The Online Home Decor market involves the accessibility of home decor goods such as Posters, frames, furniture, vases, wall mirrors, which develop the visual appeal of the house, Online.
According to the report analysis, ‘Global Online Home Decor Market to reach USD XXX billion by 2026’ states that the effective augment in the demand for eco-friendly furnishings and multi-functional furniture propels the market towards growth. Further growing requirement for premium furniture and convenience of several choices on the online store propels the market growth. Also, the increasing disposable income coupled with augmenting popularity of interior designing further boosts the market growth.
Moreover, the spread of the COVID-19 Pandemic has absolutely impacted the market growth. As regions moved towards shutdown the populace base utilizing the Smartphones and several others technologies augmented and the shutdowns gave individual time to refurbish their homes by buying home furnishings online. As per the company sources, Wayfair corporate, an online furniture store, observed an augment in sales amidst the pandemic. As during January and February the company observed a gross revenue growth of just 20% but by the end of the March the gross revenue growth flowed to more than double. This is majorly owing the shift towards the Work from home culture which has triggered the employees to buy and set up small office spaces in their home leading to the Online Home decor applications. This can be observed through the data from Sales Force's Q1 Shopping Index, which states that home decor and manufacturing items have posted a 51% digital sales boost during 2020's first quarter. However, augment in operational costs limits the growth of the market over the review period of 2020-2026. Although, growing prevalence of Smartphones coupled with relaxed availability of Internet further propels the market towards growth.
Although, the regional analysis of worldwide Online Home Decor market is considered for the foremost regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. The North America is the leading/significant economy across the world in terms of market share due to the great disposable income coupled with growing trend of the interior designing during the region. Whereas, the Asia-Pacific is also projected to exhibit greatest growth rate / CAGR over the review period of 2020-2026. Aspects such as increasing disposable income along with growing penetration of smart phones and Internet would generate lucrative growth prospects for the Online Home Decor market around Asia-Pacific region.
Not only has this, the home decor is an exhilarating activity for individuals who have presently bought apartments. With the increasing digital influx, online home decor is suffering a transformation to meet the requirement of consumers. The effective augment in the number of startups are tapping incremental choices in the online home decor market. For instance, the Green Drops is keen on enlarging its business in vertical gardens to help generate more oxygen and decorate the atmosphere of houses. Furthermore, every year, numerous students enter the business of interior designing with Fine Arts degree. This trend for wanting a stimulating career in home decor has participation toward the enlargement of the market. Therefore, in the near years, it is anticipated that the market of online home décor will increase around the globe more effectively over the upcoming years.
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Ankur Gupta, Head Marketing & Communications