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

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 rise in demand for upholstery products, decor, and fixtures will drive up market product demand. The market for the product is supported by consumer preferences for ostentatious home décor products, particularly timber flooring and furniture. A further factor driving demand for home décor products throughout the projection period is a trend towards using environmentally friendly items that are less stressful on the environment. This development has increased demand for innovative home décor products that utilize an array of raw materials.

The growth of the market has been driven by consumer shifting preferences towards urban lifestyles brought on by the speedy urbanization of society. A change in lifestyle necessitates the right placement of furniture and other furnishings made of excellent-quality premium goods. 55.0% of people on earth live in urban areas, according to the United Nations. As a result, the demand for home décor goods will increase during the forecast period as a result of this rate increase. Additionally, it is anticipated that the growth of the home decor market would be complemented by growth in the real estate industry.

The growth of the market has been driven by consumer shifting preferences towards urban lifestyles brought on by the speedy urbanization of society. A change in lifestyle necessitates the right placement of furniture and other furnishings made of excellent-quality premium goods. 55.0% of people on earth live in urban areas, according to the United Nations. As a result, the demand for home décor goods will increase during the forecast period as a result of this rate increase. Additionally, it is anticipated that the growth of the home decor market would be complemented by growth in the real estate industry.

Additionally, since e-commerce and smart devices like smartphones and tablets with simple payment and delivery options have grown in popularity, more people are choosing to buy for home décor online. The market expansion for various home décor products has also been boosted by broader availability and easy access to products. However, these goods are frequently more expensively priced, which makes it challenging for customers of all economic levels to buy. Additionally, the market's ability to expand is being hampered by rising raw material prices for goods made of wood and leather.

US Home Decor Market is poised to grow at a sustainable CAGR for the next forecast year.