U.S. Home Decor Market by Product Type, Distribution Channel, Income Group, Price, and Category: Opportunity Analysis and Industry Forecast, 2020–2027

The U.S. home decor market size was valued at $125,813.0 million in 2019 and is estimated to reach $158,929.1 million by 2027, registering a CAGR of 8.0% from 2020 to 2027. In 2019, the floor covering segment accounted for significant revenue share in the total U.S. home decor market and is expected to grow at a CAGR of 8.4% throughout the forecast period.

 

The home décor industry falls in the category of products, which are purchased occasionally. Hence, the demand for such products does not remain consistent among consumers. However, the outbreak of the novel coronavirus has significantly affected the growth of the home décor market in the U.S. and rest of the world. This decline in growth in the U.S. home décor market is majorly attributed to the disruption of the supply chain. Moreover, halt in the production furniture and flooring items due to social distancing being practiced all around the world has adversely affected the growth of this industry.

 

The rise in popularity of eco-friendly home decor products among consumers, owing to increase in environment concerns significantly contribute toward the growth of the global market. Moreover, increase in disposable income and improvement in living standards in the emerging countries such as China and India along with rise in affinity of consumers toward luxury home decor products augment the growth of the home décor market. However, availability of low-quality and counterfeit products restricts the growth of the market. In addition, dearth of skilled labor, ineffective transportation, and lack of infrastructure facilities may act as a hindrance for the home decor market. On the contrary, upsurge in demand for trendy, customized, and fashionable designs for home decor products and increase in popularity of home decor products among high-income consumers are anticipated to provide lucrative growth opportunities for the global home decor market.

 

The U.S. home decor market is segmented into product type, income group, price, distribution channel, and category. On the basis of product type, the market is divided into furniture, home textile, and floor covering. Depending on distribution channel, it is segregated into supermarkets and hypermarkets, specialty stores, e-commerce, and others.

 

By income group, it is fragmented into lower-middle income, upper-middle income, and higher income. As per price point, it is categorized into mass and premium. Based on the category, the market is segmented into eco-friendly and conventional.

 

The U.S. Home Decor Market is segmented based on service type and end-user. Based on the service type the market is segmented into event management security service, watch service, personal protection, mobile patrol security service, pre-employment screening, and other services. Based on end-user, the market is classified into commercial, institutional, residential, and government. The key players in the industry has been dependent on various strategies such as business expansion and product launches to garner higher shares in the U.S. home décor market.

 

As per the U.S. home decor market forecast based on price, the mass segment was the highest contributor to the U.S. home decor market in 2019, and is expected to remain dominant through 2020–2027. The growth is attributed to increase in consumption of mass pricing products by lower-middle and upper-middle class consumers. Furthermore, rise in trend of house renovation among middle-class consumers to reflect standard statement in the society has created large demand for mass products. However, the premium segment is expected to grow at a higher growth rate during the forecast period.

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