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Technavio has published a new report on the wall decor market in the US from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the wall decor market in the US for 2017-2021. The Technavio report focuses on the wall décor market in the US, and covers different product segments as well as distribution channels along with the latest drivers and trends contributing to the growth of the market.
The wall décor market in the US is comprised of several product types such as wall art, sculptures, tapestries, and frames that are priced high due to the artistry involved in their making. Currently, the most preferred wall décor in the market is the wall art, followed by picture frames and wall clocks. The availability of customized and personalized offerings from several vendors form an effective value proposition for the wall décor market in the US.
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Technavio analysts highlight the following three factors that are contributing to the growth of the wall decor market in the US market:
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Transition in customer lifestyles, preferences, and tastes
An increased number of consumers in the US have begun investing in designer wall décors such as wall art, picture frames, and wall clocks. An increase in the average income levels, too, adds to the growth of the wall décor market in the US. Unique, designer wall décor products and customized interior designs are in high demand in the US market.
Narendra Nandaigari, a lead retail goods and services research analyst at Technavio, says, “Wall décor products are gifted during festivities and special occasions. Online platforms play a major role in generating interest for interior design trends among consumers. Several designers and bloggers partner with popular e-retailers, which ensures imparting a high degree of accessibility to the US consumers.”
Growth in real estate industry
Globally, the real estate industry has witnessed a significant surge over the past few years, especially in developed countries such as the US, Germany, the UK, and France. The growth in the real estate industry has fueled the demand for lifestyle products such as wall décor. Additional factors influencing the growth of the wall décor market in the US are smart packaging, the emergence of affordable home furnishing stores, and the advent of environment-friendly repairs.
“The GDP growth in the US market is a key factor that drives construction activities in the US. This has indirectly boosted the demand for home décor. In the US, the housing sector is showing signs of strong recovery post the global slowdown. Low-interest rates on mortgages and convenient credit access have also boosted the growth of the market,” adds Narendra.
Growing online and omni-channel retail
The advent of online shopping ensures that a major portion of the global population is investing their time in digital shopping. The wall-décor market in the US, too, has benefited from the advent of digital shopping portals. Overhead costs are lower in online stores as compared to brick-and-mortar stores, thus ensuring competitive product prices on digital platforms.
A rise in the prevalence of omnichannel retailing is another key growth driver of the wall-décor market in the US. Omni-channel retailing ensures maximum visibility of a product. Omni-channel retailing uses a mix of distribution channels like mobile stores, retail stores, mobile-app stores, online stores, and telephone sales for enhancing the degree of customer engagement.
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Source: Technavio Research