Home Décor - Philippines

Philippines

In the Philippines, the revenue generated in the Home Décor market in 2024 amounts to €171.60m.
It is projected that the market will experience an annual growth rate of 3.99% (CAGR 2024-2029).
When compared to other countries globally, in the United States leads in terms of revenue, generating €32,860m in 2024.
In relation to the total population, per person revenues of €1.44 are generated in 2024.
The demand for locally-made, handmade home décor products in the Philippines is steadily rising, reflecting a growing appreciation for traditional craftsmanship and unique designs.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Home Décor market in Philippines has been experiencing significant growth in recent years. Customer preferences have shifted towards more modern and contemporary styles, with a focus on functionality and minimalism. This trend is driven by the increasing urbanization and changing lifestyles of Filipinos. Additionally, the rise of social media and online shopping has made it easier for consumers to access and purchase a wide range of home décor products.

Customer preferences: Filipino consumers are increasingly opting for minimalist and functional home décor products. They are looking for furniture and accessories that serve a dual purpose and can fit into small living spaces. This preference for practicality is driven by the limited space in urban areas and the need to maximize the use of available space. Additionally, consumers are becoming more conscious of the environmental impact of their purchases and are seeking sustainable and eco-friendly home décor options.

Trends in the market: One of the key trends in the Home Décor market in Philippines is the growing popularity of online shopping. Consumers are increasingly turning to e-commerce platforms to purchase home décor products due to the convenience and wide range of options available. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across all sectors. As a result, traditional brick-and-mortar stores are facing challenges in attracting customers and are adapting by enhancing their online presence. Another trend in the market is the increasing demand for locally-made home décor products. Filipino consumers are showing a preference for products that are made in Philippines, as they value supporting local artisans and businesses. This trend is also driven by the desire for unique and handcrafted items that reflect Filipino culture and heritage. As a result, there has been a rise in the number of local home décor brands and stores that offer a range of locally-made products.

Local special circumstances: The Home Décor market in Philippines is influenced by the country's unique cultural and design influences. Filipino consumers have a strong appreciation for traditional craftsmanship and indigenous materials. This is reflected in the popularity of home décor products that incorporate traditional Filipino designs and materials such as rattan, abaca, and capiz shells. Additionally, the tropical climate of Philippines also influences the choice of home décor products, with consumers opting for light and airy designs that are suitable for the weather.

Underlying macroeconomic factors: The growth of the Home Décor market in Philippines is supported by several macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has enabled consumers to invest more in home décor and furnishings. Additionally, the growing middle class in Philippines has resulted in a larger consumer base with higher purchasing power. The rise of urbanization and the development of residential and commercial properties have also contributed to the growth of the market, as consumers seek to furnish their new homes and offices.

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 categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories 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.