Home Décor - Northern Europe | Statista Market Forecast

In 2024, the revenue in the Home Décor market Segment in Northern Europe amounts to US$2.92bn.
This market is projected to experience an annual growth rate of 2.59% (CAGR 2024-2029).
When comparing globally, United States generates the highest revenue in the Home Décor market Segment, reaching US$35bn in 2024.
In terms of per person revenues, the figure stands at US$86.20 in 2024, when considering the total population of Northern Europe.
In Northern Europe, minimalist and Scandinavian-inspired home decor is currently dominating the market.

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 Northern Europe has been experiencing significant growth in recent years. Customer preferences have shifted towards more modern and minimalist designs, reflecting a global trend in the home décor market. Additionally, there are several local special circumstances that have contributed to the development of the market in this region.

Customer preferences: in Northern Europe have been leaning towards sleek and contemporary designs in home décor. This shift can be attributed to the influence of Scandinavian design, which is known for its clean lines and minimalist aesthetic. Customers in this region are increasingly seeking out furniture and accessories that are functional, yet stylish. This preference for modern designs has led to an increase in demand for products such as scandinavian-inspired furniture, minimalist lighting fixtures, and abstract art pieces. One of the key trends in the Home Décor market in Northern Europe is the emphasis on sustainability. Customers in this region are becoming more conscious of the environmental impact of their purchasing decisions and are seeking out eco-friendly and ethically sourced home décor products. This trend has led to an increase in demand for sustainable materials such as reclaimed wood, recycled plastic, and organic textiles. Additionally, there is a growing interest in upcycling and repurposing old furniture and accessories, as customers look for ways to reduce waste and create unique, personalized spaces. Another trend in the market is the rise of online shopping for home décor products. Northern Europe has a high internet penetration rate, and customers in this region are increasingly turning to online retailers to purchase home décor items. This shift towards online shopping has been further accelerated by the covid-19 pandemic, as customers have been unable or hesitant to visit physical stores. Online retailers are capitalizing on this trend by offering a wide range of products, competitive prices, and convenient delivery options. In addition to customer preferences and market trends, there are several

Local special circumstances: that have contributed to the development of the Home Décor market in Northern Europe. One such circumstance is the region's strong tradition of craftsmanship and design. Countries like Sweden, Denmark, and Finland have a long history of producing high-quality furniture and home accessories, and this reputation has helped to drive demand for their products both domestically and internationally. Furthermore, the relatively high disposable income and stable economy in Northern Europe have also played a role in the growth of the Home Décor market. Customers in this region have the financial means to invest in home improvement projects and are willing to spend on high-quality, durable products that will enhance their living spaces. Overall, the Home Décor market in Northern Europe is developing in response to customer preferences for modern and sustainable designs, as well as the convenience of online shopping. The region's strong tradition of craftsmanship and design, coupled with its stable economy and high disposable income, have also contributed to the growth of the market.

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.