The global online home decor market size is poised to grow by USD 83.32 billion during 2020-2024, progressing at a CAGR of almost 13% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Online Home Decor Market 2020-2024 (Graphic: Business Wire)
The growth of the global real estate and commercial construction industry is one of the key factors driving the growth of the online home decor market. The other significant factor contributing to online home decor sales is the increasing number of renovation and modification projects. Factors such as the growing tech-savvy population, increasing internet penetration, and the growth of the organized online retail sector have encouraged residents to order home furnishing items online. Moreover, the availability of various online home decor vendors, with wide product offerings, is providing customers with a wide range of furniture and furnishings to choose from. As a result, the online home decor market growth should be substantial over the forecast period.
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The major online home decor market growth came from the online home furniture segment. The increasing use of digital platforms such as Instagram, Facebook, and LinkedIn has augmented online sales of furniture. Moreover, the integration of AR/VR technologies has enhanced the online shopping experience for customers. Vendors are using these technologies to render a digital version of the customers’ homes, allowing them to view the suitability of various models of furniture virtually. As a result, customers can make appropriate shopping decisions. These factors will positively influence market growth.
Europe was the largest market for online home decor in 2019, and the region will continue to offer maximum growth opportunities to market vendors during the forecast period. The expansion of the urban population, increasing the need for residential construction projects, which will contribute to the online home decor market growth in the region. Moreover, the growing organized online retail sector is contributing to the market growth in the region.
The global online home decor market is fragmented. Bed Bath & Beyond Inc., Chairish Inc., Coyuchi Inc., Herman Miller Inc., Home24 SE, Inter IKEA Holding B.V., Lowe’s Companies Inc., Pier 1 Imports Inc., Trendsutra Platform Services Pvt. Ltd., and Urban Ladder Home Décor Solutions Pvt. Ltd. are some of the major market participants. To help clients improve their market position, this online home decor market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global online home decor market 2020-2024 is expected to have Negative