Home Décor - ASEAN

ASEAN

In ASEAN, the Home Décor market Segment generates a revenue of US$3.39bn in the year 2024.
It is projected to have an annual growth rate of 3.88% (CAGR 2024-2029).
When compared globally, in the United States leads with a revenue of US$35,440m in 2024.
In terms of per capita revenue, each person in ASEAN generates 0.00 in 2024.
In Thailand, there is a growing trend of incorporating traditional Thai craftsmanship into modern home decor designs.

Key regions: India, France, United States, Canada, Denmark

Market

Region

Region comparison

Currency

Analyst Opinion

The Home Décor market in ASEAN is experiencing significant growth and development. Customer preferences are shifting towards more personalized and unique home décor items, leading to an increase in demand for handmade and artisanal products. Additionally, there is a growing interest in sustainable and eco-friendly home décor options. These trends are driven by several factors, including changing lifestyles, increasing disposable incomes, and a desire for a more aesthetically pleasing living environment.

Customer preferences: Customers in ASEAN countries are increasingly seeking unique and personalized home décor items. This shift is driven by a desire for individuality and self-expression in their living spaces. Handmade and artisanal products are particularly popular, as they offer a sense of authenticity and craftsmanship. Additionally, there is a growing demand for sustainable and eco-friendly home décor options, as customers become more conscious of the environmental impact of their purchasing decisions.

Trends in the market: One key trend in the ASEAN Home Décor market is the rise of online shopping. E-commerce platforms have made it easier for customers to access a wide range of home décor products from both local and international sellers. This has increased competition in the market and provided customers with more choices and convenience in their shopping experience. Another trend is the growing popularity of minimalist and Scandinavian-inspired home décor styles. These styles emphasize simplicity, functionality, and natural materials, which align with the preferences of many ASEAN customers. The rise of these styles has led to an increase in demand for products such as minimalist furniture, natural textiles, and simple and clean designs.

Local special circumstances: Each ASEAN country has its own unique cultural and design influences, which contribute to the diversity of the Home Décor market in the region. For example, in Indonesia, traditional batik patterns and materials are often incorporated into home décor items, while in Thailand, intricate wood carvings are highly valued. These local special circumstances add a distinct flavor to the market and provide customers with a wide range of options to choose from.

Underlying macroeconomic factors: The growth of the Home Décor market in ASEAN is also supported by favorable macroeconomic factors. Rising disposable incomes and urbanization have led to an increase in demand for home décor products. As more people move to cities and live in smaller spaces, there is a greater emphasis on creating a comfortable and aesthetically pleasing living environment. Furthermore, the ASEAN region has seen steady economic growth in recent years, which has contributed to an increase in consumer spending. As people have more disposable income, they are willing to invest in home décor items to enhance their living spaces. In conclusion, the Home Décor market in ASEAN is experiencing growth and development due to changing customer preferences, including a desire for unique and personalized items, as well as sustainable options. The rise of online shopping and the popularity of minimalist and Scandinavian-inspired styles are driving trends in the market. Local special circumstances, such as cultural influences and design traditions, add diversity to the market. Favorable macroeconomic factors, including rising disposable incomes and urbanization, also contribute to the growth of the market.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.