Home Décor - Singapore

Singapore

In Singapore, the revenue in the Home Décor market Segment reaches €328.00m in 2024.
Looking ahead, the market is projected to experience an annual growth rate of 3.43% (CAGR 2024-2029).
When compared to other countries worldwide, in the United States leads the way with revenues of €32,860m in 2024.
In terms of per capita figures, this translates to €54.19 in revenue per person in Singapore in 2024.
Singaporeans are increasingly embracing minimalist and functional home décor styles to optimize their limited living spaces.

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

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Analyst Opinion

The Home Décor market in Singapore has witnessed significant growth in recent years, driven by changing customer preferences and the local special circumstances.

Customer preferences: Singaporean consumers have shown a growing interest in home décor products, as they seek to create personalized and stylish living spaces. There is a rising demand for modern and contemporary designs that reflect the cosmopolitan nature of the city-state. Additionally, consumers are increasingly looking for eco-friendly and sustainable home décor options, aligning with the global trend towards more environmentally conscious choices.

Trends in the market: One major trend in the Home Décor market in Singapore is the increasing popularity of online shopping. With the rise of e-commerce platforms, consumers have greater access to a wide range of home décor products from both local and international brands. This has led to increased competition among retailers and a greater variety of options for consumers. Another trend in the market is the growing demand for smart home devices and technology. Singapore has positioned itself as a smart city, and consumers are embracing the convenience and efficiency that smart home devices offer. From smart lighting systems to automated window blinds, these technologies are becoming more affordable and accessible to the average consumer, driving the growth of the Home Décor market.

Local special circumstances: Singapore's limited land area and high population density have led to a unique housing landscape. Many Singaporeans live in compact apartments or public housing flats, which has influenced their home décor preferences. There is a focus on maximizing space and finding innovative storage solutions. Compact and multi-functional furniture is highly sought after, as it allows residents to make the most of their limited living spaces.

Underlying macroeconomic factors: The strong economy and high disposable income levels in Singapore have contributed to the growth of the Home Décor market. As consumers have more purchasing power, they are willing to invest in high-quality home décor products that enhance their living spaces. Additionally, the government's initiatives to promote home ownership and renovation have further stimulated demand in the market. In conclusion, the Home Décor market in Singapore is experiencing growth due to changing customer preferences, such as a preference for modern and sustainable designs, as well as the local special circumstances, such as limited living spaces. The market is also influenced by trends such as the rise of online shopping and the increasing demand for smart home technology. The strong economy and high disposable income levels in Singapore have further fueled the growth of the market.

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.