Home Décor - India

India

In 2024, the revenue in the Home Décor market Segment in India amounts to INR €1.81bn.
It is projected to experience an annual growth rate of 8.96% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, with INR €32,860m in 2024.
In terms of per capita income, each person in India generates INR 0.00 in revenue in 2024.
India's booming market for home décor is driven by a growing middle class and a strong cultural emphasis on interior design.

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

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Analyst Opinion

The Home Décor market in India has been experiencing significant growth in recent years, driven by changing customer preferences and underlying macroeconomic factors.

Customer preferences: in the Home Décor market in India have shifted towards more modern and contemporary styles. With the increasing influence of global trends and exposure to international designs through media and travel, Indian consumers are seeking out unique and stylish home décor products. There is also a growing demand for eco-friendly and sustainable products, as consumers become more conscious of the environmental impact of their purchases. In addition, there is a rising interest in personalized and customized home décor items, as consumers look to add a personal touch to their living spaces. Trends in the market indicate a growing demand for online shopping in the Home Décor segment. The convenience and wide range of options offered by online retailers have attracted a large number of consumers, especially the younger generation who are more tech-savvy. Online platforms also provide a platform for small and local artisans to showcase their products and reach a wider audience. This has led to the emergence of several online marketplaces specializing in home décor products, contributing to the overall growth of the market. Local special circumstances in India, such as the increasing urbanization and rising disposable incomes, have also played a role in the development of the Home Décor market. As more people move to cities and adopt modern lifestyles, there is a greater demand for home décor products to create comfortable and aesthetically pleasing living spaces. The growing middle class with higher purchasing power has also contributed to the increased spending on home décor items.

Underlying macroeconomic factors: have also fueled the growth of the Home Décor market in India. The country's strong economic growth, coupled with a favorable demographic profile, has created a large consumer base with the ability to spend on non-essential items like home décor. In addition, the government's initiatives to promote affordable housing and urban development have further boosted the demand for home décor products. In conclusion, the Home Décor market in India is experiencing growth due to changing customer preferences, increasing online shopping trends,

Local special circumstances: and favorable macroeconomic factors. As the market continues to evolve, it presents opportunities for both domestic and international players to tap into the growing demand for stylish and personalized home décor products.

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.