The home decoration market is expected to reach $664.0 billion by 2020 (1) at a CAGR of 4.2% over 2015-2020. Furniture, textiles and wall and floor covering products are key components of home decor. Europe holds the largest market share and is expected to hold the same position during the forecast years. However, the Asia Pacific region is estimated to be the fastest growing region during the forecast period.
With the rising number of individuals owning homes, especially in developing countries and the overall population growth with rising disposable incomes, the home decor market is on the rise globally. One factor responsible for the rapid increase in the home decor market is the expansion of the real estate industry. Due to globalization and multi-culturalism, new kinds of designs and a variety of items for home decoration are readily available in store and through online channels.
The rise of the online retail, furniture and other items used for home decor are available at a discounted price and have become more affordable. A large number of people are accessing these online retail outlets to decorate their homes.
Increasing urban population is one of the strong impacting factors affecting the home decor market. According to the United Nations 55% of the world’s population lives in urban areas, a proportion that is expected to increase to 68% by 2050. The impact of this factor is fostering the demand for home decor products.
Growing consumer interest towards home decor is a major trend and home decor products have gained a high acceptance among home owners who want to renovate their home's interior and exterior. A home reflects who you are and self expression is very important for Millennials. A new trend is the decoration of rented apartments, until recently tenants were not looking at investing into their rented home. However, with the rise of low-cost and easy to install decorative items, new consumers are entering the home decoration market.
Personalization. Everyone wants to be unique and manufacturers are surfing on social trends, promoting a wide range of decorative items, changing collections, colors, patterns very quickly and driving consumers to change their home decoration more often.
The global online home decor market is excepted to grow at a CARG of nearly 20% for 2017-2021 (1). Like many other markets, the online experience is critical. Printerest and Houzz.com strongly contribute to the acceleration of the home decoration market. Consumers can find inspiration and can instantly buy.
Smaller items and low entry costs are driving the growth of the market. Existing retail chains, facing challenges around traditional retail goods selling, see home decoration as a growth opportunity. New retail decoration only chains are popping up and such shops are leisure centered shopping experiences very much valued by the young and urban population.
New technologies such as digital printing have changed the way wall paper and flooring are printed. The offering is growing very rapidly providing consumers with more choices.
Gift wrapping paper applications are handled with utmost efficiency and quality by the RS 4004X gravure presses. The GP 700D printing press is tailored to applications for the furniture and interior decoration industries. End products include PVC and vinyl laminate wood imitation floors, wall panels, worktops and window sills. The BOBST K5 EXPERT can produce more rolls per day and provides significant cost saving innovations. The BOBST K5 VISION is able to handle many different film types including heat sensitive and thin gauge substrates. They can both be used in the production of wrapping paper.