Consumer Goods

Online Home Decor Market

Global Industry Analysis and Forecast 2023-2030

Pages : 120

Base Year : 2022

Released Year : February 2024

Format :Pdf Ppt Xls

Report ID:KR492

Author : Priyanka V.

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Base Year

2022

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Forecast Year

2023-2030

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Historical Years

2018-2021

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Market Value (2022)

USD 56.32 Billion

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Forecasted Value (2030)

USD 107.60 Billion

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CAGR (2023 - 2030)

8.50%

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Fastest Growing Region (2023 - 2030)

Asia Pacific

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Largest Region

North America

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By Product Type

Furniture, Textiles, Flooring, Wall Décor, Others.

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By Price Category

Low, Medium, Premium.

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By Distribution Channel

Company Website, E-Commerce Website.


Market Perspective

The global Online Home Decor Market was valued at USD 56.32 billion in 2022 and is projected to reach USD 107.60 billion by 2030, growing at a CAGR of 8.50% from 2023 to 2030.

The online home decor market is experiencing substantial growth due to several key trends. One such trend is the increasing popularity of e-commerce, which has made it easier for consumers to browse and purchase home decor items from the comfort of their own homes. This convenience factor has led to a shift in consumer behavior, with an increasing number of people opting to shop online for their home decor needs. Additionally, the expansion of social media platforms has played a pivotal role in propelling the online home decor industry's development. Instagram and Pinterest, in particular, have emerged as influential channels that constantly expose individuals to visually appealing home decor ideas, inspiring them to revamp their own living spaces. As a result, there is a growing demand for unique and trendy home decor products, leading to intense competition among online retailers to offer the latest and most innovative designs.

Overall, the online home decor market is poised for continued growth as consumers are increasingly relying on the Internet for their home decor needs. With a growing number of people embracing online shopping, the convenience and wide variety of options available on e-commerce platforms have become irresistible. Furthermore, online retailers have capitalized on this trend by providing a seamless shopping experience and offering a vast range of home decor products at competitive prices. Additionally, due to technological advancements and the growing significance of sustainability, e-commerce, businesses are emphasizing providing environmentally friendly and ethically produced choices for home decor to meet the changing preferences of customers. Consequently, consumers are actively seeking sustainable and ethically sourced options for home decor. Online retailers have acknowledged this change in consumer behavior and are actively curating collections that cater to these preferences. This commitment to sustainability not only benefits the environment but also enhances consumer trust & loyalty, thereby driving the growth of the online home decor market.

Analyst’s Review on Online Home Decor Market

The online home décor market has been growing rapidly in recent times due to evolving consumer preferences and the rise in internet usage. One notable trend in this online home decor market is the increasing desire for sustainable and environmentally friendly home decor items. Moreover, consumers are increasingly becoming aware of the ecological consequences of their purchases and actively seeking products made from recycled materials or produced using sustainable methods. As a result, numerous online retailers specializing in eco-friendly home decor have emerged, offering a diverse selection of products that cater to environmentally conscious customers.

Additionally, the surge in demand for customizable home decor products is driving the growth of the market. Consumers are preferring unique and personalized items that match their personal style and preferences. As a result, online platforms providing customization options for home decor purchases have gained significant popularity.

Market Definition

Online home decor refers to the virtual space where consumers can purchase a wide range of decorative items and furnishings for their homes. This includes everything from furniture, lighting fixtures, and wall art to rugs, curtains, and decorative accessories.

The online home decor market is a rapidly growing sector within the e-commerce industry. With the increasing popularity of online shopping, consumers now have access to a vast selection of home decor products from various brands and retailers. This online home decor market offers convenience and flexibility, allowing customers to browse and purchase items from the comfort of their own homes. Additionally, the online platform provides a wealth of information and inspiration, with websites offering design tips, product reviews, and even virtual room visualization tools. Overall, the online home decor market caters to the needs and preferences of a diverse customer base, making it a thriving industry in today's digital age.

Market Dynamics

Increased internet penetration and smartphone usage have transformed the way consumers shop for home decor products. With an increasing number of people gaining access to the internet and owning smartphones, the online home decor market has witnessed considerable expansion in recent years. This trend can be attributed to several factors, including the convenience and accessibility offered by online platforms, the growing preference for online shopping among consumers, and the increasing number of e-commerce players in the home decor industry. As a result, consumers have a surplus of options to choose from, compare prices, read reviews, and make informed decisions, all from the comfort of their own homes.

Moreover, individuals shopping for home decor online rely on user reviews and ratings to make their buying choices. Due to the vast number of online sellers and accessible products, customers are seeking the experiences of others to assess the excellence and dependability of a specific product. As a result, it has become crucial for retailers operating in this industry to establish a robust online reputation and deliver exceptional customer service.

However, challenges associated with logistics and delivery are expected to hamper the growth of the market. With the growing popularity of online shopping, consumers are increasingly turning to e-commerce platforms to purchase home decor products. However, the inability to ensure timely and efficient delivery has become a major concern for both consumers and retailers. This challenge is further aggravated by the increasing expectations of customers for quick and hassle-free deliveries. Thus, these logistics and delivery challenges pose significant obstacles to the growth of the online home decor market. To overcome these restraints, retailers must invest in efficient and reliable delivery systems, ensuring timely and intact deliveries.

Segmentation Analysis

The global online home decor market is segmented based on product type, price category, distribution channel, and geography.

Based on product type, the market is bifurcated into furniture, textiles, flooring, wall décor, and others. The furniture segment dominated the market in 2022, as there has been a notable change in consumer habits toward purchasing furniture, with a strong inclination towards online shopping. The accessibility of a diverse selection, the ability to compare prices, and the availability of customer feedback are all contributing to this preference. Furthermore, the availability of a variety of furniture in the market attracts customers, thereby increasing their demand. These elements have contributed toward creating a fiercely competitive online home decor market, propelling the furniture segment to the forefront as the leading contributor to the growth of the online home decor industry. As a result, the combination of evolving consumer habits, faith in online sellers, and a competitive landscape has propelled the segment growth.

Based on price category, the market is bifurcated into low, medium, and premium. The premium price segment accounted for the largest share of the market in 2022, driven by consumers' increasing willingness to invest in high-quality and luxurious products for their homes, as they prioritize comfort and aesthetics. This shift in consumer preferences has led to a surge in demand for premium home decor items, such as designer furniture, high-end textiles, and unique decorative pieces. Additionally, the rise of social media platforms has played a significant role in fueling the popularity of premium home decor. Influencers and celebrities often showcase their lavish interiors, inspiring others to follow suit and invest in upscale decor. As a result, online retailers have recognized this trend and curated extensive collections of premium products to cater to this growing demand.

Based on distribution channel, the online home decor market is bifurcated into company website and e-commerce website. The e-commerce segment acquired the largest market share in 2022 due to a significant shift in consumer behavior toward online shopping. With the convenience of browsing and purchasing products from the comfort of their own homes, consumers are increasingly turning to online platforms for their home decor needs. Additionally, the wide variety of options available online allows consumers to easily compare prices, styles, and brands, thereby empowering them to make more informed purchasing decisions. Overall, the e-commerce segment's dominance in the online home decor market can be attributed to shifting consumer behavior, the convenience and variety offered by online platforms, and the competitive advantages of e-commerce companies

Geographical Analysis

Based on region, the global online home decor market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America accounted for the largest market share in 2022, attributed to the growing preference for online shopping among consumers. Additionally, due to technological advancements and the convenience offered by online platforms, an increasing number of people in the region are turning to online platforms to browse and purchase home decor items. Furthermore, the competitive landscape in countries such as the U.S. is characterized by a wide range of online retailers specializing in home decor, providing consumers with an extensive selection of products to choose from. This competitive environment encourages innovation and drives the quality of offerings higher. Moreover, consumers in the region are known for their discerning taste and appreciation for design, which has created a demand for unique and stylish home decor products. The combination of these factors has positioned North America as a leading region in the online home decor market.

Asia-Pacific is expected to be the fastest-growing region in the market due to the growing trend of urbanization in many countries within the region. As more people move to cities and live in smaller spaces, the demand for compact and stylish home decor products has increased. Additionally, the rising middle-class population in countries such as China and India has led to an increase in disposable income, allowing a larger number of consumers to invest in home decor. This has resulted in a shift towards online shopping, as it offers a wider range of products and convenience compared to traditional brick-and-mortar stores. Thus, with the continued development of technology and increasing disposable income, the growth of the online home decor market in the Asia-Pacific region is expected to continue in the foreseeable future.

Competitive Landscape

The global online home decor market study will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their online home decor market shares across different regions. strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, could create new opportunities for market growth.

The major players in the Online home Decor Market are:

Key Developments

  • September 2022(Product Launch): IKEA launched three new winter 2022 collections, Natural Neutrals, Folklore Fusion, and Nostalgic Expression. By launching these products, the company aimed to focus on the small ways in which customers can adapt and enhance their homes by investing in durable items designed for repeated use.
  • October 2021 (Product launch): Pepperfry launched its 100th experience store in Lucknow. The store offers customers first-hand experience of various types of woods, materials, color, and fabric swatches, which helps them make the right purchase decision.

The global Online Home Decor Market is segmented as:

By Product Type

  • Furniture
  • Textiles
  • Flooring
  • Wall Décor
  • Others

By Price Category

  • Low
  • Medium
  • Premium

By Distribution Channel

  • Company Website
  • E-Commerce Website

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America.
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  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global online home decor is projected to reach USD 107.60 billion by 2030, growing at a CAGR of 8.50% from 2023 to 2030.
The global online home decor market was valued at USD 56.32 billion in 2022.
The major driving factor for the market growth are changing consumer preferences & lifestyles, along with growth in e-commerce sector.
Top manufacturers of Online Home Decor market are Inter IKEA Systems B.V., Home Depot Product Authority, LLC, Kimball International, Inc., Herman Miller, Inc., Ashley Global Retail, LLC, Home 24 SE, Lowe's, Signify Holding., Springs Window Fashions, and Pepperfry Limited, among others.
Asia-Pacific is the fastest growing region in the forecasted period (2023-2030).
By product type, furniture segment will hold the maximum share in the online home decor market in forecast period.
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