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Shopping for Home Décor - US - June 2016

Home décor is a $38+ billion industry, according to 2015 consumer expenditure data, and is forecasted for continued growth through 2021 when sales should reach $45.8 billion, 19% above this year’s estimates. Most purchasing occurs in-store, but growth is coming from online channels as more and more consumers are lured by the convenience of online shopping. Traditional home furnishings retailers do need to be more aggressive at protecting their territories though, as other channels that sell home décor – particularly those of a value orientation – are making serious inroads.

This report examines the following issues:

  • Outlook positive for home décor market
  • Competition for share of wallet is getting intense
  • Growth is coming from online, with Millennials leading the charge

The purpose of this Report is to identify behaviors and preferences among consumers when shopping for home décor items. The analysis in this Report covers the following categories:

  • Picture frames
  • Vases
  • Decorative bowls
  • Candlesticks/candleholders
  • Candles
  • Diffusers
  • Wall art
  • Clocks
  • Trays
  • Coasters
  • Lamps/lighting (table lamps, floor lamps, lanterns)
  • Mirrors
  • Collectibles/keepsakes
  • Sculptures/artwork/figurines
  • Decorative pillows/throw blankets
  • Rugs/doormats
  • Baskets
  • Fake/silk flowers or plants
  • Holiday/seasonal décor

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • The issues
          • Outlook positive for home décor market
            • Figure 1: Total US consumer expenditures and fan chart forecast of home décor, at current prices, 2011-21
          • Competition for share of wallet is getting intense
            • Figure 2: Retailers shopped for home décor, April 2016
          • Growth is coming from online, with Millennials leading the charge
            • Figure 3: Method of purchasing, by generation, April 2016
          • The opportunities
            • Focus on the enthusiasts
              • Figure 4: Consumer segmentation custom groups, by household income, April 2016
              • Figure 5: Influencers, by Décor Enthusiasts, April 2016
            • Understand consumer motivations
              • Figure 6: Reasons for buying home furnishings, April 2016
            • Be nimble enough to adjust to changing consumer style preferences
              • Figure 7: Style preferences, by Décor Enthusiasts and Value Conscious consumer segments, April 2016
            • What it means
            • The Market – What You Need to Know

              • Market slated for growth
                • Housing market shows signs of improvement
                  • Refreshed emphasis on craftsmanship
                    • DIY home improvement on the incline
                    • Market Size and Forecast

                      • Home décor expenditures expected to grow through 2021
                        • Figure 8: Total US consumer expenditures and fan chart forecast of home décor, at current prices, 2011-21
                        • Figure 9: Total US consumer expenditures and forecast on home décor, at current prices, 2011-21
                    • Market Factors

                      • 2016 off to a slower start, but confidence levels still high
                        • Figure 10: Consumer confidence and unemployment, 2007-April 2016*
                      • Housing market trends can directly impact home décor sales
                          • Figure 11: US new privately owned housing stats, seasonally adjusted, in thousands, 2005-15
                        • Single-person households are worth monitoring
                          • Interest remains in artisan products and locally produced goods
                            • DIY trends impact the market
                              • Minimization among urbanites becomes more common
                                • Figure 12: Timing of last purchase, by area, April 2016
                            • Key Players – What You Need to Know

                              • Value-centric retailers are sitting pretty
                                • Department stores are in trouble
                                  • Gray and metallic palettes among favorites
                                    • Personalized choice is now expected
                                    • What’s Working?

                                      • Value-centric brands continue to thrive
                                        • Shades of gray and metallic colors are in vogue
                                        • What’s Struggling?

                                          • Department stores see softness in current retail climate
                                          • What’s Next?

                                            • Paying for loyalty programs?
                                              • Home décor is a personal choice, and consumers want just that – a personal choice
                                                • Seeing is believing: Augmented reality becomes reality
                                                • The Consumer – What You Need to Know

                                                  • Younger generations are active buyers
                                                    • Nearly one in five consumers buy on impulse
                                                      • Growth coming from online
                                                        • So many places, so little time
                                                          • Style is a personal choice
                                                          • Timing of Last Purchase

                                                              • Nearly half of consumers made a recent purchase
                                                                • Figure 13: Timing of last purchase, April 2016
                                                              • Younger consumers are key targets
                                                                • Figure 14: Timing of last purchase – within the last 12 months, by key demographics, April 2016
                                                              • Homeowners and those in larger households more likely to buy
                                                                • Figure 15: Timing of last purchase – Within the last 12 months, by primary residence, April 2016
                                                                • Figure 16: Timing of last purchase – Within the last 12 months, by household size, April 2016
                                                            • Repertoire analysis and consumer segmentation

                                                                • Repertoire analysis
                                                                    • Figure 17: Repertoire of home décor items purchased, April 2016
                                                                  • Consumer segmentation
                                                                      • Figure 18: Consumer segmentation custom groups, by select demographics, April 2016
                                                                  • Home Décor Items Purchased

                                                                      • Little extras can make a big difference in the home
                                                                        • Figure 19: Home décor items purchased, April 2016
                                                                      • One third celebrate seasonal changes and holidays by decorating
                                                                        • Figure 20: Holiday/seasonal décor purchased, by gender and age, April 2016
                                                                      • Consumers gift themselves more than others
                                                                        • Figure 21: Reasons for buying home furnishings, April 2016
                                                                      • What’s old is new again?
                                                                      • Reasons for Buying Home Décor

                                                                          • Most purchases are planned, but opportunity exists to garner more impulse buys
                                                                            • Figure 22: Reasons for buying home furnishings, April 2016
                                                                          • Who is more likely to splurge on home items?
                                                                            • Figure 23: Buying as a treat and on impulse, by generation, April 2016
                                                                            • Figure 24: Buying as a treat and on impulse, by race and Hispanic origin, April 2016
                                                                        • Method of Purchasing

                                                                            • Highly visual category draws in-store shoppers, but growth is coming from online
                                                                                • Figure 25: Method of purchasing, April 2016
                                                                              • Millennials lead the way in terms of online and mobile shopping
                                                                                • Figure 26: Method of purchasing, by generation, April 2016
                                                                              • Online purchase incidence increases as engagement rises
                                                                                • Figure 27: Method of purchasing, by repertoire of home décor items purchased and custom groups, April 2016
                                                                              • In their words
                                                                              • Retailers Shopped for Home Décor

                                                                                  • Traditional home furnishings retailers and broad-reaching merchants
                                                                                    • Home furnishings retailers face strong competition from Walmart and Target
                                                                                      • Figure 28: Retailers shopped for home décor, April 2016
                                                                                      • Figure 29: Retailers shopped for home décor, by custom groups, April 2016
                                                                                    • Everybody wants a deal
                                                                                      • Figure 30: Retailers shopped for home décor, by household income, April 2016
                                                                                    • Other retailers/channels shopped
                                                                                      • Home improvement stores top the list
                                                                                        • Figure 31: Other channels shopped for home décor, April 2016
                                                                                        • Figure 32: Other retailers shopped for home décor, April 2016
                                                                                      • In their words
                                                                                      • Influencers

                                                                                          • Consumers actively engage with media for inspiration
                                                                                            • In-store displays can invoke imagination
                                                                                              • Figure 33: Influencers, April 2016
                                                                                            • Millennials seek inspiration online
                                                                                              • Figure 34: Influencers, by generation, April 2016
                                                                                            • Interior designers appeal to multicultural consumers
                                                                                              • Figure 35: Influencers, by race and Hispanic origin, April 2016
                                                                                            • Home enthusiasts well-served to be brand ambassadors
                                                                                              • Figure 36: Influencers, by Décor Enthusiasts, April 2016
                                                                                          • Attitudes and Behaviors toward Buying Home Décor

                                                                                              • Consumers are willing to try a new store
                                                                                                • Figure 37: Attitudes and behaviors toward buying home décor – Loyalty statements, April 2016
                                                                                              • In their words
                                                                                                • The right item trumps brand
                                                                                                  • Figure 38: Attitudes and behaviors toward buying home décor – Role of brand statements, April 2016
                                                                                                  • Figure 39: Agreement to “brand name is very important to me,” by select demographics, April 2016
                                                                                                • In their words
                                                                                                  • Consumers will pay for quality
                                                                                                    • Figure 40: Attitudes and behaviors toward buying home décor – High-end versus low-end products, April 2016
                                                                                                  • Important attributes – in their words
                                                                                                  • Style Preferences

                                                                                                      • Most consumers prefer traditional and classic looks
                                                                                                        • Figure 41: Style preferences, April 2016
                                                                                                      • Millennials have the widest range of style preferences
                                                                                                        • Figure 42: Style preferences, by generation, April 2016
                                                                                                      • Regional variations signify an opportunity to localize assortments
                                                                                                        • Figure 43: Style preferences, by region, April 2016
                                                                                                      • In their words
                                                                                                        • Their style
                                                                                                          • Favorite rooms and items
                                                                                                            • How clothing and fashion styles transcend the home
                                                                                                              • Influence of others
                                                                                                              • Appendix – Data Sources and Abbreviations

                                                                                                                • Data sources
                                                                                                                  • Sales data
                                                                                                                    • Fan chart forecast
                                                                                                                      • Consumer survey data
                                                                                                                        • Consumer qualitative research
                                                                                                                          • Direct marketing creative
                                                                                                                            • Abbreviations and terms
                                                                                                                              • Abbreviations
                                                                                                                                • Terms
                                                                                                                                • Appendix – Market

                                                                                                                                    • Figure 44: Total US consumer expenditures and forecast on home décor, at inflation-adjusted prices, 2011-21
                                                                                                                                • Appendix – Key Players

                                                                                                                                    • Figure 45: Target, Email ad for Marimekko, April 2016
                                                                                                                                    • Figure 46: Target, Email ad for Pillowfort and other home goods, March 2016
                                                                                                                                • Appendix – Consumer

                                                                                                                                  • Additional qualitative
                                                                                                                                    • Role of brand
                                                                                                                                      • How clothing and fashion styles transcend the home

                                                                                                                                      Companies Covered

                                                                                                                                      To learn more about the companies covered in this report please contact us.

                                                                                                                                      Shopping for Home Décor - US - June 2016

                                                                                                                                      US $3,995.00 (Excl.Tax)