Home decor is an integral part of every household. This industry comprises furniture, textiles, floor coverings, and other elements that make a house a home. It includes lamps, mirrors, window treatments, and wall art. The global market for home decor is growing at a rapid pace owing to factors such as increased disposable income of consumers, rise in consumer spending, and favorable economic conditions. In addition, the emergence of innovative products has further fuelled the market’s growth. Browse the Best info about Boho Chic.
According to a new report by Market Research Future, The global Home Decor market is expected to reach $450 billion by 2024 from $360.8 billion in 2020. Increasing adoption of eco-friendly products and improved living standards in developed and developing regions are the major factors driving the growth of the home decor industry. Moreover, the demand for customized home decor products is also rising as consumers prefer to customize their furniture according to their preferences and styles.
In 2023, expect to see more curved edges in everything from furniture to walls. Whether smooth, fluted, or wavy, curving shapes can add a soft and soothing aesthetic to any space. This design trend has been called “meditative modern,” reflecting the desire to create a calm and serene interior environment.
Color is another area where we’ll see a shift. While earth tones—calming and often associated with nature—still dominate, experts say bolder colors will start making their way into more homes. “This year, it will be about embracing the color wheel and curating an elegant contrast,” says interior designer Athena Calderone.
Additionally, the zellige tile trend that recently exploded on social media will likely continue to soar in popularity for its textured, sophisticated look. These unique accent pieces are reminiscent of Morocco and add a textured and refined element to any space.
According to a recent report by Market Research Future, the North American home decor market accounted for the largest share in 2019 owing to the highly evolved retail structure of the country and the increase in consumer spending. This trend will continue throughout the forecast period due to aggressive advertising and celebrity brand endorsement. Additionally, the emergence of online shopping platforms is bolstering the growth of this region.
Aside from the North American market, the Asia-Pacific home decor market is expected to grow fastest, owing to rapid improvements in retail infrastructure and a surge in consumer spending. The Middle East & and Africa is also significant regional market and offers lucrative opportunities for the players in this region. To gain a competitive edge, the leading players in the home decor market are adopting various strategies such as acquisition and product launch. This strategy will give them a strong foothold in the global market.
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