Home Décor - GCC

In 2024, the Home Décor market Segment in GCC is expected to generate a revenue of US$2.55bn.
This market is projected to experience an annual growth rate of 1.67% (CAGR 2024-2029).
When compared to other countries worldwide, in the United States leads the pack, generating a revenue of US$35,440m in 2024.
In terms of per capita income, the revenue per person in GCC is estimated to be US$42.15 in 2024.
In the GCC, the home décor market is experiencing a surge in demand for traditional Arabian-inspired designs and luxury furnishings.

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

Market

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Region comparison

Currency

Analyst Opinion

The Home Décor market in gcc has been experiencing significant growth in recent years. Customer preferences for stylish and modern home furnishings have driven this trend, as consumers in the region seek to create comfortable and aesthetically pleasing living spaces. Additionally, local special circumstances, such as a growing expatriate population and increased urbanization, have contributed to the development of the Home Décor market in gcc.

Customer preferences: in the gcc region have shifted towards contemporary and minimalist home décor styles. Consumers are increasingly drawn to sleek and modern designs, with a focus on clean lines and neutral colors. This preference for simplicity and elegance is reflected in the demand for furniture and accessories that are both functional and visually appealing. As a result, retailers in the Home Décor market have responded by offering a wide range of products that cater to these customer preferences. In addition to contemporary styles, there is also a growing interest in incorporating traditional Middle Eastern elements into home décor. This trend reflects a desire to celebrate local culture and heritage, and can be seen in the demand for products such as handmade carpets, intricate tapestries, and ornate furniture. By blending traditional and modern elements, consumers in the gcc region are able to create unique and personalized living spaces that reflect their individual tastes and preferences. One of the key drivers of the Home Décor market in gcc is the region's growing expatriate population. Many expatriates come from countries with different home décor styles and preferences, and are often looking to recreate a familiar environment in their new homes. This has led to an increased demand for imported furniture and accessories, as well as the emergence of specialty stores that cater to specific cultural preferences. As a result, the Home Décor market in gcc has become more diverse and offers a wider range of products to meet the needs of different customer segments. Another factor contributing to the growth of the Home Décor market in gcc is increased urbanization. As more people move to cities in search of better job opportunities and a higher standard of living, the demand for housing and home furnishings has increased. Urban dwellers are often looking for compact and multifunctional furniture that can maximize the use of limited space. This has led to the development of innovative home décor solutions, such as modular furniture and space-saving storage options, which are well-suited to urban living. Underlying macroeconomic factors, such as a stable economy and increasing disposable income, have also played a role in the development of the Home Décor market in gcc. As the region's economies continue to grow, consumers have more purchasing power and are willing to invest in high-quality home furnishings. Additionally, the rise of e-commerce has made it easier for consumers to access a wide range of home décor products, further fueling the growth of the market. Overall, the Home Décor market in gcc is experiencing strong growth due to changing customer preferences,

Local special circumstances: and

Underlying macroeconomic factors:. As consumers in the region seek to create stylish and comfortable living spaces, retailers are responding by offering a diverse range of products that cater to different tastes and preferences. With the continued growth of the expatriate population and increasing urbanization, the Home Décor market in gcc is expected to continue its upward trajectory 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.