June 24, 2020
According to the research report titled ‘Global Online Home Decor Market Size study with COVID-19 Impact, by Product (Online Home Furniture, Online Home Furnishings, Other Online Home Decorative Products) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global online home décor market is expected to register substantial growth by the year 2026.
Online home décor refers to online visualization and availability of products such as wall mirrors, vases, furniture, frames and posters which help in improving the aesthetic appeal of the house.
Rising adoption of multi-functional and eco-friendly furniture along with shifting preference towards premium quality furniture are major factors driving the growth of online home décor industry. Availability of plethora of product options through online channels, escalating per capita income and increasing popularity of interior designing are further aiding the market expansion.
Worldwide lockdown in order to reduce the spread of COVID-19 disease has enhanced the adoption rates of smartphones and other technologies. Additionally, increasing focus towards redecorating interiors by purchasing home furnishings through online platforms is creating lucrative growth opportunities for online home décor industry. For instance, online furniture store Wayfair witnessed a surge in sales during the pandemic. The gross revenue of the company was recorded at 20% in January and February which doubled by end of March.
Moreover, work from home culture has compelled individuals in buying and setting up office spaces in their respective homes, thereby stimulating the industry outlook. According to Sales Force’s Q1 Shopping Index, home décor and crafting items witnessed a 51% boost in digital sales in the first quarter of 2020.
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Rising penetration of smartphones in tandem with easy availability of internet services are also favoring the market outlook. However, high operational costs may act as a restraining factor to the growth of online home décor market.
Considering the geographical landscape, online home décor industry in North America is predicted to witness considerable growth during the study period, primarily due to consumer inclination towards interior designing and rising per capita income.
Parallelly, Asia-Pacific market is expected to generate appreciable returns in the forthcoming years. Increasing utilization of internet services and smartphones along with surging disposable income are facilitating the business scenario in Asia-Pacific.
The prominent companies operating in global online home décor industry are Urban Ladder Home Décor Solutions Pvt. Ltd., Trendsutra Platform Services Pvt. Ltd., Pier 1 Imports Inc., Lowe’s Companies Inc., Inter IKEA Holding B.V., Home24 SE, Herman Miller Inc., Coyuchi Inc., Chairish Inc. and Bed Bath & Beyond Inc. among others.