Premium Home Furnishing Market

Goals

Provide information surrounding the premium furnishing market both in the US and globally.
  • Specifically, to provide information about the size of the market and the rate of growth.
  • To provide the key players in the market, including manufacturers and interior designers.

Early Findings

Data Availability

  • The initial hour of research indicates that data availability surrounding the home furnishing/decor market both in the US and globally is adequate. However, information specific to the premium segment alone appears limited as it has been included as part of the overall home decor market.

Global Home Decor Market

  • According to an April 2021 report released by Research and Markets, the global home decor market was valued at $641.4 billion in 2020.
  • On the other hand, Allied Market Research valued the market at $616.6 billion in 2019, and projected it to grow at a compound annual growth rate (CAGR) of 3.9% between the 2020-2027 forecast period to reach $838.6 billion by 2027.
  • The home decor market covers the following segments: "furniture; home textiles such as rugs textiles, bath textiles, bed textiles, kitchen & dining, textiles, and living room textiles; and floor coverings, which include tiles, wood & laminate, vinyl & rubber, carpets & rugs, and others."
  • By product type, the market is segmented into floor coverings, furniture, and home textiles, in order of largest to smallest market share.
  • By distribution channel, the market is segmented supermarkets and hypermarkets, specialty stores, online/e-commerce, and other distribution channels
  • Price is the key differentiating factor between the premium and mass segment of the home decor market. By price, the market is categorized into premium and mass, with the mass segment taking up the largest chunk of the market.
  • Allied Market Research projects that the premium home decor segment is expected to grow at a CAGR of 4.4% during the 2020-2027 forecast period, which is higher than the industry average rate of growth (3.9%).
  • The key driver behind the growth of the market includes the increase in disposable income, a key trend in the market. Others include celebrity brand endorsements and aggressive advertisements.
  • Some key players in the global market include Kimball International, IKEA Group, Armstrong World Industries, Inc., Mohawk Industries Inc., Forbo International SA, Shaw Industries Group, Inc., Herman Miller, Inc., Mannington Mills, Inc., Ashley Furniture Industries Ltd., and Duresta Upholstery Ltd.

US Home Decor Market

  • Research and Markets values the 2020 US home decor market at $190.96 billion and projects it to grow at a CAGR of 6.78% between the 2020-2026 forecast period to reach $283 billion billion by 2026.
  • The key players in the US home decor market include Inter IKEA Systems B.V., Bed Bath & Beyond Inc., Herman Miller, Mohawk Industries Inc., and Williams-Sonoma, Inc.

Summary

  • The initial hour of research provided the market size and CAGR of the home decor market both in the US and globally as the information was readily available in the public domain.
  • Information specific to the premium segment was, however, not readily available but forms part of the overall home decor market.
  • We can continue the research to provide any helpful insights into this particular segment (premium) as available during the research phase of this project.
  • We can also conduct a competitive landscaping of the key players that identified during our preliminary research. We could also provide more insight into market profile for home decor market both in the US and globally, including details about the growth/restraining factors and current trends in the market.
  • Below is the recommended research path.

Research proposal:

Only the project owner can select the next research path.
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