NEWARK, Del, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The home decor market is projected to register a valuation of US$ 216,291.4 million in 2023 and reach up to US$ 394,715.7 million by 2033. The global market is securing a CAGR of 6.2% during the forecast period.
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Manufacturers are Designing Customized Home Decor Solutions
Manufacturers are designing customized home decor solutions as per consumers' expectations. They are offering personalized, durable, and unique options with eco-friendly practices. Some of the customized solutions for home decor are as follows:
- Personalization: Manufacturers offer personalized home decor products, including high-quality material, custom color, and concise designs. They are also offering interior design as per consumers' tastes and preferences.
- Modular and Configurable Furniture: Manufacturers provide customized, fit, and layout modular furniture systems of different sizes. They are also adapt to change as per customers needs.
- Custom Upholstery: These custom upholstery furniture, including chairs, sofas, tables, and beds, are offered by manufacturers as per customers' selection. Consumers widely prefer these for their creative home decor.
- Artful Decor: Consumers are fond of creativity and artwork. They desire high-end manufacturers to build bespoke furniture designs. The customers are also collaborating with special designers to create a specific piece of home decor.
- Custom Lighting: Creating unique lighting solutions for home decor interior are rapidly growing to look lavish and breath-taking. They fix them according to size, design, and area.
- Digital Tools: Manufacturers offer digital tools to their customers. Through these tools, customers can finalize their products by visualizing them.
- Tailored Textiles: Customized textiles are widely used for home decor, including cushions, curtains, and bedding. They seek aesthetic fabrics to match their home decor for specific areas.
“Social media platforms' influence on home decor is rapidly fueling the industry. The adoption of DIY culture and smart home integration solutions is at its peak for renovating houses with environmental awareness,” Opines Sneha Verghese, Senior Consumer Goods and Products Consultant at Future Market Insights (FMI).
Key Takeaways:
- The home decor market is registering a CAGR of 6.2% between 2023 to 2033.
- The United States is expected to register a maximum CAGR of 26.4% by dominating the global market by 2033.
- Japan is anticipated to capture a CAGR of 6.4% in the global market by 2033.
- The United Kingdom significantly drives the global market with its vintage home decor, with a CAGR of 2.5%.
- With a CAGR of 4.6%, Germany is rapidly advancing the global market.
- Home furniture is estimated to lead the global market by 2033 based on product type.
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Key Players Are Capturing Huge Revenue in the Global Market
Key players are offering affordable home decor solutions as per consumers' requirements. They are capturing significant revenue through their innovations and product improvements. Key players are adopting various marketing methods to bring new ideas to the table to highlight the market share. These marketing tactics are mergers, acquisitions, collaborations, product launches, and agreements.
These players offer online home decor products, hand-made products, and sustainable products of growing concerns about the environmental crisis. They are targeting genuine consumers to boost sales. Key players are taking relevant feedback from their customers to improve their silly gaps and offer high-quality products to them.
Key Companies in the Home Decor Market:
- IKEA
- The Home Depot
- Williams-Sonoma, Inc.
- Wayfair
- Ethan Allen
- Crate & Barrel
- Bed Bath & Beyond
- Ashley Furniture Industries
- RH (Restoration Hardware)
- Herman Miller
- Pier 1 Imports
- La-Z-Boy
- Crate and Barrel
- Anthropologie
- Houzz
- Overstock.com
- Tempur Sealy International
- Surya
- Z Gallerie
Recent Developments in the Home Decor Market
- In 2022, Home24 announced its new expansion of its business portfolio in seasonal products and home textiles.
- 2021 Herman Miller Inc. acquired Knoll Inc. to design advanced home decor.
About the Consumer Product Division at Future Market Insights (FMI)
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Key Segments in the Home Decor Market
Product Type:
- Home Furniture
- Rugs
- Bath Textiles
- Bed Textiles
- Kitchen and Dining Textiles Tiles
- Wood & Laminate Flooring
- Vinyl & Rubber Flooring
- Lighting
- Other Products
Distribution Channel:
- Retail Stores
- Direct to Consumer
- Manufacturer Stores
- E-commerce Stores
- Discount stores
- Rental Stores
- Club Stores
- DIY Stores
Application:
- Indoor
- Outdoor
- Other Applications
Region:
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
Explore FMI’s Extensive Ongoing Coverage in the Consumer Product Domain
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