From Home Furnishing Business
Online Spending to Accelerate Home Decor Growth
The global online home decor market is expected to grow at a compound annual growth rate (CAGR) of more than 19 percent until 2020, according to the latest research study by London-based Technavio, a global technology research and advisory company.
The research report, titled Global Online Home Decor Market 2016-2020, provides analysis of market growth in terms of revenue and emerging market trends. It also includes up-to-date analysis and forecasts for various market segments, including furniture, home furnishings and other home decorative products.
“The average amount of money spent online per transaction, as well as the number of transactions that take place online, is increasing worldwide,” said Brijesh Kumar Choubey, a lead analyst for Technavio. “Increase in the number of Internet users and a surge in the ‘buy it now’ phenomenon is contributing to the growth of the market. In addition, the ease and time-saving aspects of online shopping with the wide range of products are encouraging consumers to purchase online instead of a physical store.”
Brijesh added that increased security of online payments, availability of free delivery, improved online customer service and the user-friendly design of shopping websites are contributing to the growth of this market.
“The number of online buyers have increased from 1.12 billion in 2014 to 1.23 billion in 2015, and this trend will likely continue to support the growth of the online home decor until 2020,” Brijesh said.
Technavio develops more than 2,000 pieces of research every year, covering more than 500 technologies across 80 countries.