The home décor industry has been flourishing for the past few years. In fact, the past few years have been some of the best years for the industry. Many businesses have taken advantage of the current trends to get more sales and reach more audiences. Anyone who has been dabbling in the home décor industry would tell you that the last two years have been very profitable.
According to the latest report, the home décor industry has reached a market size of USD 286.82 billion. That is a phenomenal milestone that the industry has reached, as the highest increase happened only a few years ago. It also seems like the biggest growth comes from the APAC region, with China and India being the two key countries in the home décor market. Furthermore, based on the current speculation, the industry will keep growing without showing any signs of slowing down.
If you are curious why the home décor industry is growing fast in the past few years, I have some explanation for you.
The rise in online spending and smartphone penetration
Online shopping is a major force in various industries nowadays. Many businesses that don’t sell their products or services online will have no hope of beating their competitions. From small businesses to giant companies, eCommerce platforms are an essential partner that everyone needs. There are several factors that make people love online shopping, such as cheaper prices, convenience, smartphones, and online shopping perks.
If you have been online shopping enough, you may have noticed that sometimes you can find cheaper prices online. This is because many stores are selling their products online for cheaper to make up for delivery costs, or because they don’t actually have a physical store. The prices are also affected by perks such as free delivery, cashback, online coupons, special discounts, and many more.
Smartphone penetration is also a big driving factor for online spending in many countries. Everyone now owns and uses a smartphone device, which can be used to do some online shopping. Browsing for various items online is as easy as opening an app and moving their thumbs. Many eCommerce platforms are also optimized for smartphones, making it easier and faster to shop online.
The pandemic that started in early 2020 has changed how people and companies do things. Many people have realized that they can do their jobs from home and demanded to be allowed to do it. Some companies have realized that, too, that allowing their employees to work from home is actually beneficial for them. Not only that, but many workers have also quit their jobs to be able to work for home or run new businesses from home.
This phenomenon is nothing but amazing. That so many people have started to work from home at the same time. This also means that more and more people are trying to create a home office that is functional and comfortable. From buying furniture to home computers, people will do everything they can to work from home as comfortably as possible. According to decosee.com, decorating your home office is crucial, feel free to learn more about it on their website.
Technology is also a big part of the growth of the home décor industry. The popularity of smart homes has been growing a lot lately, and now people can do a lot of things in their homes. This means the value of smart appliances and security cameras, sound systems, and home assistants has increased immensely. All these smart technology devices are also connected to smartphones, which are also connected to the internet.
By connecting everything, people feel like they are more in control. Many smart products are also designed to be aesthetically pleasing. Not only that, but they also can have a lot of fun in their homes.
Lights and neon signs
What’s more, people are beginning to incorporate more smart lighting and neon lighting in their homes. It’s not uncommon to hear people wanting to customize neon signs and place a customized sign, with their name for example above their bed in their bedroom. It’s a trend that we don’t think is going to go anytime soon.
The home décor industry is truly flourishing. If you are an entrepreneur, perhaps this is your chance to get inside the industry and build a successful business. Or, if you love decorating your home, you can see all the new trends today and finally create the best design that you love. Remember that decorating your house or room can make you more productive also.
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