Online Sales To Dominate Decor Market

The global home decor market reached a value of US$641.4 billion in 2020 and is forecast to exhibit moderate growth through 2026, with strong performance expected for the online retail sector, which will drive overall growth, says a report from Research and Markets. Home decor has been gaining prominence across both developed and developing markets with increasing urbanization and globalization trends. Globalization is now enabling easy and wide availability of decorative items, designs, and ideas to consumers. Homeowners are also realizing the need of such items and are often searching for them to keep their homes more attractive and organized. The market is witnessing a strong growth catalyzed by rising levels of disposable incomes, recovery of the real estate industry, increasing urbanization rates, and rising awareness levels. Rising levels of urbanization have resulted in an increasing number of new households being setup. Currently more than half of the global population live in urban areas and these levels are expected to increase further in the coming years, creating a positive impact on the demand of home decor products. Additionally, the recovery of the global real estate industry is also expected to drive home ownership rates creating a positive impact on this market. Another major factor driving this market is the strong performance of the online retail sector. The advent of online retail has made home decor products easily available, affordable, and convenient to buy.