Allied Market Research Home Decor Market Study
PORTLAND, Ore. -- Allied Market Research recently published a report on the home décor market projecting $838.6 billion by 2027, growing at a compound annual growth rate (CAGR) of 3.9% from 2020 to 2027.
It pegs industry sales at $616.6 billion in 2019, and shows floor coverings leading the category with 4.0% CAGR during the period 2020 to 2027. Rug sales are included in both the Home Textiles and Floor Covering categories.
The report is named, "Home Decor Market by Product Type (Furniture, Home Textile, and Floor Covering), Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, E-commerce, and Others), Income Group (Lower-middle Income, Upper-middle Income, and Higher Income), and Price Point (Mass and Premium): Global Opportunity Analysis and Industry Forecast, 2020–2027".
Allied Market Research Home Decor Study by Product type
Drivers, restraints, and opportunities
Growing customer interest in home décor, surge in urbanization across the globe, and growth and developments in the real estate industry have boosted the growth of the global home décor market. An increase in disposable income of consumers - in developed as well as emerging countries - is fueling the market growth.
In addition, aggressive advertisements and celebrity endorsement have significantly contributed toward growth of the global market. However, availability of low-quality and counterfeit products and fluctuations in the prices of raw materials used to manufacturer these products restrain the market growth. Still, surge in demand for trending and unique furniture is anticipated to provide lucrative growth opportunities for the home décor industry.
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The report states that the global home décor market has been gaining traction in emerging economies, owing to a rise in the affluent population. Furthermore, rise in environment awareness among consumers has shifted their preference toward eco-friendly home décor products, which is a key growth factor of the global market.
Allied Market Research Home Decor Market by Income Group
COVID-19 Scenario
The outbreak of COVID-19 has greatly affected the growth of the global home décor market. During this pandemic, global trade has come to a complete standstill, which has created a shortage of raw materials.
Lockdown in European countries has disrupted the supply chain and the majority of the factories are not operating at normal capacity.
Market Segmentation
For this study, the global home décor market has been segmented into product type, income group, price point, distribution channel, and region. On the basis of product type, the market is divided into furniture, home textiles, and floor covering. Depending on the distribution channel, it is segregated into supermarkets and hypermarkets, specialty stores, e-commerce and others. By income group it is fragmented into lower-middle income, upper middle income and higher income. As per price point, it is bifurcated into mass and premium. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of the global home décor market forecast, the specialty stores was the most prominent segment accounting for the highest share in 2019. The factors that have positive effect to the home décor market are increase in consumer interest in the category, significantly in the recent past.
Floor coverings segment to manifest highest CAGR through 2027
By product type, the floor covering segment is expected to register the highest CAGR of 4.0% during the forecast period. Moreover, the segment held the largest share in 2019, accounting for more than two-fifths of the global home décor market, owing to increased awareness regarding wastage and recycling and demand for cost-effective and eco-friendly materials. The research also analyzes segments including home textiles and furniture. The floor coverings segment was the highest contributor to the home décor market with $274,869.2 billion in 2019, and is estimated to reach $374,832.1 billion by 2027.
Allied Market Research Home Decor Market by Distribution Channel
Specialty stores segment held largest share
By distribution channel, the specialty stores segment held the largest share in 2019, contributing to more than two-fifths of the global home décor market, owing to higher service quality and expert guidance offered by these stores while choosing home décor products. However, the e-commerce segment is expected to register the highest CAGR of 4.4% during the forecast period, due to the online shopping behavior of the millennial generation and increased penetration of online portals in the developing economies. Also, the use of smartphones for online shopping will drive business, as it allows the consumer to compare products in real time and make informed decisions.
LAMEA, followed by North America, to witness fastest growth by 2027
By region, the market across LAMEA is expected to portray the highest CAGR of 4.7% during the forecast period, due to urbanization and changing lifestyles and increase in disposable income coupled with growth in hospitality and tourism sector. The market across North America is anticipated to register a CAGR of 4.6% from 2020 to 2027. However, the global home décor market across Asia-Pacific held the largest share in 2019, accounting for nearly one-third of the market, owing to changing lifestyle of people in Asia and increase in demand for eco-friendly home décor products.
The key players profiled in this report are:
IKEA Group
Armstrong World Industries, Inc.
Forbo International SA
Mohawk Industries Inc.
Mannington Mills, Inc.
Herman Miller, Inc.
Shaw Industries Group, Inc.
Kimball International
Ashley Furniture Industries Ltd.
Duresta Upholstery Ltd.
Allied Market Research Home Decor Market by Price
Key Market Segments by Product Type:
Furniture: Kitchen, Living & Bedroom, Bathroom, Outdoor, Lighting
Home Textiles: Rugs Textiles, Bath Textiles, Bed Textiles, Kitchen & Dining Textiles, Living Room Textiles
Floor Coverings: Tile, wood and laminate, vinyl and rubber, carpets and rugs, others.
According to the data released by the U.S. Census Bureau and the U.S. Department of Housing and Urban development, during 2009-2011, homeowners in the U.S. spent nearly $3,200 on their home replenishments.
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