The UK personalized home decor sector is set to grow at a 5.2% CAGR from 2024 to 2034, reaching USD 40.3 billion by 2034. Key drivers include the use of new technologies like augmented reality and 3D tools for virtual design previews, rising consumer income and demand for customized products, and a focus on sustainability with locally sourced materials. Additionally, the growth of online shopping and virtual consultancy, along with improved customer engagement, is further boosting the industry.
NEWARK, DE / ACCESSWIRE / January 8, 2025 / The global personalized home decor industry is experiencing robust growth, with sales expected to surpass USD 165.4 billion in 2024, up from USD 163.8 billion in 2023. Projections indicate that the market will continue its upward trajectory, reaching USD 330.6 billion by 2034, driven by a strong compound annual growth rate (CAGR) of 7.2% between 2024 and 2034.
Personalized Home Decor is rapidly becoming a key market trend, as consumers seek unique, tailor-made solutions that reflect their individual personalities and lifestyles. Among the various product types, the home furniture segment continues to dominate, accounting for 37.4% of the market share. This segment, which includes items such as customized sofas, dining tables, shelving units, and more, is expected to grow at a CAGR of 4.7% as the demand for modular, multifunctional, and eco-friendly designs rises.
Today there has been observed a growing change in the market of personalized home decor due to recent trends, the fact that people prefer to have home accessories and furniture made to their own taste. Solutions like having unique furniture, wall art, or accessories made to a customer’s requirements are becoming the new norm. Customized interior design and design accessories such as custom furniture, wallpaper, and custom art designs are giving homeowners a chance to make their homes unique havens in ways they have not been able to ever before.
Furthermore, sustainability serves as one of the criteria for market development. The tendency to use recycled materials like; wooden floorings, organic fabrics, and paints with low volatile organic compounds as sustainable materials is complementing the social demands for environmentally friendly products. Apart from contributing to the aesthetic value of every end product, these materials satisfy society’s increasing concern on matters of sustainability. The emphasis on the principles of sustainable design in creating solutions is gradually giving a positive impetus to such a parameter as the personalization of home decoration products.
Another compelling trend of the market is the inclusion of smart home technology into people’s interior design. Imagine being able to adjust the light or temperature of a room, or even listen to your own preferred musical choice or watch your favorite clip just by muting generic interior design. They are aimed at improving form and function at the same time making it possible for consumers to have well designed smart homes that fit their personalities and ways they live. Interactivity that allows changing the basic parameters of a living space, for example, with the help of mobile applications or voice control, further enhances the value of products for home decoration.
The industry is highly competitive, with numerous companies offering a variety of personalized home decor solutions. Key players in the global personalized home decor market include IKEA, Wayfair Inc., Ashley Furniture Industries, Inc., Herman Miller, Inc., Crate & Barrel Holdings, Inc., Pottery Barn, Restoration Hardware (RH), La-Z-Boy Incorporated, Home Depot, Inc., Lowe’s Companies, Inc., Urban Ladder, Pepperfry, Kimball International, Inc., The Mine, Feather Home Inc., and many others, who are continually expanding their product ranges to cater to growing consumer demand for customization, sustainability, and smart design integration.
Key Takeaways from the Global Personalized Home Decor Market Study
• There is a higher growth rate in the market of home decor products with customers buying personal and customized home designs and furniture.
• North America and Europe are the biggest markets as consumers seek high-quality and individualized products as well as green solutions.
• There is much more attention being paid to environmentalism and people are willing to invest in furniture created from recycled materials such as recycled wood and biodegradable products.
• The integration of smart homes is now improving the utility and tailored use in home interior design, thus progressing the personalization of spaces.
• Data analytics makes it possible for brands to make very specific and targeted products by analyzing consumer needs.
• The home furniture segment is experiencing significant growth, as more consumers seek unique, made-to-order pieces that match their personal style.
• The indoor application sеgmеnt in terms of application dominate the industry with a significant CAGR of 6.5% in thе forеcastеd pеriod due to its higher demand.
• In terms of sales channel, online retailers arе еxpеctеd to account for a 5.2% CAGR during thе anticipatеd pеriod due to increasing consumer preference for online shopping and convenience.
“”Key industry players in the personalized home decor market are focusing on product innovation and integration of sustainable practices to meet growing consumer demand for unique, eco-friendly, and technologically advanced home decor solutions.” – says Sudip Saha Managing Director and Co-Founder at Future Market Insights.
Key Drivers of Growth
-
Technological Advancements: Innovations like 3D printing, augmented reality (AR), and virtual design tools have revolutionized the way consumers engage with home decor. These technologies allow buyers to visualize and customize their interiors before making a purchase, making it easier to create personalized spaces.
-
Consumer Preference for Personalization: There is a growing trend among consumers to personalize their home interiors. From custom furniture to bespoke wall art, consumers are increasingly looking for items that match their tastes, functional needs, and the unique personality of their living spaces.
-
Sustainability and Eco-Friendly Materials: As awareness around environmental sustainability grows, consumers are showing a strong preference for eco-conscious materials such as recycled wood, bamboo, and organic fabrics. Companies are increasingly responding to this demand by incorporating sustainable materials and processes into their personalized home decor offerings.
-
Surge in E-Commerce and Online Customization: The online sales channel is expected to account for more than 25% of global sales of personalized home decor products in 2024. By 2034, this channel is projected to increase three-and-a-half-fold in value, as more consumers embrace the convenience of online shopping and virtual design platforms.
Regional Insights into the Personalized Home Decor Market
Countries |
Value CAGR (2024 to 2034) |
Canada |
4.8% |
UK |
5.2% |
France |
4.9% |
Italy |
5.0% |
Spain |
6.0% |
India |
8.5% |
Japan |
5.5% |
Impact of COVID-19 on the Market
The personalized home decor industry was highly affected by the COVID-19 outbreak. Main conditions for which the population of developed countries looked to have interior doors included shifted consumer preferences caused by the COVID-19 restrictions and new focus on home improvement and personalization in the context of home office arrangements. People wanted to make their homes distinctive and outlet fashion accessories and furniture to make the space more comfortable and useful during isolation.
But simultaneously the pandemic tested the market most severely. Insufficient supply was caused by disruptions in the supply chain, delays in manufacturing, and problems in procuring materials. For most of the companies the biggest challenges that cropped up was the inability to meet the demand for personalized home décor products. There were restrictions on opening shop and click stores during the period also limited in-store selling points affected the development of the market in some areas.
Nevertheless, the market grew rapidly for home décor products and customers began to demand exclusive designs through online shopping. Due to the COVID-19 pandemic, the need for home textiles, furniture, and smart home decorating remained high since people tried to improve their homes.
Prominent Drivers of the Personalized Home Decor Market
-
Urbanization and Smaller Living Spaces: As urbanization continues, consumers are seeking customizable, space-efficient home decor solutions for smaller homes.
-
Preference for Modular and Multi-Functional Designs: There is a growing demand for home decor items that are versatile and can serve multiple functions.
-
Customization Tools and Virtual Consultations: The rise of online customization tools and virtual design consultations is making it easier for consumers to personalize their homes.
-
Consumer Awareness of Environmental Impact: Increasing awareness of climate change and sustainability is driving demand for environmentally friendly home decor options.
-
Rise in DIY Culture: The growing interest in DIY home decor allows consumers to create personalized spaces through customization.
-
Increased Interest in Sustainable Products: More consumers are gravitating toward products made from natural, biodegradable, or upcycled materials.
-
Enhanced Consumer Experience: The use of advanced technologies like AR and AI to provide tailored shopping experiences is boosting consumer satisfaction and engagement in the personalized home decor sector.
Challenges Faced by Personalized Home Decor Market
-
High Production Costs: Customization often requires specialized materials and manufacturing processes, leading to higher production costs, which can make personalized home decor items more expensive for consumers.
-
Supply Chain Complexities: Managing the logistics of producing and delivering customized products can be challenging, especially when dealing with diverse materials and designs.
-
Limited Consumer Awareness: Despite growing demand, some consumers are still unaware of the full range of customization options available for home decor, limiting market expansion.
-
Technological Barriers: While advanced technologies like AR and 3D printing offer immense potential, they can be expensive and require significant investment from manufacturers to implement effectively.
-
Longer Lead Times: Customized home decor products often have longer production and delivery timelines compared to mass-produced items, which can deter some consumers from making purchases.
-
Sustainability Concerns: While there is growing demand for eco-friendly products, sourcing sustainable materials and manufacturing them efficiently remains a challenge for many companies in the industry.
-
Consumer Expectations for Perfection: With the rise of customization, consumers often expect flawless products that meet highly specific preferences, putting pressure on brands to maintain high quality and accuracy in every order.
Competitive Landscape of the Personalized Home Decor Market
Key players in the personalized home decor industry are leveraging advanced technologies such as augmented reality (AR) and 3D printing to offer greater customization. They are also broadening their product offerings to include eco-friendly and multifunctional items, catering to the growing demand for sustainable solutions.
Recent Developments in the Market
-
In 2024, IKEA partnered with a leading tech firm to introduce an AR-based application enabling customers to visualize personalized furniture designs in real-time before purchase
-
In 2024, Wayfair launched a line of fully customizable home textile products, offering unique patterns and fabric choices tailored to individual customer preferences.
Access the Full Report Personalized Home Decor Market Trends and Projections Now: https://www.futuremarketinsights.com/reports/personalized-home-decor-market
Key Market Players
-
IKEA
-
Wayfair Inc.
-
Ashley Furniture Industries, Inc.
-
Herman Miller, Inc.
-
Crate & Barrel Holdings, Inc.
-
Pottery Barn (a Williams-Sonoma brand)
-
Restoration Hardware (RH)
-
La-Z-Boy Incorporated
-
Home Depot, Inc.
-
Lowe’s Companies, Inc.
-
Urban Ladder
-
Pepperfry
-
Kimball International, Inc.
-
The Mine
-
Feather Home Inc.
Key Segments of the Personalized Home Decor Industry
By Product Type:
In terms of product type, the industry is segmented into Home Furniture, Home Textile, Flooring, Lamps and Lighting, and Other Product Types such as Wall Decor, Window Blinds, and Accessories
By Price Range:
The industry is classified by price range as economy, mid-range, and premium categories
By Sales Channel:
In terms of sales channel, the industry is segregated into wholesalers/retailers, modern trade, specialty stores, multi-brand stores, departmental stores, online retailers, and others
By Region:
Key countries of North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), and Oceania have been covered in the report
Author
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
Have a Look at the Related Reports of the Consumer Product Domain:
The furniture polish market size is expected to reach USD 10.72 billion in 2023 and grow to USD 22 billion by 2033, with a CAGR of 7.4%.
The home theatre system market value is projected to grow at a 9.5% CAGR, reaching USD 11.67 billion in 2024 and surpassing USD 28.91 billion by 2034.
The global demand for smart home devices is expected to grow at a 17.8% CAGR, reaching USD 58.4 billion in 2023 and growing to USD 300 billion by 2033.
The smart kitchen appliances market value is expected to reach USD 1,450.8 million in 2023 and grow at an 8.5% CAGR, reaching USD 3,280.1 million by 2033
Sales of patio furniture market is expected to reach USD 18.82 billion in 2023, growing at a 6% CAGR to USD 33.7 billion by 2033.
The luxury furniture market size is projected to reach USD 38.97 billion by 2033, growing at a 5.6% CAGR. In 2023, the market is estimated at USD 22.6 billion.
The demand for home decor is valued at USD 216.29 billion in 2023 and is projected to reach USD 394.72 billion by 2033, growing at a 6.2% CAGR.
The global furniture rental market size is expected to grow significantly from USD 55.75 billion in 2023 to USD 110.69 billion by 2033, with a CAGR of 7.1%.
The wall décor market value is estimated at USD 60.15 billion in 2023 and is expected to reach USD 85 billion by 2033, growing at a 3.5% CAGR.
The small kitchen appliances market size is valued at USD 105.84 billion in 2023 and is expected to reach USD145 billion by 2033, growing at a 3.2% CAGR.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: [email protected]
Website: https://www.futuremarketinsights.com
LinkedIn | Twitter | Blogs | YouTube
SOURCE: Future Market Insights Inc.
View the original press release on accesswire.com
link