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Global Sustainable Home Decor Market to Reach US$ 556.3 BN by 2031, driven by Factors Such as Increasing Levels of Urbanization, Rising Consumer Disposable Income, and Strong Performance of the Online Retail Sector: Global Insight Services สล็อตเว็บตรง
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New York, August 2022: According to a new research study by Global Insight Services (GIS), the sustainable home decor market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 556.3 billion by 2031.
For many, sustainable home decor means working with local artisans from their local community to create handmade products. For others, sustainable home decor means weaving sustainable and local materials into their designs. With more consumers looking to source ethically made and sustainable home decor products, designers try to provide quality products that shoppers can connect with on many levels. They are beautiful and created with minimal impact on the earth and society. Sustainable decorating is decorating a home in a way that benefits rather than harms the environment. Also, recycled materials are present in many sustainable home decor products.
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Global Sustainable Home Decor Market: Key Drivers
Increasing levels of urbanization have resulted in an increasing number of new households being set up. Nowadays, more than half of the global population lives in urban areas. Going forward, these levels are expected to increase further, positively impacting the demand for home decor products. Moreover, home decor products are income elastic, with global disposable incomes increasing continuously over the next few years, particularly in economies such as Asia, Africa, the Middle East, and Eastern Europe. In addition, the recovery of the global real estate sector is also expected to drive homeownership rates creating a positive impact on this market. Another major factor driving this market is the strong performance of the online retail sector. Online retail has made home decor products easily available, affordable, and convenient to buy. Thus, factors such as increasing levels of urbanization, rising consumer disposable income, and strong performance of the online retail sector are boosting the growth of sustainable home decor market.
Global Sustainable Home Decor Market: Market Restraints and Challenges
The growth of digital channels facilitating the sale and purchase of consumer goods has fuelled a surge in the trade of counterfeit products. It’s a fact that a counterfeit product equals a low-quality. The packaging and the product might look identical to the authentic brand, but it is made up of substandard material, which might harm the consumer. Inevitably, these consequences severely negatively impact a brand’s reputation and consumer trust. Since many consumers are unaware that the product they purchased is counterfeit, the customer will blame the authentic brand when the item fails to work correctly or doesn’t meet their expectations. This results in the loss of consumer trust in the brand and also likely that they won’t purchase from the same retailer in the future. Further, there is also a business threat of counterfeit products, resulting in a loss of revenue for the brand being copied. When counterfeiters sell a product that looks the same as the original but at a lower price, the authentic brand will lose sales. The lack of information is perceived as one of the main obstacles in the fight against counterfeit products. Hence, the availability of counterfeit goods is acting as a restraining factor for the global sustainable home decor market.
Global Sustainable Home Decor Market Report Findings
https://www.globalinsightservices.com/reports/sustainable-home-decor-market/
The floor covering segment is likely to hold the major share of the market in 2021
Based on product type, it is segmented into floor covering, furniture, and home textile. The floor covering segment is expected to have the largest sustainable home decor market share in 2021, owing to an increase in urbanization, an increase in disposable income, and an improvement in lifestyle. In addition, a rise in consumer interest in home decor products has added to the market’s expansion. Due to above mentioned factors, the floor covering segment is expected to receive the main market attraction resulting in market growth.
The higher income segment is likely to dominate the market during the forecast period
Based on income group, it is segmented into lower middle income, upper middle income, and higher income. The higher income segment is expected to dominate the market during the forecast period. The high income group of consumers are prone to impulsive buying, which is a key driver of the market. Due to the abovementioned factor, the higher income segment is expected to dominate the market during the forecast period.
The specialty stores segment is likely to hold the major share of the market in 2021
Based on distribution channel, it is segmented into supermarkets and hypermarkets, specialty stores, e-commerce, and others. The specialty stores segment is expected to be the largest segment in the sustainable home decor market in 2021. Specialty stores offer many advantages, including product expertise, pleasant atmosphere, personalized customer service, higher-quality products, and workshops & special events. Thus, the specialty stores segment will likely hold a major market share in 2021.
The North America region is accounted for the majority of market share in 2021
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America market is expected to hold the majority of the market share in 2021. The appeal of sustainable home design items in this region is boosted by customers spending more on such items and by an improvement in living standards. Moreover, the presence of many potential vendors in this region further encourages market growth. This, in turn, boosts the demand for sustainable home decor in the North America region.
Global Sustainable Home Decor Market: Recent Developments
- April 2022, Herman Miller, Inc. set new sustainability goals the earth day to accomplish three goals, including reduce its carbon footprint, design out waste, and source better materials. Herman Miller started integrating ocean-bound plastic into its iconic Aeron Chair from last year 2021.
- November 2021, IKEA increases action to enable people to live a more sustainable life at home. IKEA is taking action to become climate positive by 2030, reducing more greenhouse gas emissions than the IKEA value chain emits, while growing the business. In addition to a range of actions across the business to reduce emissions, as well as investments into renewable energy, IKEA has an opportunity to inspire and enable the billions of people it reaches to take climate action in their own lives.
Global Sustainable Home Decor Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global sustainable home decor market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future global sustainable home decor market potential from 2021 to 2031 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the global sustainable home decor market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global sustainable home decor industry.
Global Sustainable Home Decor Market Segmentation
By Product Type
- Floor Covering
- Furniture
- Home Textile
By Income Group
- Lower Middle Income
- Upper Middle Income
- Higher Income
By Distribution Channel
- Supermarkets and Hypermarkets
- Specialty Stores
- E-commerce
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East
- Africa
Key Players
- Cisco Brothers (US)
Duresta Upholstery Limited (UK)
Forbo Flooring UK Limited (UK)
Greenington (US)
Herman Miller, Inc. (US)
IKEA North America Services, LLC (US)
La-Z-Boy Incorporated (US)
Lee Industries (US)
MOSO International B.V. (The Netherlands)
Vermont Woods Studios (US)
