Home décor is a way that a house or apartment is decorated with various furnishings and accessories that make it look more appealing. Home décor has recently gained importance in the global market where the generalists are learning various ways in which they can keep their home looking brilliant and peaceful. The western countries have long ago started the trend of home décor with shaping and designing their home in a fashionable way that will allure the residents and other visitors. It also talks about the taste of the people and the aura in which they believe to stay.
Home décor has been a popular consumer interest market for a decade now. The growth of the home décor market is increasing significantly, including the emerging economies where home accessories and other related products are gaining high acceptance in the home décor market. The impact of this factor in home décor market is expected to increase during the forecast period due to the growth of the real estate industry in the large cities and transformation from traditional to urban living. Consumers in the developing economies are learning to renovate and redesign their homes with the help of home décor in order to make it more attractive and a better place to live in. therefore the market of home décor is gaining popularity globally. Consumers are connecting the idea of home décor with that of spirituality and aesthetic pleasures and the branded stores are offering their ideas and products in the similar manner. However, the home décor products are costly and it becomes slightly difficult for the whole world to grab the best home décor at a stupendous price. It is certainly a matter of fact that the urbanization in countries of the Asia Pacific, Latin America are increasing where the purchasing power of individuals are also increasing to afford such luxuries in life.
For the purpose of providing and extensive analysis of the home décor market, the global home décor market has been segmented on the basis of product and distribution channel. Based on product, the home décor market is broadly classified into home textile, floor covering and furniture. The furniture category of home décor has witnessed an increased adoption among consumers, owing to the increased disposable income along with the influence of western culture, especially growing adoption of modular kitchen and lighting. The furniture segment of home décor market is further encompasses the ones used in kitchen, living and bedroom, bathroom, outdoor and lighting. Furniture is used for domestic as well commercial purposes therefore various materials such as metal, wood, plastic, glass and leather are used solely or in combination with other materials to manufacture parts of furniture.
Shape and structure with reference to design are important factors in the furniture industry as it directly influences the consumers’ decision to buy a particular home décor product. Multifunctional furniture is gaining popularity among urban consumers in the home décor market globally. Furthermore, based on various channels via which home décor are majorly sold across various region, the home decor market can be categorized into specialty stores, boutique stores, departmental stores as well as the online platform. The online platform of home décor sale is well equipped with good door-to-door delivery and fitting services.
For the purpose of providing information related to demand of home décor across different regions, the home décor market has been classified into North America, Europe, Asia Pacific, Middle-East and Africa (MEA) and Latin America. Geographically, home décor is expected to be a leading market across the globe. North America held the largest market share in the home décor market in 2016 and is expected to maintain a dominant position through the forecast period in terms of sale of home décor across different regions. The regions like North America and Europe are the largest consumers of home décor market and the same is being propagated in to the developing regions like Asia- Pacific and Latin America. Recently the developing regions have been in great demand by the home décor producers and the trend of such consumption is passing on to the developing countries. Therefore, Asia Pacific home décor market is expected to grow at the highest rate during the forecast period majorly due to urbanization compounded by lifestyle changes in the developing countries.
Due to the presence of few home décor manufacturers across the globe, the global market for home décor is highly consolidated in nature. The prominent vendors in the home décor market includes Kimball International, Herman Miller, Ashley Furniture Industries Inc., Costco Wholesale, Herman Miller, Home24, J.C. Penney, Otto, Sears Holdings, Target and IKEA.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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