Wall Decor Market in the US 2017-2021
About Wall Decor
The decoration of walls with the help of wall art, picture frames, wall clocks, tapestries, posters, sculptures, or decorative wall mirrors is wall décor. The wall decor market in the US is at its growth stage owing to the high demand that prevails in the market. The increase in construction activities and the growth in real estate are factors influencing the growth of the market. Due to such factors, several vendors are launching distinctive styles of décor in different colors, patterns, textures, designs, and shapes (traditional or classic, modern, and contemporary). Home décor products that suit different consumer segments (mass, masstige, premium, up-market) and age groups have also been launched in the market.
Technavio’s analysts forecast the wall decor market in the US to grow at a CAGR of 8.75% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the wall decor market in the US for 2017-2021. To calculate the market size, the report considers the sales.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Wall Decor Market in the US 2017-2021
Technavio recognizes the following companies as the key players in the wall decor market in the US: Bed Bath & Beyond, Home Depot, IKEA, Lowe's, Walmart, and Target.
Other Prominent Vendors in the market are: Art, Ethan Allen Global, Franchise Concepts, Jcp Media, Kohl’s Illinois, Macy's, Pier 1 Imports, RH, Sears, west elm, Willams-Sonoma, and Wayfair
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Collaboration with artists and advent of printing techniques. Several vendors in the market are collaborating with talented artists in order to expand their product portfolios. Vendors are in the process of procuring one-of-a-kind, original works of art directly from the artists. Paintings and sculptures are increasingly acquired by vendors in the market.”
According to the report, one of the major drivers for this market is Transition in customer lifestyles, preferences, and tastes . An increased number of consumers in the US have begun investing in designer wall décors such as wall art, picture frames, and wall clocks. An increase in the average income levels, too, adds to the growth of the wall décor market in the US. Unique, designer wall décor products and customized interior designs are in high demand in the US market. The massive advent of the tube and an increased awareness of global home décor trends have further driven the market. Another major factor boosting the growth of the wall décor market in the US is that, currently, the market is comprised of contemporary styles and designs that are more appealing than the traditional ones.
Further, the report states that one of the major factors hindering the growth of this market is Long product replacement cycle. The replacement period for wall decor is long. The average lifespan of wall décor products ranges between five and eight years. The purchase of wall décor is generally limited to home-renovations or remodeling due to the high average lifespan of wall décor products. Consumers tend to purchase wall décor while setting up new homes. Wall decor is designed to suit long-term use; the products do not require frequent replacements. Branded wall décor products have a longer lifecycle than the unbranded versions. A number of wall décor brands offer product guarantees and warranties. The long replacement periods ensure that consumers need to endure solely the maintenance costs for a number of years. This reduces the frequency of purchase of home decor, which acts as a major growth barrier in the market. However, the resale value of home décor, like original art pieces, is high.
Bed Bath & Beyond, Home Depot, IKEA, Lowe's, Walmart, Target, Art, Ethan Allen Global, Franchise Concepts, Jcp Media, Kohl’s Illinois, Macy's, Pier 1 Imports, RH, Sears, west elm, Willams-Sonoma, and Wayfair