Home
décor is a way that a house or apartment is decorated with various
furnishings and accessories that make it look more appealing. Home
décor has recently gained importance in the global market where the
generalists are learning various ways in which they can keep their
home looking brilliant and peaceful. The western countries have long
ago started the trend of home décor with shaping and designing their
home in a fashionable way that will allure the residents and other
visitors. It also talks about the taste of the people and the aura in
which they believe to stay.
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Home
décor has been a popular consumer interest market for a decade now.
The growth of the home décor market is increasing significantly,
including the emerging economies where home accessories and other
related products are gaining high acceptance in the home décor
market. The impact of this factor in home décor market is expected
to increase during the forecast period due to the growth of the real
estate industry in the large cities and transformation from
traditional to urban living. Consumers in the developing economies
are learning to renovate and redesign their homes with the help of
home décor in order to make it more attractive and a better place to
live in. therefore the market of home décor is gaining popularity
globally. Consumers are connecting the idea of home décor with that
of spirituality and aesthetic pleasures and the branded stores are
offering their ideas and products in the similar manner. However, the
home décor products are costly and it becomes slightly difficult for
the whole world to grab the best home décor at a stupendous price.
It is certainly a matter of fact that the urbanization in countries
of the Asia Pacific, Latin America are increasing where the
purchasing power of individuals are also increasing to afford such
luxuries in life.
For
the purpose of providing and extensive analysis of the home décor
market, the global home décor market has been segmented on the basis
of product and distribution channel. Based on product, the home décor
market is broadly classified into home textile, floor covering and
furniture. The furniture category of home décor has witnessed an
increased adoption among consumers, owing to the increased disposable
income along with the influence of western culture, especially
growing adoption of modular kitchen and lighting. The furniture
segment of home décor market is further encompasses the ones used in
kitchen, living and bedroom, bathroom, outdoor and lighting.
Furniture is used for domestic as well commercial purposes therefore
various materials such as metal, wood, plastic, glass and leather are
used solely or in combination with other materials to manufacture
parts of furniture. Shape and structure with reference to design are
important factors in the furniture industry as it directly influences
the consumers’ decision to buy a particular home décor product.
Multifunctional furniture is gaining popularity among urban consumers
in the home décor market globally. Furthermore, based on various
channels via which home décor are majorly sold across various
region, the home decor market can be categorized into specialty
stores, boutique stores, departmental stores as well as the online
platform. The online platform of home décor sale is well equipped
with good door-to-door delivery and fitting services.
For
the purpose of providing information related to demand of home décor
across different regions, the home
décor market has been classified into North America, Europe,
Asia Pacific, Middle-East and Africa (MEA) and Latin America.
Geographically, home décor is expected to be a leading market across
the globe. North America held the largest market share in the home
décor market in 2016 and is expected to maintain a dominant position
through the forecast period in terms of sale of home décor across
different regions. The regions like North America and Europe are the
largest consumers of home décor market and the same is being
propagated in to the developing regions like Asia- Pacific and Latin
America. Recently the developing regions have been in great demand by
the home décor producers and the trend of such consumption is
passing on to the developing countries. Therefore, Asia Pacific home
décor market is expected to grow at the highest rate during the
forecast period majorly due to urbanization compounded by lifestyle
changes in the developing countries.
Due
to the presence of few home décor manufacturers across the globe,
the global market for home décor is highly consolidated in nature.
The prominent vendors in the home décor market includes Kimball
International, Herman Miller, Ashley Furniture Industries Inc.,
Costco Wholesale, Herman Miller, Home24, J.C. Penney, Otto, Sears
Holdings, Target and IKEA.
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