Home Décor - Southeast Asia

Southeast Asia

In 2024, the revenue in the Home Décor market Segment in Southeast Asia amounts to US$3.39bn.
It is projected that the market will experience an annual growth rate of 3.93% from 2024 to 2029 (CAGR 2024-2029).
When compared to the global market, in the United States generates the highest revenue with US$35,440m in 2024.
Taking into account the total population figures, per person revenues of US$4.89 are generated in Southeast Asia in 2024.
In Thailand, there is a growing trend towards incorporating traditional Thai craftsmanship and materials into modern home décor designs.

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

Market

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Currency

Analyst Opinion

The Home Décor market in Southeast Asia is experiencing significant growth, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: in the Home Décor market in Southeast Asia are shifting towards sustainable and eco-friendly products. Consumers are becoming more conscious of the environmental impact of their purchases and are seeking out products that are made from natural and renewable materials. Additionally, there is a growing demand for products that are locally sourced and support local artisans and craftsmen. This shift in customer preferences is driving the development of a market for sustainable and locally made home décor products. Trends in the Home Décor market in Southeast Asia include the rise of online shopping and the increasing popularity of minimalist and scandinavian-inspired designs. The growth of e-commerce platforms has made it easier for consumers to access a wide range of home décor products from the comfort of their own homes. This has led to an increase in online sales and the emergence of new online retailers specializing in home décor. In terms of design, minimalist and scandinavian-inspired styles have become increasingly popular in Southeast Asia. These styles are characterized by clean lines, neutral colors, and a focus on functionality, which aligns with the preferences of many consumers in the region.

Local special circumstances: in Southeast Asia, such as the diverse cultural heritage and the abundance of natural resources, contribute to the development of the Home Décor market. The region is known for its rich cultural traditions and craftsmanship, which is reflected in the wide range of unique and handcrafted home décor products available. Additionally, Southeast Asia is home to a variety of natural resources, such as bamboo, rattan, and teak, which are commonly used in the production of home décor items. The availability of these resources provides a competitive advantage for local manufacturers and contributes to the growth of the market. Underlying macroeconomic factors, such as rising disposable incomes and urbanization, are also driving the development of the Home Décor market in Southeast Asia. As incomes rise and more people move to urban areas, there is an increased demand for home décor products to furnish and decorate new homes. Additionally, the growing middle class in the region has more disposable income to spend on non-essential items, such as home décor. These factors, combined with the cultural importance placed on home and interior design in Southeast Asia, create a favorable environment for the growth of the market. Overall, the Home Décor market in Southeast Asia is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and

Underlying macroeconomic factors:. As the market continues to develop, it is expected that the demand for sustainable and locally made products, online shopping, and minimalist designs will continue to drive growth in the region.

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.