Home Décor - Sri Lanka | Statista Market Forecast

In Sri Lanka, the revenue generated in the Home Décor market in 2024 amounts to US$63.24m.
It is projected to experience an annual growth rate of 3.56% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue in this segment with US$35bn in 2024.
In terms of per person revenues, it amounts to US$2.88 in 2024.
Sri Lanka's home décor market is experiencing a surge in demand for traditional handcrafted items, reflecting the country's rich cultural heritage.

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 Sri Lanka is experiencing significant growth and development in recent years. Customer preferences in Sri Lanka are shifting towards more modern and stylish home décor options. Customers are increasingly looking for unique and personalized items to decorate their homes. This trend is driven by the growing middle class in the country, who have more disposable income to spend on home décor. Additionally, the influence of social media and online platforms has made it easier for customers to access a wide range of home décor options and get inspiration for their own homes. Trends in the market include the increased demand for eco-friendly and sustainable home décor products. Customers in Sri Lanka are becoming more conscious of the environmental impact of their purchases and are seeking out products that are made from recycled or natural materials. This trend is also influenced by the global movement towards sustainability and the increasing awareness of climate change. Another trend in the market is the growing popularity of online shopping for home décor products. Customers in Sri Lanka are increasingly turning to online platforms to purchase home décor items, as it offers convenience and a wider range of options. Online retailers are also offering competitive prices and discounts, making it an attractive option for customers. Local special circumstances in Sri Lanka that are contributing to the development of the home décor market include the growing urbanization and modernization of the country. As more people move to cities and adopt a more modern lifestyle, the demand for stylish and contemporary home décor products is increasing. Additionally, the tourism industry in Sri Lanka is booming, with more tourists visiting the country each year. This has created a demand for unique and locally-made home décor items that can serve as souvenirs for tourists. Underlying macroeconomic factors that are driving the growth of the home décor market in Sri Lanka include the stable economic growth and increasing disposable income in the country. The Sri Lankan economy has been growing steadily in recent years, leading to an increase in purchasing power among consumers. This has resulted in higher consumer spending on home décor products. Additionally, the government has implemented policies to promote the growth of the construction industry, which has also contributed to the demand for home décor items. Overall, the Home Décor market in Sri Lanka is experiencing significant growth and development, driven by changing

Customer preferences: global trends,

Local special circumstances: and

Underlying macroeconomic factors:. The market is expected to continue growing in the coming years, as customers continue to seek out unique and stylish home décor options.

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.