United Kingdom Home Decor - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

United Kingdom Home Decor - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

The United Kingdom Home Decor Market size is estimated at USD 23.47 billion in 2024, and is expected to reach USD 30.30 billion by 2029, growing at a CAGR of 5.24% during the forecast period (2024-2029).

The UK home decor market is growing faster than other home retail markets, as customers opt for affordable options to give their homes a new look. As home decor is more resilient than other UK homeware markets after Brexit, it is imperative for retailers to ensure that investment is directed to the growing and improving trend-led and seasonal collections and the improving in-store marketing and better-showcasing products online. Decorative accessories may drive the market ranges through their trend-led, cost-efficient options for updating the look of a home. The new luxury is about having unique experiences, gaining new skills, being eco-friendly, and showing connectivity. Customers want products that add to their knowledge and sense of identity and products that give meaning and significance to their experiences.

COVID-19 is an incomparable global public health emergency that affected almost every industry, and the long-term effects are projected to impact industry growth during the forecast period. The online home decor industry in the United Kingdom is expected to continue to benefit from the growing demand for online shopping over the next five years, particularly after the surge in e-commerce during the COVID-19 (coronavirus) pandemic. The increased time spent time at home prompted consumers to prioritize spending on their households.

UK Home Decor Market Trends

Rise in Expenditure on Furniture and Furnishings

The rise in consumer demand and choices is contributing to the manufacturers' growth in the market. The product demand is fueled by consumer preferences for fancy items to decorate in homes, particularly wooden flooring and furniture. These fancy and premium products help provide spiritual and aesthetic pleasure, which adds to the sophistication of consumers living in the house. Household consumption expenditure is the market value of all goods and services, including durable products purchased by households. It excludes purchases of dwellings but includes imputed rent for owner-occupied dwellings.

Online Channel is Expected to Grow Fastest

Factors, such as globalization, access to the internet, and the rising users shopping from online channels, are expected to support the e-commerce channel of home decor distribution in the market. However, offline channels still dominate the market. Popular online stores in the UK furniture market include John Lewis, Wayfair Co., Argos, Amazon, and Next. Wayfair is trying to capture market share in the United Kingdom's home décor category and investing in logistics infrastructure. It is also leading the market by deepening its product categories and reaching online to customers. Dunelm is popular in the market in terms of dining tables, with its pine or folding table highly regarded in the market.

UK Home Decor Industry Overview

The report covers major international players operating in the UK home decor market. In terms of market share, few major players currently dominate the market. However, with technological advancements and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets. Burgess Furniture Limited, with its main office in Feltham, United Kingdom, has supplied furniture to the hospitality sector, for more than 60 years. It offers a large selection of items, such as tables, chairs, and accessories, to make plain spaces fashionable and practical for meeting rooms, boardrooms, board events, dining rooms, bedrooms, and other informal spaces. It has major players Ikea, Bed Bath & Beyond, Wayfair Stores Ltd, DFS Furniture PLC and Dunelm Group PLC

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support