Home Décor - Eastern Asia | Statista Market Forecast

In 2024, the revenue in the Home Décor market Segment in Eastern Asia amounts to US$29.38bn.
It is projected to grow annually by 5.33% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue of US$35bn in 2024.
In terms of per capita figures, each person in Eastern Asia generates US$17.97 in revenue in 2024.
In Japan, traditional minimalist design principles continue to dominate the home décor market, with a focus on natural materials and clean lines.

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 Eastern Asia is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in Eastern Asia have shifted towards minimalist and modern designs in home décor. Customers are increasingly looking for sleek and functional furniture and accessories that complement their living spaces. This preference is driven by the desire for simplicity and functionality in their homes, as well as the influence of Western design aesthetics. Additionally, there is a growing interest in eco-friendly and sustainable home décor products, as customers become more conscious of the environmental impact of their purchases. Trends in the market include the rise of online shopping for home décor products. With the increasing penetration of internet and smartphones in Eastern Asia, customers are now able to browse and purchase a wide range of home décor items from the comfort of their homes. This has led to the growth of e-commerce platforms specializing in home décor, offering customers a convenient and diverse shopping experience. Another trend is the popularity of diy (do-it-yourself) home décor projects. Customers are increasingly interested in personalizing their living spaces and expressing their creativity through diy projects, such as painting furniture or creating unique wall art. This trend is fueled by the availability of diy tutorials and inspiration on social media platforms.

Local special circumstances: in Eastern Asia also contribute to the development of the Home Décor market. For example, in countries like Japan and South Korea, where living spaces are relatively small, there is a higher demand for compact and multi-functional furniture that maximizes space utilization. Additionally, in countries like China, where there is a strong emphasis on cultural heritage and tradition, there is a growing interest in incorporating traditional elements into modern home décor. This has led to the popularity of furniture and accessories that feature traditional motifs and craftsmanship.

Underlying macroeconomic factors: also play a role in the growth of the Home Décor market in Eastern Asia. The region has experienced rapid urbanization and rising disposable incomes, which have led to an increase in housing construction and renovation activities. As more people move to cities and upgrade their living spaces, there is a higher demand for home décor products. Furthermore, the growing middle class in Eastern Asia has more purchasing power and is willing to spend on quality home décor items. This has attracted both domestic and international home décor brands to expand their presence in the region. Overall, the Home Décor market in Eastern Asia is thriving due to evolving customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As the market continues to grow, it presents opportunities for both established and emerging players to cater to the diverse needs and tastes of customers in the region.

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.