Home Décor - Bhutan

Bhutan

In Bhutan, the revenue generated in the Home Décor market Segment in 2024 amounts to US$2.69m.
It is projected that the market will experience an annual growth rate of 2.88% (CAGR 2024-2029).
When compared globally, in the United States leads in terms of revenue generation, with a staggering US$35,440m in 2024.
To put things in perspective, in Bhutan, the per person revenue in the Home Décor market Segment is US$3.40 in 2024.
Bhutanese consumers are increasingly embracing traditional Bhutanese designs and motifs in their home décor choices, reflecting a strong sense of national identity and cultural pride.

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

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Analyst Opinion

The Home Décor market in Bhutan has been steadily growing in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: in the Home Décor market in Bhutan have shifted towards more modern and contemporary designs. With increasing exposure to global trends and influences, Bhutanese consumers are seeking out unique and stylish home décor products to enhance their living spaces. This shift in preferences has led to a demand for products with clean lines, minimalist designs, and a focus on functionality. Additionally, there is a growing interest in eco-friendly and sustainable home décor options, reflecting a broader global trend towards environmentally conscious consumption. Trends in the market also indicate a growing interest in traditional Bhutanese home décor. As the country embraces its cultural heritage, there is a renewed appreciation for traditional Bhutanese craftsmanship and design. This has resulted in a demand for home décor products that showcase traditional Bhutanese motifs, such as intricate wood carvings and hand-woven textiles. These traditional elements are often incorporated into contemporary designs, creating a unique fusion of old and new.

Local special circumstances: in Bhutan have also contributed to the development of the Home Décor market. Bhutan is known for its Gross National Happiness (gnh) philosophy, which emphasizes holistic well-being and sustainable development. This philosophy extends to the home décor sector, with a focus on creating harmonious and balanced living spaces. Bhutanese consumers are increasingly seeking out home décor products that promote a sense of tranquility and serenity, reflecting the country's commitment to gnh. Underlying macroeconomic factors have also played a role in the growth of the Home Décor market in Bhutan. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and a rising middle class. This has resulted in a greater ability and willingness to spend on home décor products. Additionally, the government's efforts to promote tourism have attracted a growing number of international visitors to Bhutan, creating a demand for home décor products that showcase the country's unique culture and heritage. In conclusion, the Home Décor market in Bhutan is developing in response to changing customer preferences, local special circumstances, and

Underlying macroeconomic factors:. The shift towards modern and contemporary designs, the growing interest in traditional Bhutanese home décor, and the focus on holistic well-being and sustainability are all driving the market forward. With a strong emphasis on cultural heritage and a growing middle class, the Home Décor market in Bhutan is poised for continued growth in the coming years.

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.