Home Décor - Iceland | Statista Market Forecast

In Iceland, the Home Décor market Segment generates a revenue of US$37.50m in 2024.
It is projected to experience an annual growth rate of 2.86% (CAGR 2024-2029).
When compared globally, United States leads in revenue generation with US$35bn in 2024.
In terms of per capita figures, each person in Iceland generates a revenue of US$99.29 in 2024.
Icelandic consumers are increasingly embracing minimalist and Nordic-inspired home décor styles, reflecting their appreciation for clean lines and natural materials.

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 Iceland has been experiencing steady growth in recent years. Customer preferences for stylish and functional home furnishings have been driving this growth. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market.

Customer preferences: in Iceland have shifted towards modern and minimalist home décor styles. Customers are looking for clean lines, neutral colors, and functional designs that maximize space in their homes. This preference for simplicity and functionality has driven the demand for scandinavian-inspired furniture and décor items. Additionally, there is a growing interest in sustainable and eco-friendly home décor products, as customers in Iceland are increasingly conscious of their environmental impact. Trends in the market include the rising popularity of online shopping for home décor items. Customers in Iceland are increasingly turning to online retailers to find unique and affordable pieces for their homes. This trend has been fueled by the convenience and wide selection offered by online platforms. Additionally, there has been a growing interest in diy home décor projects, as customers seek to personalize their living spaces.

Local special circumstances: in Iceland, such as the country's unique geography and climate, have also influenced the development of the Home Décor market. iceland's rugged natural landscapes and harsh weather conditions have inspired a rustic and cozy aesthetic in home décor. Customers in Iceland often incorporate elements of nature, such as wooden furniture and natural textiles, into their homes to create a warm and inviting atmosphere. Furthermore, the country's small population and close-knit communities have fostered a sense of community and collaboration in the Home Décor market. Local artisans and designers are highly valued, and customers in Iceland often seek out handmade and locally sourced home décor products.

Underlying macroeconomic factors: have also played a role in the development of the Home Décor market in Iceland. The country's strong economy and high disposable income levels have allowed customers to invest in their homes and prioritize interior design. Additionally, the growth of the tourism industry in Iceland has created opportunities for the Home Décor market. Tourists visiting the country often seek out unique and authentic home décor items as souvenirs, driving demand for locally made products. Overall, the Home Décor market in Iceland is thriving due to customer preferences for modern and minimalist styles, the rise of online shopping, the influence of local special circumstances, and favorable macroeconomic factors. As these trends continue to evolve, the market is expected to experience further growth and innovation 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.