Home Décor - South Korea

South Korea

In South Korea, the revenue in the Home Décor market Segment in 2024 amounts to €2.02bn.
It is projected to experience an annual growth rate of 4.77% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, reaching €32,520m in 2024.
In terms of per person revenues, in South Korea generates €38.99 in 2024.
"South Korea's home décor market is experiencing a surge in demand for minimalist designs and traditional Korean motifs."

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

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Analyst Opinion

The Home Décor market in South Korea has been experiencing significant growth in recent years. Customer preferences have shifted towards more modern and minimalist designs, with a focus on functionality and practicality. This trend is driven by the increasing number of small and compact living spaces in urban areas, as well as the influence of global design trends.

Customer preferences: In South Korea, there is a growing demand for home décor products that are both aesthetically pleasing and functional. Customers are increasingly looking for furniture and accessories that can maximize the use of limited space in their homes. As a result, there is a preference for multi-purpose furniture and storage solutions that can help declutter living spaces. Another customer preference in the South Korean market is for eco-friendly and sustainable home décor products. Consumers are becoming more conscious of the environmental impact of their purchasing decisions and are actively seeking out products that are made from recycled materials or have a low carbon footprint.

Trends in the market: One of the key trends in the South Korean Home Décor market is the rise of online shopping. With the increasing popularity of e-commerce platforms, consumers have more options to explore and compare products from different brands. This has led to increased competition among retailers, forcing them to offer more innovative and unique home décor products to attract customers. Another trend in the market is the growing popularity of DIY (Do-It-Yourself) home décor projects. South Korean consumers are increasingly interested in personalizing their living spaces and expressing their creativity through home decoration. This has led to a rise in the sales of DIY home décor kits and materials, as well as an increase in the number of workshops and classes offering guidance on DIY projects.

Local special circumstances: South Korea is known for its strong design culture and appreciation for aesthetics. This has influenced the Home Décor market, with consumers showing a preference for stylish and well-designed products. Korean consumers are also known for their attention to detail and meticulousness, which translates into their home décor choices. This has created a demand for high-quality and finely crafted home décor products.

Underlying macroeconomic factors: The South Korean economy has been growing steadily, which has contributed to the growth of the Home Décor market. With increasing disposable incomes, consumers have more spending power to invest in home decoration. Additionally, the government has implemented policies to support the housing market, which has led to an increase in construction activities and the demand for home décor products. In conclusion, the Home Décor market in South Korea is experiencing growth due to shifting customer preferences towards modern and functional designs, the rise of online shopping, and the popularity of DIY home décor projects. The strong design culture and attention to detail in South Korea, coupled with a growing economy and government support for the housing market, are driving the development of the Home Décor market in the country.

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.