Home Décor - Mongolia | Statista Market Forecast

In Mongolia, the revenue generated in the Home Décor market Segment is estimated to reach US$19.97m in 2024.
It is projected to experience an annual growth rate of 3.38% (CAGR 2024-2029).
When compared to the global market, United States leads with revenue amounting to US$35bn in 2024.
Furthermore, in terms of per capita figures, the revenue generated per person in Mongolia's Home Décor market Segment is approximately US$5.71 in 2024.
The demand for traditional Mongolian tapestries and handcrafted furniture is on the rise, reflecting a growing appreciation for authentic cultural home décor in Mongolia.

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 Mongolia has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances. Mongolian consumers are increasingly seeking stylish and modern home décor products to enhance the aesthetics of their living spaces. This trend is in line with the global market, where consumers are placing greater emphasis on interior design and home improvement.

Customer preferences: Mongolian consumers have shown a growing interest in home décor products that reflect their individuality and personal style. They are looking for unique and handcrafted items that add a touch of authenticity to their homes. This trend is driven by a desire to create a warm and inviting atmosphere, as well as a sense of pride in supporting local artisans and businesses. Additionally, there is a growing demand for sustainable and eco-friendly home décor products, as consumers become more conscious of the environmental impact of their purchasing decisions.

Trends in the market: One of the key trends in the Mongolian Home Décor market is the increasing popularity of minimalist and Scandinavian-inspired designs. These styles emphasize simplicity, functionality, and natural materials, which resonate with the preferences of Mongolian consumers. The use of neutral colors, clean lines, and organic textures creates a sense of calm and tranquility in living spaces. This trend is also influenced by the global movement towards minimalism and the desire for a clutter-free and organized home. Another trend in the market is the growing demand for smart home décor products. Mongolian consumers are embracing technology and seeking innovative solutions to enhance their living spaces. Smart lighting, automated window treatments, and voice-controlled home assistants are becoming increasingly popular, as they offer convenience, energy efficiency, and customization options. This trend is driven by the desire for a modern and high-tech living environment.

Local special circumstances: The unique cultural heritage and nomadic lifestyle of Mongolia have a significant influence on the Home Décor market. Traditional Mongolian designs and motifs, such as the "ger" (traditional nomadic dwelling) and the "khadag" (traditional ceremonial scarf), are often incorporated into home décor products, adding a distinct local flavor. Additionally, the harsh climate and extreme temperatures in Mongolia necessitate the use of durable and weather-resistant materials in home décor, such as sheepskin rugs and felted wool products.

Underlying macroeconomic factors: The growing middle class and increasing disposable income in Mongolia have contributed to the development of the Home Décor market. As more people have the means to invest in their homes, the demand for home décor products has risen. Additionally, urbanization and the construction of new housing projects have created opportunities for the Home Décor market to expand. The government's efforts to promote tourism and attract foreign investment have also had a positive impact on the market, as it has increased the demand for high-quality and aesthetically pleasing accommodations. In conclusion, the Home Décor market in Mongolia is experiencing growth due to changing customer preferences, such as a desire for unique and sustainable products, as well as local special circumstances, including traditional designs and extreme climate conditions. The underlying macroeconomic factors, such as a growing middle class and urbanization, are also driving the market's development. As the market continues to evolve, it is expected that the demand for stylish and innovative home décor products will continue to rise.

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.