Home Décor - Bhutan | Statista Market Forecast

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, United States leads in terms of revenue generation, with a staggering US$35bn 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.

Definition:

The Home Decor segment includes a variety of accessories and furnishings used to make a space more aesthetically appealing. Items in this segment can be found in virtually every room within the home and are typically used to showcase one’s unique style and creativity.

Structure:

The Home Decor segment is divided into four subsegments:

The Decorations subsegment refers to a variety of decorative items that are used to enhance the aesthetics of indoor spaces, such as wall art, decorative objects, vases, and sculptures
The Carpets & Rugs subsegment refers to products designed to cover and enhance the flooring of indoor spaces. These products range from large area rugs to small accent rugs, and are available in a variety of materials, colors, patterns, and textures, providing both functional and aesthetic value to the space.
The Candles subsegment covers decorative and aromatic wax-based products that are commonly used to provide mood lighting and fragrance to indoor spaces.
The Curtains & Blinds subsegment includes products designed to cover windows and regulate the amount of light that enters a room. This segment encompasses a wide range of styles and materials, from traditional drapes and blinds to modern shades and screens.

Additional Information:

The Home Decor segment consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This segment includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Candles
Curtains
Carpets & Rugs
Decorative Accessories

Flameless & Floating Candles
Shower Curtains
Smart Blinds
Clocks
Plants
Mirrors

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.

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories 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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

From homeware to office furniture, even expanding over to pet care, the furniture industry is all-encompassing and ever-growing. Be it homes, schools, offices, or even outdoors, furniture is what gives a room its function and purpose.