Home décor products have become an imperative factor and a part of the lifestyle of an individual. Among the different types of home décor products, wall décor comprises of an imperative part of the overall outlook of the interior of house. In recent times, wall décor products have become a trend among the consumers, especially among the young generation. Over the years, due to the lucrative nature of the market, many new players have emerged to serve this market.
Rapid growth in online retailing is one of the key factors pushing the demand for wall décor products at present. Rapid advancements in the field of technology and the influx of 4G and 5G internet services have lured the manufacturers to sell their products online. This gives them access to a broader base of consumers. Further, owing to the emergence of several ecommerce companies in the past few years, the manufacturers have engaged themselves in aggressive marketing and promotional activities by way of offering lucrative discounts in order to attract the population.
Rising disposable income of the consumers is another key factor pushing the demand for wall décor products. High paid consumers seldom think before buying such products for their home. This surge in demand for wall décor products is also fuelled by the transition in the lifestyle of the consumers and changing taste and preference.
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Additionally, the real estate industry in the developed countries such as U.S., Germany, U.K. and France among others have witnessed a significant surge over the past few years which in turn is fuelling the demand home lifestyle products such as wall décor products. GDP growth in major countries is another factor driving the demand for wall décor products as well.
However, the market is expected to face hindrance from the underdeveloped countries, where consumer exposure toward such products is very low. Wall décor products also lose out on high price competency as price sensitive consumers often refrain themselves from buying such products.
Based on products, the market has been classified into wall arts, wall clocks, picture frames, wall mirrors, sculptures/posters, hanging cabinets and shelves among others. In terms of revenue, wall arts are expected to lead the market throughout the forecast period, on account of high price of such products. Wealthy art enthusiast finds major interest in collecting such arts for their homes. Further, it is expected that owing to the increasing disposable income of the consumers, this demand for this segment will intensify further in the future.
Based on distribution channel, the wall décor market can be classified into art galleries, online channels and independent stores among others. Art galleries still find major demand for wall décor products. However, online channels are expected to boost the sales of such products in the future.
The market is also segment on the basis of consumer segments into mass and premium. The premium segment is the major contributor to the overall revenue growth of the wall décor market owing to their affordability of such products. However, the mass market is a lucrative target audience, which is expected to boost the volume growth of wall décor product in the future.
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Based on regions, the market is classified into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America and Europe are major markets for wall décor products on account of the premium lifestyle of most of the consumers residing in those regions. However, Asia Pacific is anticipated to project the fastest growth rate during the forecast period.
The market for wall décor is dominated by several small scale players. However, the retailers for wall décor range from furniture stores to online stores. Some of the major players operating in this market include Bed Bath & Beyond, IKEA, Home Depot, Wal-Mart and various others.
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This post was originally published on The Market Plan