Home / Consumer Goods / Luxury Home Decor Market by Type (Furniture, Home Textile, Floor Covering) by Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, E-commerce, Others) : Global Industry Size, Share, Statistics and Forecast 2015 - 2027

Luxury Home Decor Market by Type (Furniture, Home Textile, Floor Covering) by Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, E-commerce, Others) : Global Industry Size, Share, Statistics and Forecast 2015 - 2027

Published Date: Dec 2021
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Report ID: 60458
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Report Format: PDF
Consumer Goods
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Pages: 135
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Rating: 4.6 (24)

Luxury Home Decor Market Analysis

Home décor consists of anything that makes a home look more stylish and aesthetic while also having certain purposes to its inhabitants. Home décor products include a whole array of items that people purchase to decorate their homes. These include rugs, carpets, vases, shelves, clocks, towels, candles, mirrors, lights, flooring, paintings, murals, ornaments, crystals, etc. It can be surprising to see that such small items are priced so high, and even more surprising is the fact that people purchase them left, right, and centre. Not so surprising, actually, as everybody thrives off of style and exclusivity these days. Hence, the luxury décor market hasn’t been slowing down for the past few years, only expected to grow even more by 2027, with more people purchasing houses.

luxury-home-decor-market

Global Luxury Home Décor market is all set to experience strong growth over the forecast period. The demand for Luxury Home Décor products is expected to shoot from USD 118 billion in 2020 to over USD 207 billion in 2027, growing at a CAGR of over 5.14%. While incremental value of the global Luxury Home Décor market between 2021 and 2027 will be USD 1,276 billion.  

Interesting Facts about Luxury Home Decor Industry

  • Luxury Home Décor can cost as low as USD 75 K and anything above USD 150 K
  • Average expenditure on Luxury Home Décor is generally around 10% the cost of construction
  • Interior designers charge fees around USD 2,000 to USD 10,000 depending upon size of the house
  • Luxury Home Décor has provided direct employment to millions of people around the world
  • S. and Europe have higher average spending rate on Luxury Home Décor

Focus on Maintaining Brand Value

Every brand, big or small, is making home décor items as they know how profitable this line of business can be. Marks & Spencer, Gucci, and Hermes may be known more for their apparel, footwear, and accessories, but they also manufacture and sell home décor products. And yes, they do sell like hotcakes. Wealthy people who want nothing but luxuries in their homes visit such high-end brands to get their homes to look more aesthetic.

These brands are also pretty great with their research. They exactly know what their customers want from them, and hence, give it to them. Their products, of course, have a very specific target market. Through their smart advertising techniques and high-quality products, they have been able to carve a niche for themselves in the luxury home décor market. Inter IKEA Systems BV, Forbo International SA, Armstrong World Industries, Inc., Mannington Mills Inc., Mohawk Industries Inc., Shaw Industries Group, Inc., Herman Miller Inc., Ashley Furniture Industries Ltd., Kimball International, Duresta Upholstery Ltd., Marks & Spencer, Gucci, and Hermes are some of the leading players in the global Luxury Home Décor market.

Social Status is all It Drives the Demand for Luxury Home Decor

Awareness within people about what’s trendy and what looks good has been a solid contribution to the growth of this luxury market. Having increased disposable incomes certainly increases people’s affordability – easily purchasing such high-end home décor products, but that’s not the only reason, though. The rise in incomes also helps them travel more frequently. Hence, they pick up little things from foreign countries to make their homes look even better.

It’s all psychology; when an individual travels to a foreign country, they want a souvenir from that place that reminds them of the trip and the memories they collected. Such souvenir-collecting often comes in the form of home décor shopping (a candle or an ornament for the shelf).

The lifestyle change, coupled with an increased standard of living, helps the luxury home décor market grow locally and internationally.

Counterfeit Product to Offer Significant Challenge for Brand Value

Cheaper alternatives are always present in the market. Whatever’s sold as a luxury will also see competition from items manufactured with low-quality raw material. These items mostly come from China, where they are sold in variety and at a much lower price. High-end home décor items are obviously unmatched, but the rise in cheaper alternatives is helping people of all classes move the focus away from luxury home décor markets. This reason definitely halts the growth of such a luxurious market.

U.S. to Remain Single Largest National Market for Luxury Home Décor

Global Luxury Home Décor is dominated by Europe as a largest regional market owing to strong demand from UK, France, Germany and Italy. However, U.S. stood as a single largest national market for Luxury Home Décor in 2020. China, and Japan on the other hand are most predominating markets for Luxury Home Décor in the East. South Korea, India, Australia, Singapore and Taiwan are also most promising markets for Luxury Home Décor in Asia Pacific. Moreover, Brazil and GCC Countries also hold major growth potential for the Luxury Home Décor industry.

Furniture to Dominate the Luxury Home Décor Markey

Furniture, Home Textile and Floor Covering are major product types of Luxury Home Décor. Among all, furniture accounted for the largest share of the global Luxury Home Décor market. While, Supermarkets & Hypermarkets, Specialty Stores, E-commerce and Others are major distribution channels for the Luxury Home Décor.

Frequently asked questions about global Luxury Home Decor industry

Likewise other industries, COVID 19 also taken a toll on Luxury Home Decor market with around 23.16% decline in 2020 in its revenue as compare to 2019

Europe is the largest regional market with highest share in the total volume of Luxury Home Decor consumed in 2020

Growing consciousness about social status and rising income levels

Furniture segment dominated the Luxury Home Decor market in 2020.

Supermarkets & hypermarkets was the largest Distribution Channelof Luxury Home Decor in 2020

Luxury Home Decor Market Report Scope

Report Attribute Details
Research Period 2015 - 2027
Base Year 2020
Historical Year 2015 - 2019
Unit US$ Billion
CAGR 5.14%
Segmentation

Global Luxury Home Decor Market by Type, 2015 - 2027

  • Furniture
  • Home Textile
  • Floor Covering      

Global Luxury Home Decor Market by Distribution Channel, 2015 - 2027

  • Supermarkets & Hypermarkets
  • Specialty Stores
  • E-commerce
  • Others      
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