Since the last few years, the concept of home decor has been witnessing sturdy growth, which has been propelled by increasing levels of disposable incomes among individuals, developments in the real estate industry, and rapid urbanization. Nowadays, almost half of the global race reside in urban extents, which in turn has given way to a steep surge in the number of new houses being set up. With the growing urbanization on loop, the demand for home décor products has increased like never before. Especially, due to the fact that home decor products are income elastic in nature, the increasing disposable income among individuals in economies such as Eastern Europe, Africa, Asia, and has had a positive impact on the home décor market.
At the same time, the emergence of the robust online retail sector has supplemented the market growth yet more, as online retail has paved the way for easy and convenient buying options for customers. According to Allied Market Research, the global home décor market is projected to grow at a significant CAGR from 2020 to 2027.
Home decor is certainly a perfect way of showcasing the lifestyle that an individual believes in. Be it a classy apartment or a little cozy house, home décor products are definitely the best way out with exclusive furnishings and accessories. Apart from doling out an aesthetic appeal to the corner, it also makes sure that your house is a better place to live in. Right from textiles and lamps to several exotic furnishing items & artifacts, the list of home décor articles goes on indeed. Globalization is now giving way to easy accessibility of such embellishing ideas to individuals. Home décor has now been getting popular in both the developing and developed economies, as homeowners are now looking for items to keep their households more appealing and eye-catching.
