A broad range of products are sold through the online retail market. Based on the professional model of global online retail vendors, the product types can be segmented into several key segments. These include consumer electronics, footwear, apparel, and accessories, music, books, food and grocery, home care products, home décor, and other products.
Out of these, home decor goods are those that enhance the visual appeal of the house which comprise posters, paintings, frames, decorative stickers, furniture, vases, wall mirrors, and many more. Some players in the online home decor market provide hassle-free home delivery selection to customers.
Increasing demand for eco-friendly furnishings, growing popularity of interior designing, and rising demand for multifunctional furniture are the major trends which are estimated to drive the demand for online home decor during the forecast period. Furthermore, rising demand for premium furniture is the key driver estimated to expand the overall online home decor market in the near future. This is due to individuals opting for luxury furniture brands as the buying power is increasing with economic growth, thus increasing the importance of home decor.
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However, increase in operational cost is expected to restrain the online home decor market during the forecast period. The cost pressure on makers due to the growing competition in the market is adverserly affecting the market. Furthermore, with smartphones and rising Internet penetration, individuals now check and purchase products online while on the move. This is projected to be an opportunity to boost the online home decor market during the forecast period.
The global online home decor market has been segmented by product type and region. In terms of product type, the market has been divided into home furnishing, home furniture, and other home decorative products. The home furniture segment is projected to develop at a faster growth rate in the near future as the availability of comprehensive product catalogs with well-defined product categories on most e-tailor home decor websites and sales websites are fueling the influx of individuals who are looking for home furniture.
Furthermore, many individuals are buying household furniture through online websites that help retailers to uphold inventory stocks based on the individual’s buying patterns. The home furniture segment covers desks, benches, beds, sofas, chairs, tables, cupboards, stools, and other variants. The home furnishing segment includes curtain fabric, bed linen, upholstery, blinds, rugs and carpets, kitchen linen, quilts/blankets, table linen, wallpapers, and other products.
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In terms of region, the market is distributed into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America. Europe holds the largest market share and is expected to hold the same position during the forecast years. This is due to increase in sale of premium cost and custom-made home decor items in developed countries such as the U.K, France, and Germany.
However, the Asia Pacific region is estimated to be the fastest growing region during the forecast period as compared to other regions. Increasing demand for home decor items such as wall hangings, bed linen products, rugs & carpets, etc., for handcrafted products is likely to boost the overall market in the near future.
Major companies operating in the global online home decor market include Amazon.com, Inc., Bed Bath & Beyond Inc., Wayfair, Inc., Inter IKEA Systems B.V., Costco Wholesale Corporation, Ashley Furniture Industries, Herman Miller, Inc., Carrefour, Home24 AG, Cabela's Inc., Engrave, Tesco, Sears Brands, LLC., JCP Media Inc., Pepperfry, Otto's Furniture Décor, Wal-Mart Stores, Inc., and Target Brands, Inc.
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