Asia-Pacific Home Decor Market Outlook, 2029

Asia-Pacific Home Decor Market Outlook, 2029

The Asia Pacific home decor market is experiencing rapid growth, driven by factors such as urbanization, rising disposable incomes, and changing lifestyles. As economies in the region continue to develop, consumers are increasingly investing in home decor products to improve their living environments. The adoption of smart home technology is on the rise in the Asia Pacific home decor market, with consumers incorporating connected devices and home automation systems into their living spaces. Smart lighting, security cameras, and voice-controlled assistants are among the popular smart home products driving demand in the market. Emerging markets in the Asia-Pacific region, such as China, India, and Southeast Asian countries, present lucrative opportunities for home decor companies. These markets are experiencing rapid urbanisation, a growing middle class, and increasing consumer spending on home furnishings and decor products. Sustainability is a growing focus in the Asia-Pacific home decor market, with consumers showing a preference for products made from eco-friendly materials and produced using sustainable manufacturing practices. Bamboo, rattan, recycled wood, and other sustainable materials are gaining popularity among environmentally conscious consumers. Social influences and exposure to media, including social media, television, and magazines, shape consumer preferences and drive demand for home decor products. Trends showcased on media platforms influence consumer perceptions of style, design, and home decor, leading to increased demand for products that align with current trends and aesthetics.

According to the research report, “Asia Pacific Home Decor Market Outlook, 2028,” published by Bonafide Research, the Asia Pacific Home Decor market is anticipated to grow with more than 6% CAGR from 2023–2028. The home decor industry is significantly driven by the rapid urbanisation occurring in nations around the Asia-Pacific region. The need for home decor and furnishings to decorate and customise living spaces is rising as more people relocate to cities. Economic growth in many countries within the Asia-Pacific region has led to an increase in disposable incomes. With higher levels of discretionary spending power, consumers are more inclined to invest in home decor items to improve the aesthetics and functionality of their homes. Changing lifestyles, particularly among younger demographics, are influencing consumer preferences in home decor. With a greater emphasis on individuality, self-expression, and personalisation, consumers are seeking out home decor products that reflect their unique tastes and lifestyles. Cultural influences play a significant role in driving demand for home decor products in the Asia-Pacific region. Traditional craftsmanship, artistry, and design motifs from various cultures influence the design and aesthetic preferences of consumers, leading to a diverse range of home decor styles and products. Furthermore Trends in the housing market, including new construction, renovation, and interior design trends, influence demand for home decor products. As housing markets evolve and preferences shift, there may be increased demand for specific types of home decor products to align with changing design aesthetics and lifestyle needs.

Market Drivers
• Changing Lifestyles: Evolving lifestyles play a significant role in driving the Asia-Pacific home decor market. As societies modernise and urbanise, lifestyles change, influencing consumer preferences for home decor. For example, the trend towards smaller living spaces in urban areas has led to a demand for space-saving furniture and multifunctional decor solutions. Additionally, as more people work remotely or pursue flexible lifestyles, there is a growing need for home office setups and ergonomic furniture. Home decor products that cater to these changing lifestyles, such as modular furniture, smart home technology, and flexible storage solutions, are in high demand in the Asia-Pacific market.
• Cultural Influences: The Asia-Pacific region is culturally diverse, with each country boasting its own unique heritage, traditions, and design aesthetics. Cultural influences heavily impact the home decor preferences of consumers. For instance, traditional motifs, craftsmanship, and materials are often incorporated into home decor products, reflecting the rich cultural heritage of the region. From Japanese minimalism to Indian intricacy, cultural influences shape the design and aesthetics of home decor items, catering to diverse tastes and preferences across the Asia-Pacific market. Additionally, as globalisation brings about cross-cultural exchange, consumers in the region are increasingly embracing fusion styles that blend traditional elements with contemporary design, leading to a rich tapestry of home decor options in the Asia-Pacific market.

Market Challenges
• Cultural Diversity: While cultural diversity can be a driver of demand, it also presents challenges in terms of catering to diverse tastes and preferences across different countries and regions within the Asia Pacific. Adapting products to suit various cultural influences while maintaining profitability can be a challenge for home decor manufacturers and retailers.
• Supply Chain Disruptions: The Asia-Pacific region encompasses multiple countries with varying levels of infrastructure development and logistical challenges. Supply chain disruptions, including transportation delays, raw material shortages, and labour issues, can impact the availability of home decor products and lead to increased costs for manufacturers and retailers.

Based on the product types, they are segmented into home furniture, home textiles, flooring, wall decor, lighting, and others.

In Asia Pacific, home furnishings contribute the highest market share. The region is seeing a rise in urbanisation and modernity, which is driving up demand for home furnishings to furnish and beautify living areas. Spending on dining sets, couches, beds, and storage solutions has surged as a result of changing lifestyles and rising earnings. Rapid population growth and urbanisation have fueled demand for housing in many Asia-Pacific countries. With the construction of new residential developments and the renovation of existing homes, there's a corresponding need for furniture to outfit these living spaces. In many Asia-Pacific countries, there's been a gradual shift towards homeownership as incomes rise and access to credit improves. Homeowners invest in furniture to personalise their living spaces and create comfortable environments for themselves and their families. In densely populated urban areas, there's a trend towards smaller living spaces such as apartments and condominiums. This has led to increased demand for compact and multifunctional furniture designed to maximise space efficiency and functionality in smaller dwellings. Economic growth in many Asia-Pacific countries has led to a rise in affluence and discretionary spending. Affluent consumers are willing to invest in high-quality, designer furniture pieces to showcase their tastes and lifestyle preferences. Furthermore, Western design trends, particularly Scandinavian and minimalist styles, have gained popularity in the Asia-Pacific region. Consumers seek out modern and contemporary furniture designs that offer simplicity, functionality, and aesthetics, driving demand for Western-inspired furniture products.

In terms of the application, it is segmented into indoor and outdoor. Furthermore, in terms of the report, the distribution channels are segmented into home decor stores, supermarkets and hypermarkets, online stores, gift shops, and others.

In the Asia-Pacific area, entertaining and living outside are becoming more and more popular. Homeowners are using outdoor spaces like balconies, terraces, and gardens as extensions of their living rooms as urbanisation rises and living quarters are smaller. In order to create cosy and fashionable outside spaces, this has raised demand for outdoor furniture, décor, and accessories. Many countries in the Asia-Pacific region have a warm climate conducive to outdoor activities and gatherings. Outdoor spaces are valued for relaxation, socialising, and connecting with nature. As lifestyles become more leisure-oriented and focused on wellness, consumers are investing in outdoor decor to enhance their outdoor living experiences. Outdoor dining and entertaining have become increasingly popular in the Asia-Pacific region, driven by a desire for al fresco dining experiences and hosting outdoor gatherings. This trend has boosted demand for outdoor dining sets, patio furniture, barbecues, and other outdoor entertaining essentials. Moreover, in terms of the distribution channel, the hypermarket and supermarket are growing as the distribution channel of home décor. Supermarkets are convenient shopping destinations for consumers, offering a one-stop solution for a wide range of products, including groceries, household essentials, and now, home decor items. With their widespread presence in urban and rural areas, supermarkets provide easy accessibility to consumers looking to purchase home decor products without having to visit specialty stores or furniture outlets. Supermarkets are expanding their product offerings beyond groceries to include non-food items such as home decor, kitchenware, bedding, and small furniture pieces. By diversifying their product range, supermarkets cater to the evolving needs and preferences of consumers, who are increasingly looking for convenience and variety in their shopping experiences.

Based on the report, the major countries covered include China, Japan, India, Australia, South Korea, and the rest of Asia Pacific.

China's populace now enjoys much higher levels of disposable income due to the country's recent strong economic expansion. Chinese customers are therefore better able to spend their money on home décor items, which increases demand in the home market. China has long been known as the world's manufacturing hub, producing a wide range of home decor products, including furniture, textiles, ceramics, and decorative items. The country's vast manufacturing capabilities, coupled with relatively low production costs, allow Chinese manufacturers to supply home decor products domestically and internationally at competitive prices. Furthermore, China has experienced rapid growth in e-commerce, with online shopping platforms such as Alibaba's Tmall and JD.com gaining popularity among consumers. The convenience of online shopping has driven the demand for home decor products, with consumers increasingly turning to online channels to purchase furniture, furnishings, and decorative items for their homes. The Chinese government has implemented policies to support the development of the home decor industry, including incentives for domestic manufacturers, investment in infrastructure, and initiatives to promote domestic consumption. These supportive measures have contributed to the growth of the home decor market in China. China's rich cultural heritage and artistic traditions influence home decor trends and preferences within the domestic market. Traditional Chinese motifs, symbols, and craftsmanship are often incorporated into home decor products, appealing to consumers seeking to embrace their cultural identity and heritage.

Key players are expanding their product portfolios for catering to the wide range of needs and preferences of individuals. This includes introducing new designs, styles, and categories, such as sustainable products and smart home integration. They are focusing on maintaining sustainability by using eco-friendly materials, reducing waste, and adopting responsible manufacturing practices. They are also seeking various certifications to showcase their commitment to sustainable production. In addition, companies are increasingly focusing on their online presence and e-commerce capabilities. They are investing in user-friendly websites, mobile apps, and online marketplaces to reach a broader customer base and provide a seamless shopping experience. Apart from this, major manufacturers are offering personalized items by providing different colors and patterns in furniture and decor pieces. Furthermore, companies are integrating technology, such as smart lighting, thermostats, and voice-controlled devices. These innovations cater to individuals looking for convenience and modernity in their living spaces.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Home Decor market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product Type
• Home Furniture
• Home Textiles
• Flooring
• Wall Decor
• Lighting
• Others

By Distribution Channel
• Home Décor Stores
• Supermarkets and Hypermarkets
• Online Store
• Gift Shops
• Others

By Application
• Indoor
• Outdoor

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Home Decor industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.***Please Note: It will take 48 hours (2 Business days) for delivery of the report upon order confirmation.