The global home decoration market is valued at USD 697.91 billion in 2023 and is projected to grow from USD 747.75 billion in 2024 to USD 1,097.51 billion by 2032, reflecting a CAGR of 4.91% during the forecast period.

Decorative items such as cushions, scented candles, and artworks play a vital role in enhancing the aesthetics of living spaces. Rising consumer preference for recycled, upcycled, and home products made from eco-friendly materials is expected to drive the market growth. The COVID-19 pandemic has led interior designers to adopt virtual consultations and meetings, enabling personalized interior product selection. This shift along with the increasing use of software and applications to create virtual room designs has contributed significantly to the expansion of the market.

Fortune Business Insights™ provides this information in a research report titled "Home Decoration Market, 2024-2032" .

Source: https://www.fortunebusinessinsights.com/jp/ホームデコレーションマーケット-109906
segmentation:

Increased spending on soft flooring will fuel growth in flooring segment

Based on product, the market has been segmented into furniture and home furnishings, household textiles, flooring, and others. The flooring segment accounted for the largest share of the home décor market, owing to increasing household spending on soft flooring during renovation and remodeling projects.

Accessibility and wide range of affordable products drive expansion of hypermarkets/supermarkets

In terms of distribution channels, the market is segmented into online channels, hypermarkets and supermarkets, specialized stores, and others. The hypermarkets and supermarkets segment leads the market as it provides convenience to consumers by offering a wide range of premium and affordable products at one place.

Based on region, the home decoration market is segmented into Europe, Middle East & Africa, North America, Asia Pacific, and South America.

Top companies in the home decoration market

1888 Mills LLC (USA)
Inter IKEA Systems BV (Netherlands)
Williams-Sonoma Inc. (USA)
Ashley Furniture Industries LLC (USA)
Idea Nuova (USA)
Ethan Allen Global Inc. (USA)
American Textile Company (USA)
Ralph Lauren Corporation (USA)
Wellspun Flooring (India)
Kimball International Inc. (USA)
Herman Miller Inc. (USA)
Steelcase Inc. (USA)
Scope of the report

The competitive strategies deployed by the top companies to gain a competitive advantage are mentioned in the report. In addition to this, the key driving and restraining factors influencing the market growth are also elaborated. The report further provides a detailed analysis of the key segments, the impact of the COVID-19 pandemic, key trends, and noteworthy industry developments.

Drivers and Restraints:

Rising demand for personalized interior products will drive market growth

Increasing consumer demand for custom-made interior products with personalized décor choices, such as DIY (Do It Yourself) craft supplies and monogrammed products, is driving product revenues worldwide. Additionally, rising household preferences for custom-made functional furniture products with home office product upgrade features, storage solutions, and easy entry and exit alternatives are driving the demand for products globally.

Despite these growth opportunities, the prohibitive cost of high-priced products may hinder the growth of the home decoration market.

Regional insights:

Asia Pacific leads the way as more homeowners prefer free-standing wooden furniture

Asia Pacific holds the leading position in the home decoration market, valued at USD 317.2 billion in 2023. The growing preference for freestanding contemporary furniture and wooden furniture with decorative drawers and shelves among Japanese and Chinese homeowners is driving higher product replacement rates.

The growth of the market in North America is due to the increasing demand for home improvement projects coupled with changing personal preferences regarding home furnishings, which are significantly impacting the demand for decorative items.

Competitive Landscape:

Large companies focus on investing in improving user experience

To strengthen their position in the home decoration market, leading companies have adopted various competitive strategies such as mergers and acquisitions, product development, joint ventures, capacity expansion, etc. Investment strategies are also emphasized by leading companies to improve user experience.

Major industry developments:

November 2023: Home Décor Group acquires the business assets of White Street Paint, a retailer of wallpaper, paint and window treatment products, building out its home improvement and interiors portfolio.