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U.S. home furnishings market share is expected to grow at a CAGR of 8.4%

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According to a new report published by Allied Market Research, entitled “US Home Decor Market by Product Type, Income Group, Price, Distribution Channel & Category: Opportunity Analysis and Industry Forecast, 2020-2027,” the size of the US home decor market was valued at $125,813.0 million in 2019, and is estimated to reach $158,929.1 million by 2027, representing a CAGR of 8.0% from 2020 to 2027. In 2019, the flooring segment made a significant contribution to the market share of US home furnishings, and is expected to grow at a CAGR of 8.4% over the forecast period.

The US home furnishings market has experienced significant growth over the years and is expected to grow at a steady pace over the forecast period. This is attributed to the fact that market players are focusing on developing environmentally friendly products, due to increasing environmental awareness. The flooring segment held the largest share of the total home furnishing market in 2019 and is expected to maintain its leading position over the forecast period due to widespread adoption of flooring

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The home furnishings market in the US is driven by an increase in disposable income and an improvement in living standards. In addition, consumers’ increasing affinity for consumer-friendly home decor products is expected to drive demand for home decor products. However, the availability of low-quality counterfeit products and fluctuations in the prices of raw materials used to manufacture these products are inhibiting market growth. Conversely, the surge in demand for trendy and unique furniture is expected to provide lucrative opportunities for the growth of the US home furnishings market.

The US home furnishings market is segmented based on product type, distribution channel, price, income group and category. Depending on the product type, the market is divided into furniture, home textiles and floor coverings. By distribution channel, it is fragmented into supermarkets and hypermarkets, specialty stores, e-commerce and others. Based on price, the market is segmented into premium and bulk. Based on the income group, the market has been segmented into lower middle income, upper middle income, and upper income. On the basis of category, the market has been segmented into eco-friendly and conventional.

According to the analysis of the home furnishing market in the US, the flooring segment generated the highest revenue in 2019 and is expected to remain dominant throughout the forecast period. The flooring segment is also expected to experience the highest growth rate of 8.4% from 2020-2027.

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According to the US Home Decor market forecast based on distribution channel, the specialty stores segment was the largest contributor to the US market in 2019 and is expected to remain dominant in 2020-2027. However, the e-commerce segment is expected to grow at a faster rate during the forecast period.

Based on price, the mass segment was the largest contributor to the US home furnishings market in 2019 and is expected to remain dominant in 2020-2027. However, the premium segment is expected to grow faster during the forecast period

Based on income group, the higher income segment was the largest contributor to the US home furnishings market in 2019 and is expected to remain dominant in 2020-2027. The upper middle income segment is expected to grow at a remarkable growth rate over the forecast period.

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Based on category, the conventional segment was the largest contributor to the US home furnishings market in 2019 and is expected to remain dominant in 2020-2027. The eco-friendly segment is expected to grow at the highest growth rate during the forecast period

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Key findings of the study

The US home furnishings market was valued at $125,813.0 million in 2020 and is estimated to reach $158,929.1 million by 2027, growing at a CAGR of 8.0% over the forecast period.
Based on product type, the flooring services segment is expected to experience the fastest growth, growing at a CAGR of 8.4% over the forecast period.
In 2019, by distribution channel, the specialty retail segment held the largest share, accounting for nearly half of the U.S. home decor industry.
In 2019, based on price, the mass segment was the most prominent segment and is expected to grow at a significant CAGR over the forecast period.
The conventional segment was the dominant segment in 2019, accounting for a significant share of the US market.

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https://www.globenewswire.com/news-release/2022/08/30/2506711/0/en/Global-DIY-Home-D%C3%A9cor-Market-Is-Expected-to-Generate-372- 06-Billion-by-2031-Allied-Market-Research.html

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Allied Market Research is a market research, consulting and advisory firm of Allied Analytics LLP. Founded in 2013, the company has been instrumental in providing high quality syndicated and customized market research reports, advisory services and useful insights to leading market players, startups, investors and stakeholders. Driven by the goal of eliminating substandard data and becoming a successful partner for organizations, Allied Market Research has continuously innovated since its inception, expanding its product and services portfolio and implementing the client-first approach. With a client base of more than 7,000 organizations, including a majority of Fortune 500 companies, AMR has a proven track record of helping and serving its global clientele and playing a key role in their success.

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