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The wall decor market in US is estimated to grow at a CAGR of 8.02% between 2022 and 2027. The size of the market is forecast to increase by USD 9,796.77 million. The growth of the market depends on several factors, including an improved standard of living increasing introduction of premium products, the rising popularity of blogs related to interior designing, and a growing culture of gifting.
This report extensively covers market segmentation by distribution channel (offline and online) and product (wall art, picture frames, wall clock, and other decorative accents). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the wall decor market in US as a part of the global home furnishings market. The parent global home furnishings market covers products and companies engaged in manufacturing/marketing of furniture, home textiles, floor coverings, and decorative products.. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The improved standard of living and the increasing introduction of premium products are notable driving the market growth, although factors such as rising competition increase price war and reduces profit margins may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Wall Decor Market Driver in US
One of the key factors driving growth in the wall décor market in US is the improved standard of living and the increasing introduction of premium products. Home renovation has increased in the US, mostly led by enhanced lifestyles and rising disposable income. The demand for home renovations is further propelled by modern and designer home decor products that include wall decor items and the penetration of the Internet and social media. The demand for wall decor products also rises due to high adoption and preference for personalized products.
Moreover, with globalization, major retailers of wall decor products are expanding their portfolio by introducing specialized products to meet the growing and diverse demand. The improved standard of living and demand for innovative and premium products that suit the interior and aesthetics of the home also propel the demand for wall decor products in the US during the forecast period.
Significant Wall Decor Market Trend in US
The increasing trend for interior designing is a wall décor market in US trend which is expected to have a positive impact in the coming years. Of the rising GDP of the country, the US economy has been strengthening over the last five years. This has resulted in higher spending on home improvement and decor products. There has been a significant interest shown in designer wall decor (such as wall art, wall clocks and picture frames). Interior designers and designing companies have seen this opportunity and are trying to introduce trends that influence homeowners to invest in interior design.
Increased media penetration and awareness of the artistry of different regions further increase the inclination toward interior design and designer wall décor. The growing number of working women and their increased participation in household decision-making also significantly increase interest in interior designing. Such factors will increase the market growth during the forecast period.
Major Wall Decor Market Challenge in US
The rising competition increasing price war and reduced profit margins will be a major challenge for the wall décor market in US during the forecast period. In the US, manufacturers of wall decor have both organized and unorganized formats and they compete on parameters such as product portfolio, premiumization, differentiation, and pricing. The entry of new players and private-label brands will further intensify competition. This will lead to price wars, further degrading the quality of the product, which will affect the market negatively.
The competition in the wall decor market in the US further intensifies the presence of multichannel retailers (such as Walmart), some of whom have a lower cost structure. Augmented online shopping is led by the rise in Internet penetration and the use of computers, tablets, smartphones, and other mobile devices. The inability to adapt to the changing competitive landscape can affect the profit margins of the players, which will hinder market growth.
Key Wall Decor Market in US Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Wall Decor Market in US Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
bedbathandbeyond - The company offers wall decor such as decorative shelving, decals and wallpaper, wall mirrors, wall frame, wall clocks, and functional wall decor. Also, through this segment, the company offers various types of products such as kitchen items, living room items, kids room items, hallway, home office items and beauty products.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. In this segment, the outlets offer customers a wide range of products to choose from and provide them with the convenience of finding all types of wall decor under a single roof. Also, factors like lower prices and a pleasant shopping experience (due to the ambient store atmosphere and shelf displays) encourage customers to buy wall decor from supermarkets and hypermarkets. Such factors will increase the market growth during the forecast period.
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The offline segment was valued at USD 13,477.93 million in 2017 and continue to grow by 2021. The offline segment includes wall decor distribution through traditional channels, such as retail outlets, supermarkets and hypermarkets, and brick-and-mortar stores. Supermarkets and hypermarkets have emerged as the most popular distribution channels for products like wall clocks and wall art. Offline stores enable customers to check the suitability of decor on the walls before deciding to purchase it. These stores employ sales personnel with good knowledge of products and provide insights on them to customers, including information on famous painters of a piece of art, the functionalities of different wall clocks, and many others. The growth of supermarkets and hypermarkets is attributed to the growth of the organized retail sector in the US. The growing retail industry and the setting up of numerous retail outlets are driving sales in this segment.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Wall Decor Market Scope in US |
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Report Coverage |
Details |
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Page number |
132 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.02% |
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Market growth 2023-2027 |
USD 9,796.77 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.8 |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Amazon.com Inc., Bed Bath and Beyond Inc., Brewster Home Fashions, Costco Wholesale Corp., Ethan Allen Interiors Inc., F. Schumacher and Co., Franchise Concepts Inc., Haverty Furniture Companies Inc., Kimball International Inc., Kirklands Inc., Kohls Corp., Lowes Co. Inc., Macys Inc., Penney OpCo LLC, Pier 1 Imports Online Inc., Restoration Hardware Inc., The Home Depot Inc., Transform Holdco LLC, Walmart Inc., Wayfair Inc., and Williams Sonoma Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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