Global Online Home Decor Market 2017-2021
About Online Home Decor
Home decor products are those that enhance the aesthetic appeal of the house. Home decor products include paintings, frames, posters, wall mirrors, furniture, vases, decorative stickers, and many more. The global online home decor market encompasses three major product segments; home furniture, home furnishing, and other home decorative products.
Technavio’s analysts forecast the global online home decor market to grow at a CAGR of 19.64% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global online home decor market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Online Home Decor Market 2017-2021
Technavio recognizes the following companies as the key players in the global online home decor market: Amazon, Bed Bath & Beyond, Inter IKEA Systems, and Wayfair.
Other Prominent Vendors in the market are: Ashley Furniture Industries, The Mine, Cabela's, Carrefour, Costco Wholesale, Herman Miller, Home24, jcp Media, OTTO, Sears Brands, target brands, Tesco, and Walmart Stores.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing demand for eco-friendly furnishings. Rising consciousness of a healthy environment has increased the demand for eco-friendly furniture and other furnishings. Awareness of consumers of the ill effects of deforestation on the climate and the effects of toxic finishes in the air inside homes have led many furniture manufacturers to go green. Market players offer a wide range of aesthetic furniture made of bamboo that is stronger and harder than most other types of wood, including oak. Companies such as Greenington and Palecek are involved in the production of eco-friendly furniture.”
According to the report, one of the major drivers for this market is Growing demand for premium furniture. At present, customers are opting for luxury furniture brands because of economic growth and increase in their purchasing power, thereby increasing the significance of home decor. High-end furniture is considered a status symbol by the premium and ultra-premium segment of consumers because they prefer buying designer furniture, floor coverings, and textiles. Consumers are also opting for premium furniture for their home offices. The demand for luxury home decor is growing gradually in the emerging nations of APAC and MEA such as China, the UAE, and South Korea.
Further, the report states that one of the major factors hindering the growth of this market is High operational costs. The increased cost pressure on manufacturers due to the increasing competition in the market is adversely affecting the market. Inter IKEA Systems, one of the prominent vendors in the market, dominates the furniture manufacturing and retail markets in most of the developed countries. However, at present, the company is facing immense competition from its peers Baker Furniture, Century Furniture, and Ashley Furniture Industries. As a result, Inter IKEA Systems has abandoned the premium-pricing strategy for its furniture and has reduced its prices.
Amazon, Bed Bath & Beyond, Inter IKEA Systems, Wayfair, Ashley Furniture Industries, The Mine, Cabela's, Carrefour, Costco Wholesale, Herman Miller, Home24, jcp Media, OTTO, Sears Brands, target brands, Tesco, and Walmart Stores.