The global online home decor market size is poised to grow by USD 83.32 billion during 2020-2024, progressing at a CAGR of almost 13% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Online Home Decor Market 2020-2024 (Graphic: Business Wire)
The growth of the global real estate and commercial construction industry is one of the key factors driving the growth of the online home decor market. The other significant factor contributing to online home decor sales is the increasing number of renovation and modification projects. Factors such as the growing tech-savvy population, increasing internet penetration, and the growth of the organized online retail sector have encouraged residents to order home furnishing items online. Moreover, the availability of various online home decor vendors, with wide product offerings, is providing customers with a wide range of furniture and furnishings to choose from. As a result, the online home decor market growth should be substantial over the forecast period.
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The major online home decor market growth came from the online home furniture segment. The increasing use of digital platforms such as Instagram, Facebook, and LinkedIn has augmented online sales of furniture. Moreover, the integration of AR/VR technologies has enhanced the online shopping experience for customers. Vendors are using these technologies to