Home Décor - Thailand

Thailand

In Thailand, the revenue in the Home Décor market Segment in 2024 is estimated to be €410.60m.
It is projected to experience an annual growth rate of 2.47% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, reaching €32,860m in 2024.
In terms of per capita income, each person in Thailand is expected to generate €5.71 in revenue in 2024.
Thailand's home décor market is experiencing a surge in demand for traditional Thai handicrafts, reflecting a growing appreciation for local craftsmanship and cultural heritage.

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

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Analyst Opinion

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

Customer preferences: in Thailand have shifted towards more modern and contemporary home décor styles. Consumers are increasingly looking for unique and stylish pieces that reflect their personal taste and lifestyle. This trend is driven by the growing influence of social media and the desire to create aesthetically pleasing living spaces. Additionally, there is a rising demand for eco-friendly and sustainable home décor products, as consumers become more conscious of their environmental impact. Trends in the market show a strong demand for locally made and artisanal home décor products. Thai consumers appreciate the craftsmanship and quality of locally produced items, and are willing to pay a premium for them. This trend is also driven by a desire to support local businesses and promote traditional Thai craftsmanship. In addition, there is a growing interest in incorporating traditional Thai elements into modern home décor, creating a unique fusion of styles.

Local special circumstances: in Thailand contribute to the growth of the Home Décor market. The country's booming tourism industry has led to an increase in demand for home décor products, as tourists seek to bring a piece of Thailand back home with them. This has created opportunities for local artisans and small businesses to showcase their products to a wider audience. Furthermore, the government's efforts to promote the creative economy have also played a role in supporting the growth of the Home Décor market. Initiatives such as design competitions and exhibitions have helped to raise awareness of Thai design and attract both local and international buyers. Underlying macroeconomic factors have also contributed to the development of the Home Décor market in Thailand. The country's strong economic growth has led to an increase in disposable income, allowing consumers to spend more on home décor products. Additionally, the rapid urbanization and growing middle class in Thailand have created a larger consumer base for the Home Décor market. As more people move into urban areas and purchase new homes, there is a greater demand for home décor products to furnish and decorate these spaces. In conclusion, the Home Décor market in Thailand is experiencing growth due to changing customer preferences, local special circumstances, and

Underlying macroeconomic factors:. The demand for modern and contemporary styles, locally made products, and eco-friendly options is driving the market forward. With the support of the tourism industry, government initiatives, and a growing middle class, the Home Décor market in Thailand is expected to continue to thrive in the coming years.

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.