Key regions: India, France, United States, Canada, Denmark
The Home Décor market in Australia has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: Customers in Australia have shown a growing interest in home décor, with a particular focus on creating stylish and personalized living spaces. They are increasingly seeking unique and high-quality products that reflect their individual tastes and lifestyles. This has led to a rise in demand for a wide range of home décor items, including furniture, lighting, textiles, and accessories. Additionally, customers are becoming more conscious of sustainability and are seeking eco-friendly and ethically sourced products.
Trends in the market: One of the key trends in the Australian home décor market is the growing popularity of online shopping. Customers are increasingly turning to online retailers to browse and purchase home décor products, attracted by the convenience, wide product selection, and competitive prices offered by online platforms. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across various industries. Another trend in the market is the rising demand for Australian-made and locally sourced home décor products. Customers are showing a preference for supporting local businesses and artisans, as well as products that showcase Australian design and craftsmanship. This trend is also driven by the desire for unique and authentic pieces that cannot be found in mass-produced items.
Local special circumstances: Australia's unique natural environment and diverse cultural heritage have a significant influence on the home décor market. The country's stunning landscapes, such as the Great Barrier Reef and the Outback, inspire designs that incorporate natural materials and colors. Aboriginal art and indigenous cultural motifs also play a role in the home décor market, with customers seeking products that celebrate and respect Australia's indigenous heritage.
Underlying macroeconomic factors: Australia's strong economy and high standard of living contribute to the growth of the home décor market. As disposable incomes rise, customers have more purchasing power to invest in home improvement and decoration. Additionally, the country's stable housing market and high homeownership rates provide a solid foundation for the home décor industry. In conclusion, the Home Décor market in Australia is experiencing growth due to changing customer preferences, including a focus on personalization and sustainability. Online shopping and the demand for locally made products are also driving the market. Australia's unique natural environment and cultural heritage further shape the home décor trends in the country. The strong economy and high standard of living support the growth of the market.
Data coverage:
Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.Modeling approach / Market size:
Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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