Asia-Pacific Home Decor Market Outlook, 2029
The Asia-Pacific Home Decor Market is segmented into By Product Type (Home Furniture, Home Textiles, Flooring, Wall Decor, Lighting, Others), By Distribution Channel (Home Décor Stores, Supermarkets and Hypermarkets, Online Store, Gift Shops, Others) and By Application (Indoor, Outdoor).
- Bonafide Research
- 29-02-2024
- Pages : 92
- Figures : 14
- Tables : 26
- Region : Asia-Pacific
- Category : Consumer Goods & Services
- Apparels & Lifestyle
The Asia Pacific Home Decor market is anticipated to grow with more than 6% CAGR from 2023–2028 owing to rapid urbanization and lifestyle changes
- Historical Period2018-2022
- Base Year2023
- Forecast Period2024-2029
- CAGR (2024-2029) 6%
- Largest MarketChina
- Fastest Market India
- Format
Featured Companies
- 1. General Electric Company
- 2. Signify Holding
- 3. Shaw Industries Group, Inc.
- 4. Tarkett S.A.
- 5. Forbo Holding AG
- 6. Gerflor Group
- More...
Home Decor Market Analysis
The Asia Pacific home decor market is experiencing rapid growth, driven by factors such as urbanization, rising disposable incomes, and changing lifestyles. As economies in the region continue to develop, consumers are increasingly investing in home decor products to improve their living environments. The adoption of smart home technology is on the rise in the Asia Pacific home decor market, with consumers incorporating connected devices and home automation systems into their living spaces. Smart lighting, security cameras, and voice-controlled assistants are among the popular smart home products driving demand in the market. Emerging markets in the Asia-Pacific region, such as China, India, and Southeast Asian countries, present lucrative opportunities for home decor companies. These markets are experiencing rapid urbanisation, a growing middle class, and increasing consumer spending on home furnishings and decor products. Sustainability is a growing focus in the Asia-Pacific home decor market, with consumers showing a preference for products made from eco-friendly materials and produced using sustainable manufacturing practices. Bamboo, rattan, recycled wood, and other sustainable materials are gaining popularity among environmentally conscious consumers. Social influences and exposure to media, including social media, television, and magazines, shape consumer preferences and drive demand for home decor products. Trends showcased on media platforms influence consumer perceptions of style, design, and home decor, leading to increased demand for products that align with current trends and aesthetics. According to the research report, “Asia Pacific Home Decor Market Outlook, 2028,” published by Bonafide Research, the Asia Pacific Home Decor market is anticipated to grow with more than 6% CAGR from 2023–2028. The home decor industry is significantly driven by the rapid urbanisation occurring in nations around the Asia-Pacific region. The need for home decor and furnishings to decorate and customise living spaces is rising as more people relocate to cities. Economic growth in many countries within the Asia-Pacific region has led to an increase in disposable incomes. With higher levels of discretionary spending power, consumers are more inclined to invest in home decor items to improve the aesthetics and functionality of their homes. Changing lifestyles, particularly among younger demographics, are influencing consumer preferences in home decor. With a greater emphasis on individuality, self-expression, and personalisation, consumers are seeking out home decor products that reflect their unique tastes and lifestyles. Cultural influences play a significant role in driving demand for home decor products in the Asia-Pacific region. Traditional craftsmanship, artistry, and design motifs from various cultures influence the design and aesthetic preferences of consumers, leading to a diverse range of home decor styles and products. Furthermore Trends in the housing market, including new construction, renovation, and interior design trends, influence demand for home decor products. As housing markets evolve and preferences shift, there may be increased demand for specific types of home decor products to align with changing design aesthetics and lifestyle needs.
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Download SampleMarket Dynamic
Market Drivers • Changing Lifestyles: Evolving lifestyles play a significant role in driving the Asia-Pacific home decor market. As societies modernise and urbanise, lifestyles change, influencing consumer preferences for home decor. For example, the trend towards smaller living spaces in urban areas has led to a demand for space-saving furniture and multifunctional decor solutions. Additionally, as more people work remotely or pursue flexible lifestyles, there is a growing need for home office setups and ergonomic furniture. Home decor products that cater to these changing lifestyles, such as modular furniture, smart home technology, and flexible storage solutions, are in high demand in the Asia-Pacific market. • Cultural Influences: The Asia-Pacific region is culturally diverse, with each country boasting its own unique heritage, traditions, and design aesthetics. Cultural influences heavily impact the home decor preferences of consumers. For instance, traditional motifs, craftsmanship, and materials are often incorporated into home decor products, reflecting the rich cultural heritage of the region. From Japanese minimalism to Indian intricacy, cultural influences shape the design and aesthetics of home decor items, catering to diverse tastes and preferences across the Asia-Pacific market. Additionally, as globalisation brings about cross-cultural exchange, consumers in the region are increasingly embracing fusion styles that blend traditional elements with contemporary design, leading to a rich tapestry of home decor options in the Asia-Pacific market. Market Challenges • Cultural Diversity: While cultural diversity can be a driver of demand, it also presents challenges in terms of catering to diverse tastes and preferences across different countries and regions within the Asia Pacific. Adapting products to suit various cultural influences while maintaining profitability can be a challenge for home decor manufacturers and retailers. • Supply Chain Disruptions: The Asia-Pacific region encompasses multiple countries with varying levels of infrastructure development and logistical challenges. Supply chain disruptions, including transportation delays, raw material shortages, and labour issues, can impact the availability of home decor products and lead to increased costs for manufacturers and retailers.
Home Decor Segmentation
| By Product Type | Home Furniture | |
| Home Textiles | ||
| Flooring | ||
| Wall Decor | ||
| Lighting | ||
| Others | ||
| By Distribution Channel | Home Décor Stores | |
| Supermarkets and Hypermarkets | ||
| Online Store | ||
| Gift Shops | ||
| Others | ||
| By Application | Indoor | |
| Outdoor | ||
| Asia-Pacific | China | |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
Based on the product types, they are segmented into home furniture, home textiles, flooring, wall decor, lighting, and others. In Asia Pacific, home furnishings contribute the highest market share. The region is seeing a rise in urbanisation and modernity, which is driving up demand for home furnishings to furnish and beautify living areas. Spending on dining sets, couches, beds, and storage solutions has surged as a result of changing lifestyles and rising earnings. Rapid population growth and urbanisation have fueled demand for housing in many Asia-Pacific countries. With the construction of new residential developments and the renovation of existing homes, there's a corresponding need for furniture to outfit these living spaces. In many Asia-Pacific countries, there's been a gradual shift towards homeownership as incomes rise and access to credit improves. Homeowners invest in furniture to personalise their living spaces and create comfortable environments for themselves and their families. In densely populated urban areas, there's a trend towards smaller living spaces such as apartments and condominiums. This has led to increased demand for compact and multifunctional furniture designed to maximise space efficiency and functionality in smaller dwellings. Economic growth in many Asia-Pacific countries has led to a rise in affluence and discretionary spending. Affluent consumers are willing to invest in high-quality, designer furniture pieces to showcase their tastes and lifestyle preferences. Furthermore, Western design trends, particularly Scandinavian and minimalist styles, have gained popularity in the Asia-Pacific region. Consumers seek out modern and contemporary furniture designs that offer simplicity, functionality, and aesthetics, driving demand for Western-inspired furniture products. In terms of the application, it is segmented into indoor and outdoor. Furthermore, in terms of the report, the distribution channels are segmented into home decor stores, supermarkets and hypermarkets, online stores, gift shops, and others. In the Asia-Pacific area, entertaining and living outside are becoming more and more popular. Homeowners are using outdoor spaces like balconies, terraces, and gardens as extensions of their living rooms as urbanisation rises and living quarters are smaller. In order to create cosy and fashionable outside spaces, this has raised demand for outdoor furniture, décor, and accessories. Many countries in the Asia-Pacific region have a warm climate conducive to outdoor activities and gatherings. Outdoor spaces are valued for relaxation, socialising, and connecting with nature. As lifestyles become more leisure-oriented and focused on wellness, consumers are investing in outdoor decor to enhance their outdoor living experiences. Outdoor dining and entertaining have become increasingly popular in the Asia-Pacific region, driven by a desire for al fresco dining experiences and hosting outdoor gatherings. This trend has boosted demand for outdoor dining sets, patio furniture, barbecues, and other outdoor entertaining essentials. Moreover, in terms of the distribution channel, the hypermarket and supermarket are growing as the distribution channel of home décor. Supermarkets are convenient shopping destinations for consumers, offering a one-stop solution for a wide range of products, including groceries, household essentials, and now, home decor items. With their widespread presence in urban and rural areas, supermarkets provide easy accessibility to consumers looking to purchase home decor products without having to visit specialty stores or furniture outlets. Supermarkets are expanding their product offerings beyond groceries to include non-food items such as home decor, kitchenware, bedding, and small furniture pieces. By diversifying their product range, supermarkets cater to the evolving needs and preferences of consumers, who are increasingly looking for convenience and variety in their shopping experiences.
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Home Decor Market Regional Insights
Based on the report, the major countries covered include China, Japan, India, Australia, South Korea, and the rest of Asia Pacific. China's populace now enjoys much higher levels of disposable income due to the country's recent strong economic expansion. Chinese customers are therefore better able to spend their money on home décor items, which increases demand in the home market. China has long been known as the world's manufacturing hub, producing a wide range of home decor products, including furniture, textiles, ceramics, and decorative items. The country's vast manufacturing capabilities, coupled with relatively low production costs, allow Chinese manufacturers to supply home decor products domestically and internationally at competitive prices. Furthermore, China has experienced rapid growth in e-commerce, with online shopping platforms such as Alibaba's Tmall and JD.com gaining popularity among consumers. The convenience of online shopping has driven the demand for home decor products, with consumers increasingly turning to online channels to purchase furniture, furnishings, and decorative items for their homes. The Chinese government has implemented policies to support the development of the home decor industry, including incentives for domestic manufacturers, investment in infrastructure, and initiatives to promote domestic consumption. These supportive measures have contributed to the growth of the home decor market in China. China's rich cultural heritage and artistic traditions influence home decor trends and preferences within the domestic market. Traditional Chinese motifs, symbols, and craftsmanship are often incorporated into home decor products, appealing to consumers seeking to embrace their cultural identity and heritage.
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Companies Mentioned
- General Electric Company
- Signify Holding
- Shaw Industries Group, Inc.
- Tarkett S.A.
- Forbo Holding AG
- Gerflor Group
- Armstrong Flooring, Inc.
- Herman Miller, Inc.
- Ralph Lauren Corporation
- Inter IKEA Systems B.V.
- Ashley Furniture Industries, Inc
- H & M Hennes & Mauritz AB
Table of Contents
- 1. Executive Summary
- 2. Research Methodology
- 2.1. Secondary Research
- 2.2. Primary Data Collection
- 2.3. Market Formation & Validation
- 2.4. Report Writing, Quality Check & Delivery
- 3. Market Structure
- 3.1. Market Considerate
- 3.2. Assumptions
- 3.3. Limitations
- 3.4. Abbreviations
- 3.5. Sources
- 3.6. Definitions
- 4. Economic /Demographic Snapshot
- 5. Global Home Decor Market Outlook
- 5.1. Market Size By Value
- 5.2. Market Share By Region
- 5.3. Market Size and Forecast, By Product Type
- 5.4. Market Size and Forecast, By Application
- 5.5. Market Size and Forecast, By Distribution Channel
- 6. Asia-Pacific Home Decor Market Outlook
- 6.1. Market Size By Value
- 6.2. Market Share By Country
- 6.3. Market Size and Forecast, By Product Type
- 6.4. Market Size and Forecast, By Application
- 6.5. Market Size and Forecast, By Distribution Channel
- 7. Market Dynamics
- 7.1. Market Drivers & Opportunities
- 7.2. Market Restraints & Challenges
- 7.3. Market Trends
- 7.4. Covid-19 Effect
- 7.5. Supply chain Analysis
- 7.6. Policy & Regulatory Framework
- 7.7. Industry Experts Views
- 7.8. China Home Decor Market Outlook
- 7.8.1. Market Size By Value
- 7.8.2. Market Size and Forecast By Product Type
- 7.8.3. Market Size and Forecast By Application
- 7.8.4. Market Size and Forecast By Distribution Channel
- 7.9. Japan Home Decor Market Outlook
- 7.9.1. Market Size By Value
- 7.9.2. Market Size and Forecast By Product Type
- 7.9.3. Market Size and Forecast By Application
- 7.9.4. Market Size and Forecast By Distribution Channel
- 7.10. India Home Decor Market Outlook
- 7.10.1. Market Size By Value
- 7.10.2. Market Size and Forecast By Product Type
- 7.10.3. Market Size and Forecast By Application
- 7.10.4. Market Size and Forecast By Distribution Channel
- 7.11. Australia Home Decor Market Outlook
- 7.11.1. Market Size By Value
- 7.11.2. Market Size and Forecast By Product Type
- 7.11.3. Market Size and Forecast By Application
- 7.11.4. Market Size and Forecast By Distribution Channel
- 7.12. South Korea Home Decor Market Outlook
- 7.12.1. Market Size By Value
- 7.12.2. Market Size and Forecast By Product Type
- 7.12.3. Market Size and Forecast By Application
- 7.12.4. Market Size and Forecast By Distribution Channel
- 8. Competitive Landscape
- 8.1. Competitive Dashboard
- 8.2. Business Strategies Adopted by Key Players
- 8.3. Key Players Market Positioning Matrix
- 8.4. Porter's Five Forces
- 8.5. Company Profile
- 8.5.1. Shaw Industries Group, Inc.
- 8.5.1.1. Company Snapshot
- 8.5.1.2. Company Overview
- 8.5.1.3. Financial Highlights
- 8.5.1.4. Geographic Insights
- 8.5.1.5. Business Segment & Performance
- 8.5.1.6. Product Portfolio
- 8.5.1.7. Key Executives
- 8.5.1.8. Strategic Moves & Developments
- 8.5.2. Tarkett S.A.
- 8.5.3. Ralph Lauren Corporation
- 8.5.4. Ashley Furniture Industries, Inc
- 8.5.5. MillerKnoll, Inc
- 8.5.6. Inter IKEA Systems B.V.
- 8.5.7. H & M Hennes & Mauritz AB
- 8.5.8. Gerflor Group
- 8.5.9. Armstrong Flooring, Inc.
- 8.5.10. Forbo Holding AG
- 8.5.11. General Electric Company
- 8.5.12. Signify NV
- 9. Strategic Recommendations
- 10. Annexure
- 10.1. FAQ`s
- 10.2. Notes
- 10.3. Related Reports
- 11. Disclaimer
Table 2: Top 10 Counties Economic Snapshot 2022
Table 3: Economic Snapshot of Other Prominent Countries 2022
Table 4: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 5: Global Home Decor Market Size and Forecast, By Product Type (2018 to 2029F) (In USD Billion)
Table 6: Global Home Decor Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 7: Global Home Decor Market Size and Forecast, By Distribution Channel (2018 to 2029F) (In USD Billion)
Table 8: Asia-Pacific Home Decor Market Size and Forecast, By Product Type (2018 to 2029F) (In USD Billion)
Table 9: Asia-Pacific Home Decor Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 10: Asia-Pacific Home Decor Market Size and Forecast, By Distribution Channel (2018 to 2029F) (In USD Billion)
Table 11: Influencing Factors for Home Decor Market, 2023
Table 12: China Home Decor Market Size and Forecast By Product Type (2018 to 2029F) (In USD Billion)
Table 13: China Home Decor Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 14: China Home Decor Market Size and Forecast By Distribution Channel (2018 to 2029F) (In USD Billion)
Table 15: Japan Home Decor Market Size and Forecast By Product Type (2018 to 2029F) (In USD Billion)
Table 16: Japan Home Decor Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 17: Japan Home Decor Market Size and Forecast By Distribution Channel (2018 to 2029F) (In USD Billion)
Table 18: India Home Decor Market Size and Forecast By Product Type (2018 to 2029F) (In USD Billion)
Table 19: India Home Decor Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 20: India Home Decor Market Size and Forecast By Distribution Channel (2018 to 2029F) (In USD Billion)
Table 21: Australia Home Decor Market Size and Forecast By Product Type (2018 to 2029F) (In USD Billion)
Table 22: Australia Home Decor Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 23: Australia Home Decor Market Size and Forecast By Distribution Channel (2018 to 2029F) (In USD Billion)
Table 24: South Korea Home Decor Market Size and Forecast By Product Type (2018 to 2029F) (In USD Billion)
Table 25: South Korea Home Decor Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 26: South Korea Home Decor Market Size and Forecast By Distribution Channel (2018 to 2029F) (In USD Billion)
Figure 2: Market attractiveness Index, By Region 2029
Figure 3: Market attractiveness Index, By Segment 2029
Figure 4: Global Home Decor Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 5: Global Home Decor Market Share By Region (2023)
Figure 6: Asia-Pacific Home Decor Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 7: Asia-Pacific Home Decor Market Share By Country (2023)
Figure 8: China Home Decor Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 9: Japan Home Decor Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 10: India Home Decor Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 11: Australia Home Decor Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 12: South Korea Home Decor Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 13: Competitive Dashboard of top 5 players, 2023
Figure 14: Porter's Five Forces of Global Home Decor Market
Home Decor Market Research FAQs
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