Home is, where the heart is. The home décor market has been through a lot of transition over the years, witnessing its ups and downs. Apart from necessities, lifestyle changes and average income of the consumer population has a major role to play in the market. What motivates the market to keep evolving is the diversity of culture, desire and requirement that it has to deal with. More recently, the demand for global styles has hiked. All thanks to the ever-expanding online market place. No matter the location of manufacturing, the furniture or fitting might land up halfway across the world. Customers are now able to scour through all available options without getting intimidated or taking the pains of moving around in foot looking for best matches. Yet, nothing beats the satisfaction of hand-picking and direct visuals. The tussle continues between the two markets, and eventually keeps it balanced for the while.
Mainstays of Home Décor Market
Availability of options, now influences buying tendencies. Modern buyers under consideration are not adamant about sticking to ethnicity. They are open to all cultures as long as it fits into their desires. Relocated population is reaching back to their roots with online marketplace. The good thing about the web platform is, it has resurfaced plenty lost traditional arts. This directly helped regional markets to regain their lost glory on a global scale.
Serving Consumer Needs
As population booms all around the world, real estate developers grab their opportunity to capture unbuilt lands. The trend of nuclear families is stacking up the net count of home owners. Add daily kitchen installations, furniture requirements, and necessary coverings for each house to the equation and we realize the due growth of relevant market. Public spaces such as pubs, restaurants, lounges, hospitals, corporate as well as government offices are also an integral part of the end consumption. Overall focus of furnishing lies in creating an appeal for the visitors to set a particular environment that automatically gets segmented by the varied requirement.
For instance, the type of furnishing would totally differ for lounges as compared to a household. While size of market segments would be in direct regard to economic affordability. Manufacturers cannot expect to launch luxury fitting range fit for hospitality businesses and expect to derive huge demands from households.
The real estate gets an additional dimension from virtual reality segment in terms of consumer service. Pick your space, pick your goods, bring them together, and observe if the pieces fit. The software tool help users plan their ‘buys’ and comes handy in designing the entire space at hand. Other technical advancements such as 3D printing, automated fittings, and smart fabrics, are also in aid to the evolving industry.
Indulging in The Industry Pipelines
Whatever the industry has to offer, is all about the consumers. Whether going for comfort, quirk, antiquity, or technology, the home décor market is prepared to cater all. Smart lighting, kitchen appliance, garden tools, and room fittings are here to promise efficient usage. Intricate and cozy textile coverings are available in a wide array of materials to soothe sight, while meet necessities. Floor covering options are available in wood, vinyl, textile, tiles and plenty other options that one may choose from. Any reputable manufacturer around the globe, focuses on only one of these many sub segments. New entrants must choose their spot carefully to be one among the profit-making players.
In a report titled “World Home Decor Market - Opportunities and Forecasts, 2014 – 2020”, experts from Allied Market Research predicted a CAGR of 4.2% during 2015 to 2020. The in-depth quantization of market shares as claimed by each pipeline segment, across regions over the world provides a clear picture of current plus future trends in business strategies for the stakeholders’ reference.