Home Décor - Puerto Rico | Statista Market Forecast

In the year 2024, the Home Décor market Segment in Puerto Rico generates a revenue of US$138.60m.
It is projected to experience an annual growth rate of 3.00% (CAGR 2024-2029).
Comparatively, United States leads in generating the highest revenue in the global market, with US$35bn in 2024.
Looking at the population figures, in 2024, the per person revenue amounts to US$42.41.
The demand for traditional Puerto Rican home décor items, such as handcrafted wooden furniture and colorful ceramic pottery, is on the rise among locals and tourists alike.

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 Puerto Rico has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: in Puerto Rico have shifted towards more modern and minimalist home décor styles. This trend is in line with global market preferences, as consumers seek simplicity and functionality in their living spaces. Additionally, there is a growing demand for sustainable and eco-friendly home décor products in Puerto Rico, reflecting a global shift towards more environmentally conscious consumption. Trends in the market include the increasing popularity of online shopping for home décor products. With the rise of e-commerce platforms, consumers in Puerto Rico now have access to a wide range of products from both local and international retailers. This has led to increased competition in the market, as retailers strive to offer unique and high-quality products to attract customers. Another trend in the market is the growing demand for personalized home décor items. Consumers in Puerto Rico are increasingly looking for products that reflect their individual style and personality. This has created opportunities for local artisans and small businesses to offer customized and handcrafted home décor products.

Local special circumstances: in Puerto Rico have also contributed to the development of the Home Décor market. Following the devastation caused by Hurricane Maria in 2017, many residents had to rebuild their homes and replace damaged furniture and décor items. This created a surge in demand for home décor products, driving growth in the market. Additionally, the tourism industry in Puerto Rico has been growing steadily, attracting visitors from around the world. This has led to an increase in demand for home décor products, as tourists seek to bring a piece of Puerto Rico back home with them. Underlying macroeconomic factors have also played a role in the development of the Home Décor market in Puerto Rico. The country has experienced economic growth in recent years, leading to an increase in disposable income and consumer spending. This has allowed consumers to invest more in their homes and prioritize the purchase of home décor items. Additionally, government initiatives to promote the local manufacturing industry have contributed to the availability of a wide range of home décor products in Puerto Rico. In conclusion, the Home Décor market in Puerto Rico is developing in response to changing customer preferences, local special circumstances, and

Underlying macroeconomic factors:. The market is characterized by a shift towards modern and minimalist styles, the popularity of online shopping, and the demand for personalized and eco-friendly products. These trends, combined with the special circumstances in Puerto Rico and the country's economic growth, have contributed to the growth and development of the Home Décor market 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.