Home Décor - Malaysia

Malaysia

In Malaysia, the revenue in the Home Décor market Segment reaches €784.50m in 2024.
This market is projected to experience an annual growth rate of 5.27% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, amounting to €32,860m in 2024.
Considering the total population figures, the per person revenue in Malaysia is estimated to be 0.00 in 2024.
In Malaysia, there is a growing trend towards incorporating traditional Malaysian motifs and craftsmanship into modern home décor designs.

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

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Analyst Opinion

The Home Décor market in Malaysia has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: In Malaysia, customers have shown a growing interest in home décor products that reflect their individual style and personality. There is a rising demand for unique and personalized items that can make a statement in their homes. Customers are also increasingly conscious of sustainability and eco-friendly options, seeking products made from recycled materials or those that promote ethical manufacturing practices.

Trends in the market: One of the key trends in the Home Décor market in Malaysia is the shift towards minimalist and contemporary designs. Customers are opting for sleek and clean lines, neutral color palettes, and minimalistic furniture and accessories. This trend is influenced by global design movements and a desire for simplicity and functionality in living spaces. Another emerging trend is the integration of technology into home décor products. Smart home devices, such as voice-controlled lighting systems and automated window coverings, are becoming more popular among Malaysian consumers. This trend reflects the increasing reliance on technology in everyday life and the desire for convenience and efficiency.

Local special circumstances: Malaysia's rich cultural heritage and diverse ethnic communities have a significant influence on the Home Décor market. Traditional elements and motifs are often incorporated into modern designs, creating a unique fusion of styles. Malaysian customers appreciate home décor products that celebrate their cultural roots while also embracing contemporary aesthetics. Additionally, the growing urbanization in Malaysia has led to smaller living spaces, especially in cities like Kuala Lumpur. This has resulted in a demand for space-saving furniture and multifunctional home décor items that can maximize the use of limited space. Malaysian customers are increasingly looking for innovative solutions that can help them optimize their living environments.

Underlying macroeconomic factors: The strong economic growth in Malaysia has contributed to the development of the Home Décor market. As disposable incomes rise, consumers have more purchasing power to invest in home improvement and decoration. The government's initiatives to promote the construction and housing sectors have also stimulated demand for home décor products. Furthermore, the increasing urbanization and growing middle-class population in Malaysia have fueled the demand for home décor products. As more people move to urban areas and establish their own homes, the need for stylish and functional furnishings and accessories has grown. In conclusion, the Home Décor market in Malaysia is experiencing growth due to changing customer preferences, emerging trends, and local special circumstances. Customers are seeking personalized and sustainable products, while also embracing minimalist designs and integrating technology into their homes. Malaysia's cultural diversity and urbanization have further influenced the market, creating a demand for products that celebrate tradition and optimize limited living spaces. The strong macroeconomic factors, including economic growth and urbanization, have also contributed to the market's development.

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.