We have spent more time inside our homes than ever in the past few years due to lockdowns and restrictions. People have spent so much time at home that they finally realize the importance of creating a comfortable and beautiful living space.
As we finally reach the end of the COVID-19 pandemic, many people are taking time to reevaluate their homes and find ways to improve them. As a result, the global home décor market has been expanding rapidly. In 2023, the global home décor market is valued at US$826 billion and expected to continue upwards with a Compound Annual Growth Rate (CAGR) of 4.46% up to 2027[1].
Region-wise, Asia-Pacific is expected to dominate and witness the highest growth in this market, with a forecasted CAGR of 7.5% – almost double of the US markets[2][3]. This is due to the increasing urbanization and disposable income of markets such as Mainland China and India.
Home Décor Trends for 2023-24
#1 Sustainable Materials
With increased consumer awareness to reduce carbon footprint, homeowners constantly seek eco-friendly pieces to add to their living spaces. According to industry experts, there will be a huge market interest in companies that provides new life to home décor[4].
Various research also suggests that most consumers are willing to pay more for environmentally friendly alternatives[5][6]. This means choosing décor made from sustainable materials like reclaimed wood, bamboo, and other naturally sourced fabrics. These home décors also add a taste of nature and comfort to any living space.
#2 Dopamine Décor
Stemming from the concept of Dopamine Dressing, Dopamine Décor is the idea of using bold colors and patterns to evoke a feeling of happiness. According to previous studies, an environment with vivid colors profoundly impacts our mood and behavior[7].
With consumers being more in touch with their emotions and mental well-being, a boost of mood-lifting accent gives a home environment an element of fun and vividness. From bright pink cushions to zesty orange walls, experts believe that Dopamine Décor will remain popular throughout the year.
#3 Mixed Metals
Combining modernity and style, mixed metallics can easily add a touch of luxury and a futuristic tone to any home. Though the idea of merging different metals like gold, copper, or silver in one piece has been around for a few years, experts are seeing a spin-off of this trend by adding touches of metal to matte décor for a stronger contrast.
#4 Everything Old is New Again
Thanks to social media, the younger generation is witnessing the glamor of vintage items and appreciating the uniqueness of the 70s. According to a trending image-sharing and social media platform, antique and vintage designs are expected to trend up to 850% in 2023[8].
Consumers feel that vintage-styled home décor adds character to a space and allows homeowners to create a home that reflects their personal style. The key to this trend is maintaining a balance between old and new. For example, experts suggest that consumers should add a touch of vintage décors by swapping out dining room chairs from a contemporary setting to create a look that is truly unique to its owner.
A House of Style
HKTDC is back with another 5 in 1 lifestyle fair featuring shows ranging from home-style products and home textiles to fashion, gifts and packaging. The fair showcases a melting pot of products revolving around the theme of ‘L.I.F.E’ and aims to intrigue buyers with people-centric designs, functionality, aesthetics, and sustainable concepts.
With home décor as its focal point, the ‘Home InStyle’ is one of the five featured fairs that target to inspire and connect businesses with each other. Home InStyle provide buyers and businesses with product segments ranging from interior décor to kitchenware and bath products.
Register now and join us in our 5-in-1 Lifestyle Show from 19-22 April 2023 by clicking the banner below:
You can also source in-style home products online via below:
- https://www.marketwatch.com/press-release/home-decor-market-2023-business-strategies-in-current-report-of-117-pages-forecast-timeframe-2027-2023-01-15
- https://www.statista.com/outlook/cmo/furniture/home-decor/asia
- https://www.mordorintelligence.com/industry-reports/us-home-decor-market
- https://www.countryliving.com/uk/homes-interiors/interiors/a41719937/interior-trends-2023/
- https://www.businesswire.com/news/home/20211014005090/en/Recent-Study-Reveals-More-Than-a-Third-of-Global-Consumers-Are-Willing-to-Pay-More-for-Sustainability-as-Demand-Grows-for-Environmentally-Friendly-Alternatives
- https://www.statista.com/statistics/1092352/consumers-willingness-to-pay-for-environmentally-friendly-home-furniture-us/
- https://journals.sagepub.com/doi/pdf/10.1177/2158244014525423
- https://business.pinterest.com/en-us/pinterest-predicts/2023/hipstoric-home/
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