Global Home Furnishing Market to 2028: Increasing Internet Penetration and Strategic Collaborations Propel Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Home Furnishing Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Product Type, By Distribution Channel, By Region, By Company” report has been added to ResearchAndMarkets.com’s offering.
The global home furnishing market is anticipated to register an impressive CAGR during the forecast period. The home furnishing market is made up of businesses (organizations, sole proprietors, and partnerships) that sell items intended to enhance the aesthetic appeal and comfort of a home, such as furniture and wall decor.
Home furnishing is the decorative arrangement of tangible objects including furniture, furniture accessories, room colors, walls, and ceilings. It can be summed up as thoughtfully arranging decor items in a functional way to produce a welcoming, user-friendly atmosphere.
Furniture, fabrics, flooring, and other things are the primary categories of home decor. Moveable items used to simplify daily life and provide comfort for rest and relaxation are referred to as furniture. The various price points include premium and mass. These are sold in a variety of indoor and outdoor application locations and are supplied through supermarkets, hypermarkets, specialty shops, e-commerce, and other outlets.
The market for home furnishings is expanding healthily as a result of rising disposable incomes, a rebound in the real estate sector, rising rates of globalization, and increased consumer awareness. A growing number of new households have been established as a result of rising levels of urbanization.
A positive effect on the demand for home design products will result from the fact that more than half of the world’s population currently resides in urban areas, and that number is anticipated to rise even more in the upcoming years. Additionally, home furnishings products are variable in nature and anticipated a continuous rise in global disposable income over the coming years, particularly in developing regions such as Asia, Africa, the Middle East, Eastern Europe, etc.
Increasing Internet Penetration Fuels Market Growth
Future market expansion for home furnishing is expected to be fueled by rising smartphone adoption and e-commerce. A smartphone is a portable electronic device that provides access to both the internet and cellular networks. Smartphones are useful for purchasing home decor items from numerous online e-commerce websites, including wall decor, cushions, curtains, and figurines.
For instance, India had the highest mobile data consumption rate in the world in October 2021, with 12 gigabytes consumed per month according to The Economic Times, an Indian business journal. India also adds 25 million new smartphone users every three months. Additionally, 6.37 billion people (80.76% of the world’s population) will be using smartphones in 2021, according to Bankmycell, a pricing comparison website for mobile phones based in the United States. As a result, the market for home furnishing is expanding as smart gadgets become more widely used.
Strategic Collaborations Propels Market Growth
In the home furnishing industry, strategic partnerships and collaborations have become a prominent trend. Major players in the home decor industry are concentrating on strategic alliances and partnerships to maintain their market share. For instance, Dabito, a designer, photographer, artist, and the creator of Old Brand New, joined forces with Mitzi, a US-based home decor firm, in April 2022. 12 new Mitzi pieces were produced as a result of this cooperation, ranging from wall sconces to chandeliers, and they are all equally sleek, modern, and desirable.
Additionally, in April 2022, the late American artist’s signature line drawings were used to decorate a collection of 15 chenille rugs and nine doormats made by the innovative washable rug company Ruggable, based in the US, in collaboration with Keith Haring Studio. Each rug from ruggable has a padded base and a top layer that is simply detachable and machine washable.
Increasing Trend of Home Decoration Fuels Market Growth
The interior design of a consumer’s house can make an impression on their lifestyle. Home decor items are used in conjunction with other accessories and furnishings to give a home or apartment a more aesthetically pleasant and welcoming appearance.
Household furnishings, lamps, linens, floor coverings, pots, antiquities, and other furnishing items are examples of objects used in home decor. With rising urbanization and globalization trends, home decoration has become more popular in both developed and developing economies.
Nowadays, consumers may easily and widely access these ornamental objects, patterns, and concepts, owing to globalization. In order to make their homes more aesthetically pleasing and well-organized, homeowners are opting for such products which is driving market growth.
Companies Mentioned
- Walmart Inc.
- Bed Bath & Beyond Inc.
- IKEA Group
- Macy’s, Inc.
- Wayfair LLC
- Home Depot Product Authority, LLC
- Carrefour
- Herman Miller, Inc.
- Penney IP LLC
- Haworth Inc. Ltd
Report Scope:
In this report, the global home furnishing market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Home Furnishing Market, By Product Type:
- Home Furniture
- Home Textile
- Wall decor
Home Furnishing Market, By Distribution Channel:
- Supermarkets/Hypermarkets
- Specialty Stores
- Online
- Others
For more information about this report visit https://www.researchandmarkets.com/r/bsdvfb
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