The “Home Decor Market – Forecasts from 2020 to 2025” report has been added to ResearchAndMarkets.com’s offering.
The home decor market was valued at US$1,233.550 billion in 2019.
Home decor refers to the art in which the residents aesthetically design the internal and external spaces of residential buildings along with making the fully functional for the use. Various products are included in the category of home decor products such as furniture, kitchen fittings, flooring, and others.
The primary factors supplementing the home decor market growth during the next five year includes the inclination of people towards high-class interior designing of their homes due to high purchasing power, especially across the developed economies of the region. Additionally, the rising consumer preference towards the purchase of eco-friendly products coupled with the growing focus of key players towards the manufacture of products made from various raw materials is also providing an impetus for the market to grow throughout the forecast period.
Furthermore, the rising disposable income across the developing economies such as India, China, and Indonesia has led to an increase in the middle-class population this in turn is leading to an increase in the residential construction across these economies. This, in turn, is also projected to amplify the demand for numerous home decor products such as furniture, flooring, thereby driving the market growth during the next five years. The changing lifestyles have also led to an increased demand for premium quality products is also positively impacting the market growth during the next five years.
Rapid urbanization and population growth is amplifying the market growth
One of the major factors boosting the market growth during the next five years includes the growing population, which is boosting the construction activities across the residential sector, as more housing units are required to meet the housing needs for the growing population. In addition, according to the data from the World Bank Group, the total global population has grown from 6.922 billion from 2010 to 7.593 billion by 2018. In addition, increasing construction activities across various developed economies around the globe is further anticipated to boost the demand for home decor in the coming years.
For instance, the total value of construction including the public and private for the residential sector has increased from USD$366,660 million in 2008 to USD$521,971 in 2019 (Source: US Department of Commerce). Similarly, in the United Kingdom, the value of construction of new work that includes construction in residential and other sectors at current prices continued to rise since 2011 reaching its highest level on record at 109,387 billion in 2017, driven by the growth of the private sector.
Simultaneously, the number of firms operating in the construction industry has also continued to rise in 2017 (Source: Office for National Statistics UK). Also, the rising initiatives by the governments of various developing economies to expand the residential sector is also projected to be a key driving factor for the market to grow in the near future. For example, the Smart Cities Mission