HIGH POINT — Millennials and Generation Z are driving home furnishings purchases, with nearly 70% of all purchases in the second half of 2022 expected to be made by those two groups, according to new, exclusive Consumer Insights Now research.
The global home decor market size was estimated at USD 697.18 billion in 2019 and is expected to reach USD 737.20 billion in 2020. What is the home decor market growth? b. The global home decor market is expected to grow at a compound annual growth rate of 6.6% from 2019 to 2025 to reach USD 1,037.14 billion by 2025.
Market Overview
The global home decor market size was valued at USD 665,917.5 million in 2021. It is projected to reach USD 939,637.2 million by 2030, growing at a CAGR of 3.9% during the forecast period (2022-2030).
Global home decor market was valued at $616.6 billion in 2019, and is estimated to reach $838.6 billion by 2027, registering a CAGR of 3.9% from 2020 to 2027.
The home decor market is expected to increase from USD 964.9 billion in 2023 to USD 1341.1 billion by 2032, at a compound annual growth rate (CAGR) of 18.20% between 2023 and 2032.
Transitional
As a style mash-up, transitional design is one that you may not even realize you're using in your home. At its core, transitional is a blend of both traditional and contemporary design styles. In other words, it combines the old with the new to achieve elegant yet comfortable and timeless interiors.
Well, statistics say that home decor is a perfect niche for your business. In fact, that's the way it is.
Starting your own home decor business can be a fun and financially rewarding way to dabble in interior decorating. There are several do-it-from-home direct sales companies that focus on decorating and design. Starting with one of these companies can be a good way for beginners to break into the decor sales business.
Most interior decorators and their firms have a gross profit margin of 35-40%. It is also a rule of thumb for all interior design services to budget for 20-30% net profit. A good budget, based on your business model, appears to be 3-12% of your gross sales revenue.
An interior decorating business most likely targets females with an interest in home décor. Based on the style and types of products you offer, the target age and income level may vary.
This statistic shows the average annual expenditure on household furnishings and equipment per consumer unit in the United States from 2007 to 2021. In 2021, the country's average expenditure on household furnishings and equipment amounted to about 2.7 thousand U.S. dollars per consumer unit.
Revenue in the Home Décor Segment amounts to US$128.70bn in 2023. The market is expected to grow annually by 5.33% (CAGR 2023-2027). In global comparison, most revenue is generated in the United States (US$33,390.00m in 2023).
Home Decor Business FAQs
If you're successful, it can be very profitable. You can make about a 20% profit margin depending on the items you sell, and your initial investment can be as little as $2,500, so you should have an excellent return on investment.
Home décor is important because it can affect everything from our self-perception to our confidence and productivity. So, go ahead, buy that new throw pillow or piece of art if it makes you happy. You're not treating yourself, you're creating an environment in which you can be the best version of yourself!
Uniqueness is one of the most important things in designing. For a designer, it might be the 100th kitchen they are designing but for the owner, it is usually the first and should be one of a kind for him/her. A unique design brings customer satisfaction which is the prime motive of any business.
Some of the most popular YouTube niches include tech videos, step-by-step instructions and how-to's, and product reviews. Other popular niches include gaming, beauty and wellness, educational videos, health and fitness, travel, productivity, and product reviews.
The most profitable YouTube niches include gaming, beauty, technology, health and fitness, and personal finance. These niches offer a large audience and the potential for high revenue through sponsorships, brand deals, and ad revenue.
Cottagecore is the blooming hot fashion that is becoming more popular. The beautiful farmhouse interiors, which may be on the wane, are being replaced by this style—despite being somewhat similar.
Some of the most popular interior design trends for 2023 include quiet luxury, the return of bold color, natural stone surfaces, closed floor plans, mixed metal finishes, statement lighting, and 60s and 70s influences — particularly in furniture design.
Curved Sofas, Chairs, and Tables
When asked about the future of furniture in 2023, every interior design expert we spoke to agreed that curved pieces are dominating.