Global Home Decor Market Report and Forecast 2024-2032

Global Home Decor Market Outlook

The global home decor market size reached approximately USD 782.44 billion in 2023. The market is projected to grow at a CAGR of 4.8% between 2024 and 2032, reaching a value of around USD 1,193,17 billion by 2032.

Key Takeaways

• Consumers are increasingly seeking items made from natural, recycled, or responsibly sourced materials due to rising environmental consciousness.

• Online platforms have made it easier for consumers to access a wide range of products from around the world.

• As living spaces become smaller, especially in urban areas, there is a demand for versatile and multifunctional furniture.

Home decor refers to the aesthetic components used for making a home visually appealing and attractive. It includes physical objects and items such as art, furniture and accessories, placement of physical objects and items, and materials such as flooring, sealings, and coverings. Apart from increasing visual appeal, home decor helps in keeping homes well-maintained and organised.

The major factors propelling the global home decor market growth include increasing renovation and remodelling activities in the residential sector. Renovation and remodelling allow homeowners to alter their surroundings to better suit their current needs without spending huge amounts of money on moving and customising a new home. There is a growing availability of home decor across various distribution channels such as supermarkets hypermarkets and speciality stores. Furthermore, the rising convenience of online shopping with facilities such as online payments and home delivery is aiding the home decor market development.

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Key Trends and Developments

Growth of biophilic design; prominence of vintage and retro styles; smart home décor; and increasing influence of social media are the major trends impacting the home décor market expansion

February, 2024

The state-owned Energy Efficiency Services Limited (EESL) in India revealed the Beta version of its e-commerce platform, designed to provide customers with affordable, energy-efficient appliances and solutions.

March, 2024

British architectural designer John Pawson announced that he has partnered with Dinesen, a wood manufacturing firm, to unveil the Pawson Furniture Collection, a culmination of their thirty-year collaboration.

March, 2024

Viper Networks, Inc., a company specialising in smart LED lighting products announced that they have shipped their first major order of LED lights to Sri Lanka.

March, 2024

Norton Clipper company announced that it has expanded its range of flooring solutions by introducing new units to its surface preparation and grinding lineup.

Growth of biophilic design

Incorporating elements of nature such as natural materials and indoor plants into home décor, known as biophilic design, is becoming increasingly popular.

Prominence of vintage and retro styles

Vintage and retro styles are making a comeback, with consumers seeking unique and nostalgic pieces to add character to their homes.

Smart home décor

With the rise of smart homes, there is a growing interest in integrating technology such as smart lighting and voice-activated assistants into home decor.

The increasing influence of social media

The rising influence of social media platforms such as Instagram and TikTok is boosting the consumption of content related to home decor products.

Home Decor Market Trends

The influence of social media platforms like Instagram and TikTok has significantly impacted the market by boosting the consumption of content related to home decor products. Various brands are wielding social media as a marketing tool by generating digestible and quality content. Influencers often collaborate with home decor brands to showcase products in their homes, providing authentic and relatable content that resonates with their followers. Advertising on social media platforms is cheaper, simpler, and more convenient as most brands collaborate with influencers to make content and promote their products.

Market players are expanding their reach in the global market to become prominent players in the home decor market. For instance, Viper Networks, Inc., a company that specialises in smart LED lighting products, made a significant stride in March 2024 in its business operations by shipping its first major order of LED lights to Sri Lanka. The shipment to Sri Lanka indicates that Viper Networks is expanding its market reach beyond its home country, entering the international market, and specifically the South Asian market. This is a strategic move that could open up new opportunities and revenue streams for the company.

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Market Segmentation

“Home Decor Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• Home Textile
  • Bed Linen
  • Bath Linen
  • Kitchen Linen
  • Upholstery 
  • Others
• Floor Covering
  • Living Room
  • Dining Room
  • Kitchen
  • Bedroom
  • Others
• Furniture
  • Ceramics and Tiles
  • Wood and Laminated
  • Vinyl Flooring
  • Carpets and Rugs
  • Others
• Lighting
  • Lamps and Shades 
  • Light Bulbs
  • Chandeliers 
  • Others
• Others

Market Breakup by Price

• Premium

• Mass

Market Breakup by Application

• Indoor

• Outdoor

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets

• Specialty Stores

• Online

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Furniture maintains its dominance in the market as it offers a blend of functionality and aesthetic appeal to customers

The furniture segment is expected to account for a significant portion of the global home decor market in the coming years. Growing preference for wood and laminated furniture on account of their long-lasting nature and premium quality is fuelling the segment's growth. Additionally, the increasing influence of Western culture is boosting the adoption of walk-in wardrobes and modular kitchens, further increasing the applications of furniture in home decor. Furniture is also typically considered a long-term investment due to its durability and the role it plays in daily life. Consumers are often willing to spend more on high-quality furniture that will last for years, contributing to its significant share in the market.

As per the home decor market analysis, the lighting segment is anticipated to grow at a sizeable rate in the coming years. It includes a wide variety of products, from ceiling lights, floor lamps, and table lamps to wall sconces, pendant lights, and chandeliers. This diversity allows consumers to choose lighting fixtures that complement their decor style and meet their specific needs.

The indoor segment holds the major home decor market share as people tend to spend more time indoors, fuelling the demand for decorating the indoors

The indoor segment holds a substantial share of the market. Most homeowners prioritise decorating their indoor spaces, as these are the areas where they spend the majority of their time. The indoor home decor market encompasses a vast array of products, including furniture, lighting, textiles, wall art, and decorative accessories and indoor decor is relevant throughout the year, regardless of the season, making it a consistent focus for consumers.

Moreover, the demand for outdoor decor is often seasonal, with peak interest during warmer months when people spend more time outdoors. Outdoor decor typically includes items like patio furniture, outdoor lighting, garden decorations, and outdoor textiles. While important, the range of products is generally narrower than that of indoor decor.

Competitive Landscape

The market players are venturing into international expansion to gain a competitive edge in the home decor market

Forbo Holding Ltd is one of the leading producers of building and construction adhesives and floor coverings, among others. The company was founded in 1928 and is headquartered in Baar, Switzerland.

Armstrong World Industries, Inc. founded in 1860, is one of the global leaders in manufacturing and designing innovative commercial and residential ceiling and suspension system solutions.

Mannington Mills Inc. was founded in 1915 and is headquartered in New Jersey, United States. The company specialises in commercial and residential flooring, laminate floors, and carpets, among others.

Inter IKEA Systems B.V., is a key company within the IKEA Group, which is one of the world's largest and most well-known home furnishing retailers and is based in the Netherlands.

Other major players in the home decor market include Mohawk Industries, Inc., Shaw Industries Group, Inc., MillerKnoll, Inc., Ashley Home Stores, Ltd., Kimball International Inc., and Duresta Upholstery Ltd, among others.

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Home Decor Market Analysis by Region

North America is anticipated to account for a significant portion of the market over the forecast period. The consumption of home decor products is propelling in the region due to the adoption of aggressive promotional strategies by key players and the rising collaborations between influencers, celebrities and brands. Additionally, increasing disposable incomes along with rising standards of living are further fuelling the utilisation of home decor and aiding the market expansion.

The home decor market in the Asia Pacific is anticipated to witness steady growth in the coming years. Rapid urbanisation in the region has led to a surge in the number of people living in cities as urban dwellers often seek modern and stylish home decor to create comfortable and aesthetically pleasing living environments.

Key Highlights of the Report

Home Decor Market Report Snapshots

Home Decor Market Size

Home Decor Market Trends

Home Decor Market Share

Home Decor Companies

Home Decor Market Regional Analysis