Eco Friendliness to Be the New Trend in the Home Decor Business, says Market.us

Home decor is no longer a trend-based business, but a necessity-based one. These investments are made over a longer time period. If you base your investments on a trend, it is quite possible that your investment will be obsolete with the new trend.

Consumers are now investing more in home decor and furnishings due to an exponential increase in time spent at home. The post-Covid shift in consumer mindset and the availability of more discretionary spending (redirected from travel), has made home textiles one of the fastest growing and most recovering industries after the pandemic.

According to the latest report by Market.us, ” The global home decor market is expected to grow at a CAGR of roughly 3.6% over the next ten years and will reach USD 925.79 Bn in 2032, from USD 650 Bn in 2022″

The fast-growing home decor market offers exciting growth opportunities for competitors. A recent report by Market.us highlights some key strategies companies can adopt to benefit from the latest industry trends.

Home furnishings retailers allow consumers to personalize their homes with their choice of decor and furniture. Demand for home furnishings is seasonal and is affected by housing starts. Remodeling and redesigning are not required during slow economic times.

Consumer income is another factor that drives demand. Large companies compete by their volume buying, product breadth, and effective marketing. Focusing on a specific market segment allows small companies to compete with large corporations through superior customer service and depth of product offerings.

The millennial generation is quickly becoming Europe’s dominant consumer group. They have a strong influence on today’s brands and their market strategies. Brands must be committed to sustainability and millennials expect them to do so through their social and environmental responsibility.

Anurag Sharma, a senior research analyst at Market.us, said, ” People want to consume more, not less. Many millennials want to make the world a better place, and many baby boomers are eager to help. This generates urgency and consumer power, which will transform the home decor industry. In response to this demand for action, solutions are expected first from the consumers and industry. People are more conscious of the long-term effects of their consumption and are working to reduce waste and be fair and ethical.”

There is a significant increase in the urban population across the globe. This has led to a substantial expansion of the construction industry. This will boost market progress over the forecast period. To increase their customer base, vendors in this industry offer a broad range of products and service options. To expand their online home decor market, they are also launching new products.

Due to an increase in disposable income, cities around the world are seeing an increase in their living standards. Consumers are more willing to spend money on home decor items such as beds, tables, dining tables, and tables.

A significant shift occurred in customer buying habits due to the pandemic. The availability of doorstep delivery made it easy to buy home decor online. Online home decor market growth has been aided by an increase in internet penetration and the adoption of smartphones.

Because of its use of wood, the home decor industry is the biggest consumer of forest cover worldwide. This is a serious problem. These products are also not long-lasting. These products are also difficult to install in your home.

The growing interest in eco-friendliness is driving organic fabrics, textures, as well as natural weaves, to the forefront. Eco-conscious consumers are choosing ethically sourced and locally sourced fabrics such as jute, bamboo, and khadi to reduce their carbon footprint. This will greatly benefit micro-entrepreneurs such as cottage industry producers or women SHGs in the handicraft sector.

North America is the most important regional market. Market growth is due to increased product accessibility and growing penetration of both offline and online home decor channels. The market with the highest penetration rates of decor goods, such as lighting, flooring, and textiles, is the one that has the most participants.

The fastest-changing lifestyles and an increase in house possessions have caused the United States to experience the greatest growth. It has a market share greater than 60%.