Home decor and styling have existed for the longest of time. Traditionally, people with deep pockets used to pay attention to the decoration of homes and offices, but in time, the fancies were adopted by society well. The companies handling home decor increased their audience from the higher class to all sections of the society by lowering the price and increasing services. The industry is now in its youth. Luxury has now become essential for all. A well decorated home office has become a sign of prosperity. The companies dealing in home decor items wholesale supplies must have experienced a heavy shift towards home decoratives and design in recent years.
The worldwide counters of home decor market size are valued at around USD 663.1 billion (2018). The uphill demand for fixtures and Furniture and upholstery products is anticipated to bring a surge in the product demand. Customer preferences fuel the market. The recent trend is weighing particularly towards wooden flooring and Furniture. The current global turn of events has briled several industries, including home decor. We are anticipating the impending days will bring hefty change in this industry too.
Furthermore, there is an increase in interest in the adoption of eco-friendly products. The same has grabbed many eyeballs. Consequently, there is a high chance of inclination in demand over the impending period.
Home decor market forecast:
The internal home decor industry has been affected by the emerging economies, owing to an increase in the affluent population. The fusion in the industry has escalated many opportunities for exported and imported goods. The developed countries are speedily getting into business with under-developed or developing countries. This gives the opportunity for the small home decor wholesalers to enter the big market. On the other hand, the big fishes can get handicrafts and exquisite decor items at lower rates. Together, the world is gearing up for the revolution in the industry. Additionally, the home decor companies’ aggressive advertisement strategies and celebrity endorsement brought a plethora of buyers. The increasing digits in the scale are suggesting towards a prosperous future.
The forecast of the industry seems quite promising. By the end of 2020, the industry at the global front touched 509.8 billion US dollars. In 2023, the same is anticipated to touch 566 billion US dollars, which seems a bit steady. Further, by 2027, the anticipations are that the home decor industry will be hovering around 650 billion US dollars. The surge is holding multiple factors. If the same fall into the right place, then the predicted number can touch an unimaginable counter.
Product insights at the global front:
Globalization has opened doors to a vast marketplace for consumers. The same added multiple factors for boosting the industry like easy availability of a wide variety of products, more market options, greater customer range, and many others; the radical growth of the interior designing industry has also paved the way for more premiums fancy home decor products. These products help in creating aesthetic and spiritual pleasure. This adds sophistication and class to the house, as per the renovation’s growing preference for adding a fresh vibe to the place. The renovation often results in redoing the wooden or marble flooring, decorating the place with lighting, or eco-friendly Furniture.
Talking about Furniture, it is a crucial part of the industry as it helps generate maximum revenue. The increasing demand for wooden Furniture for acing the premium quality look has acted as a fuel for the segment’s growth. Besides the impact of inter-country culture, there has been an inclination to demand modular kitchens and wardrobes. This again adds up to the furniture list.
The growth in the demands shifted the industry to pick more eco-friendly options. Otherwise, the depleting resources would harm both human existences and had inflated rates of the products. Thus, instead of the traditional way, now, the raw materials used in producing Furniture are mainly metal, glass, plastic, and leather, with pinewood. The eco-friendly products are now seen placed in mostly all corners of the house like the bathroom, bedroom, outdoor, and indoor as they are durable. Also, the trendy multifunctional Furniture has garnered more customers for people having smaller houses.
Textile is the next product in line among the other sections of the home decor industry. After Furniture, textile generates most of the revenue. The textile products include bed linen, kitchen linen, curtains, floor covering, bathroom linen, and upholstery. The usage of textile-based products has increased in the market owing to the inclination towards hygiene and up class maintenance of the house and offices. The textiles are widely used in bedding like mattresses, bedsheets, bedcovers, etc. The recent increased demands of oversized beds have infused high demand for this product. Also, the textiles are extensively used with Furniture. Thus it is expected to always remain in high demand.
From digital revolution to b2b platform:
The digital revolution in the home decor segment helped in fusion and opened a more significant market. However, the small buyers and sellers were still in a fix. It was hard for them to understand the foreign market and get in touch with the sellers or the manufacturers. The industry’s giants were getting bigger, but the segment of smaller manufacturers or sellers couldn’t get the breakthrough.
Gradually, the business-to-business model came into force. This brought all, including big and small manufacturers, sellers, suppliers, and others, to one place. The barrier of coming into contact was now depleted. However, for better reach and revenue generation, there were other factors like digital imprint (website and social media), searching the right market, targeting the concerning market, etc. Websites like Global Trade Plaza resolves the issue of all the above problems. From newbies to age-old global dealers, they provide one-stop services for all.
Services provided by Global Trade Plaza:
- Website creation with the help of expert web developers and content creators for better reach.
- Covering all social media links like Facebook, Twitter, Linkedin, instagram, etc., for worldwide recognition and brand awareness.
- Locating the right market for the respective product or services.
- Getting in touch with the concerned manufacturer, supplier, or seller.
- Generating the desired revenue by covering all aspects with lease hassles.
The future of home decor in context with export and import is bright. The increasing demand for foreign Furniture and handcrafted textiles have paved the way for success. Alongside, the development in the real estate industry with an increase in global urbanization are some of the critical factors of setting trends in the home decor market. The b2b platforms have helped in the online buying trend, which has significantly contributed to the prosperity of the market.