South Korea Home Decor Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 3.80% (2024-2032)
The home decor industry in South Korea is flourishing, driven by evolving lifestyle trends, innovative designs, and growing consumer demand for stylish living spaces. According to the latest report by IMARC Group, South Korea home decor market size reached USD 14.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 20 Billion by 2032, exhibiting a growth rate (CAGR) of 3.80% during 2024-2032.
South Korea Home Decor Industry Trends and Drivers:
The South Korea home decor market is growing at a steady pace, this is due to factors such as an increase in income, and focus on making the home look beautiful. Customers are now more willing to spend their money on beautiful, useful, and quality home decor products that help express their personality and meet the requirements of contemporary interior design. There is an especially high demand for simple, traditional, and Nordic design solutions, which emphasize simplicity, pastel colors, and the versatility of the furniture. Furthermore, the growing popularity of smart homes has greatly contributed to the increasing demand for tech-enabled home decor products such as smart lighting, motorized shades, and furniture with integrated charging stations. Therefore, home decor retailers have begun to develop e-commerce and digital marketing to reach more customers. The growth of online shopping has been further boosted by the convenience of home delivery, thus further driving the growth of the market; this enables consumers to shop for a wide variety of products from the comfort of their homes. This is because social media platforms such as Instagram and Pinterest are also helping in shaping consumer behavior since influencers and interior designers post different ideas and products of homes and how they can be decorated to suit the current trend.
Sustainability is another trend mainly driving the home decor market of South Korea as consumers are now more conscious of the environmental impact of the purchases they make. As eco-friendly living emerges as a global trend, many consumers now prefer home furnishings made of bamboo, recycled wood, and organic fabrics. In response to this demand, brands are now providing a widening variety of environmentally friendly products, ranging from sustainable material-based furniture to home decor items produced with ethical manufacturing practices. The rise of DIY culture has also contributed to the market’s growth, with more people now choosing to create their own one-of-a-kind handmade decor pieces to complement their homes. Also, the increasing trend of living in small spaces, especially in urban areas, has increased the demand for compact and multifunctional furniture that can help maximize space. In the coming years, South Korean consumers are likely to keep on demanding products that are both stylish, functional, and sustainable as home decor trends continue to shift.
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South Korea Home Decor Industry Segmentation:
The report has segmented the market into the following categories:
Product Type Insights:
- Home Furniture
- Home Textiles
- Flooring
- Wall Decor
- Lighting
- Others
Distribution Channel Insights:
- Home Decor Stores
- Supermarkets and Hypermarkets
- Online Store
- Gift Shops
- Others
Regional Insights
- Seoul Capital Area
- Yeongnam (Southeastern Region)
- Honam (Southwestern Region)
- Hoseo (Central Region)
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current, and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include a thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape, and benchmarking analyses, pricing and cost research, and procurement research.
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