Home Décor - Eastern Asia

Eastern Asia

In 2024, the revenue in the Home Décor market Segment in Eastern Asia amounts to US$29.38bn.
It is projected to grow annually by 5.33% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue of US$35,440m in 2024.
In terms of per capita figures, each person in Eastern Asia generates US$17.97 in revenue in 2024.
In Japan, traditional minimalist design principles continue to dominate the home décor market, with a focus on natural materials and clean lines.

Key regions: France, Brazil, Canada, Worldwide, United Kingdom

Market

Region

Region comparison

Currency

Analyst Opinion

The Home Décor market in Eastern Asia is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in Eastern Asia have shifted towards minimalist and modern designs in home décor. Customers are increasingly looking for sleek and functional furniture and accessories that complement their living spaces. This preference is driven by the desire for simplicity and functionality in their homes, as well as the influence of Western design aesthetics. Additionally, there is a growing interest in eco-friendly and sustainable home décor products, as customers become more conscious of the environmental impact of their purchases. Trends in the market include the rise of online shopping for home décor products. With the increasing penetration of internet and smartphones in Eastern Asia, customers are now able to browse and purchase a wide range of home décor items from the comfort of their homes. This has led to the growth of e-commerce platforms specializing in home décor, offering customers a convenient and diverse shopping experience. Another trend is the popularity of diy (do-it-yourself) home décor projects. Customers are increasingly interested in personalizing their living spaces and expressing their creativity through diy projects, such as painting furniture or creating unique wall art. This trend is fueled by the availability of diy tutorials and inspiration on social media platforms.

Local special circumstances: in Eastern Asia also contribute to the development of the Home Décor market. For example, in countries like Japan and South Korea, where living spaces are relatively small, there is a higher demand for compact and multi-functional furniture that maximizes space utilization. Additionally, in countries like China, where there is a strong emphasis on cultural heritage and tradition, there is a growing interest in incorporating traditional elements into modern home décor. This has led to the popularity of furniture and accessories that feature traditional motifs and craftsmanship.

Underlying macroeconomic factors: also play a role in the growth of the Home Décor market in Eastern Asia. The region has experienced rapid urbanization and rising disposable incomes, which have led to an increase in housing construction and renovation activities. As more people move to cities and upgrade their living spaces, there is a higher demand for home décor products. Furthermore, the growing middle class in Eastern Asia has more purchasing power and is willing to spend on quality home décor items. This has attracted both domestic and international home décor brands to expand their presence in the region. Overall, the Home Décor market in Eastern Asia is thriving due to evolving customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As the market continues to grow, it presents opportunities for both established and emerging players to cater to the diverse needs and tastes of customers in the region.

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.