitive, with many companies vying for a share of the market. This can make it difficult for smaller businesses to compete with larger, more established companies.

Home Decor Market Report Snapshots

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Global Home Decor Market size was valued at USD 856.26 billion in 2022 and is poised to grow from USD 912.77 billion in 2023 to USD 1522.02 billion by 2031, growing at a CAGR of 6.60% during the forecast period (2024-2031).

The home decor market is highly competitive, with a diverse range of players, from small boutique stores to large multinational corporations. The competitive landscape of the home decor market is influenced by a range of factors, including product quality, price, design, brand reputation, customer service, and marketing. Many companies differentiate themselves through a combination of these factors. For example, Ikea is known for its affordable yet stylish designs, while Williams-Sonoma is known for its high-end products and personalized customer service. 'Ikea', 'Bed Bath & Beyond', 'Wayfair', 'Williams-Sonoma, Inc.', 'Home Depot', 'Lowe's', 'Target', 'Amazon', 'Pier 1 Imports', 'Pottery Barn', 'West Elm', 'Crate & Barrel', 'Ashley Furniture Industries', 'Ethan Allen Interiors', 'Mohawk Industries', 'Sherwin-Williams', 'Benjamin Moore & Co.', 'J.C. Penney', 'Kirkland's', 'HomeGoods.'

Rising disposable income levels have led to an increase in consumer spending on home decor products. As consumers have more money to spend, they are more likely to invest in higher-end home decor items.

Sustainability: Sustainability has become a major trend in the home decor market, with consumers increasingly interested in eco-friendly and sustainable products. Companies are responding by introducing products made from recycled materials or sustainably sourced materials.

North America accounted for 37.7% of global revenue in 2022, thus, making it the largest regional market. The market's growth is attributed to increasing product accessibility and expanded online and offline home décor channels penetration. The region that the most market players exhibit the greatest penetration of different décor products, such as furniture, lighting, decorative flooring, and the usage of textiles. Additionally, the U.S. dominates the world market for outdoor furniture as a result of customers' increasing willingness to spend money on home décor items.

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Home Decor Market Size, Share, Growth Analysis, By Product(Furniture, Textile, Flooring, and Others), By Application(Indoor, and Outdoor), By Region - Industry Forecast 2024-2031

Home Decor Market Dynamics

Home Decor Market Report Snapshots

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