This report covers the furniture and home decor market in the US in extensive detail. Strategise according to cutting-edge consumer research and market insights that keep you ahead of the competition. Below, we summarise the key areas analysed and offer handpicked insights from the report.
Key Areas Analysed
- The macroeconomic factors impacting the furniture and home décor market.
- What items are purchased by consumers and why.
- Reasons to shop for furniture and home décor.
- Where consumers purchase home items.
- Attitudes towards furniture and home décor.
US Home Decor Market Overview
The furniture and home décor market is stabilising after a pandemic-induced surge, with a shift towards paying more for items but less frequently, and a focus on experiences over tangible home items. To stay competitive, businesses will embrace digital solutions like AR, AI, and 3D visualisations for personalised, engaging shopping experiences, while exploring virtual worlds for immersive consumer interactions. As expectations evolve, brands that embrace corporate social responsibility, and offer sustainable and ethical alternatives will be preferred by consumers. Find a more detailed analysis in our 2023 report.
- US home decor market size: The furniture and home furnishings market is forecasted to hit $338 billion in value in 2023, representing a 5.9% year-on-year increase.
Opportunities From Consumer Trends
Empower discerning consumers
Home decor shoppers are adopting a meticulous and careful approach when it comes to home décor purchases. Mintel’s consumer research shows that consumers use online resources to research their potential buys, including reading reviews, comparing prices, and perusing various online stores. To cater to this discerning consumer, brands and retailers need to provide integrated shopping experiences that meld the digital and physical realms, ultimately empowering shoppers with a sense of confidence and control.
Ethical shopping is growing
An emerging trend in the US home decor market is ethical shopping, with a notable rise amongst younger consumers. They are evaluating brands based on their ethics, putting a premium on corporate social responsibility. Key areas of focus for these consumers include employee welfare, environmental sustainability, and diversity, equity, and inclusion (DEI). Our Corporate and Social Responsibility Report covers this in more detail.
Find more market opportunities and competitive strategies in the full report. Alternatively, browse our retail market research.
What’s Covered: Segments and Brands
Home décor: Picture frames, vases, decorative bowls, candlesticks/candleholders, candles, diffusers, wall art, clocks, trays, coasters, lamps/lighting (table lamps, floor lamps, lanterns), mirrors, collectables/keepsakes, sculptures/artwork/figurines, decorative pillows/throw blankets, rugs/doormats, baskets, fake/silk flowers or plants, holiday/seasonal décor, home décor items. It excludes paint, wallpaper, window treatments (eg drapes, blinds).
Furniture: Upholstered furniture; sleep equipment (eg mattresses, springs, cots, waterbeds); sleep sofas, daybeds, futons, and other dual-purpose pieces; living room, dining room, and bedroom furniture (excluding mattresses/sleep equipment and sleep sofas/other dual-purpose pieces); office furniture, including computer-related furniture; outdoor/patio furniture and all other furniture, including kitchen, dinette, etc.
Although this Report focuses mainly on home décor (eg clocks, lamps, lighting fixtures, and other household decorative items), the market size covers the broader category of home furnishings. This includes home décor, carpet and floor coverings, and window treatments.
A number of brands relevant to the scope of this report are covered, including but not limited to Pottery Barn, Home Depot, West Elm, Branch, and IKEA. Developments in the industry and competitive strategies are also discussed in the context of these brands and others.
Additional Features Included in Your Report
Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as an Infographic and an Excel Databook.
Mintel’s Clients Portal: Our portal offers instant access to actionable analysis and trends pieces relevant to your industry that are published almost daily. You can also browse for more market research reports.
Expert Analysis from a Retail Specialist
This report, written by Marisa Ortega, a leading retail analyst, delivers in-depth commentary and analysis to highlight current trends in the US home decor market, adding expert context to the numbers.
Today’s home goods consumers are looking for affordable, versatile, and eco-friendly items. They also want a flexible and seamless shopping experience that allows them to make more informed purchasing decisions. To meet these consumer needs, companies will want to be strategic with their inventories and make environmental sustainability a priority.
Marisa Ortega
Retail & eCommerce Analyst
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Overview
- What you need to know
- This Report looks at the following areas
- Definition
- Market context
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Executive Summary
- Top Takeaways
- Consumer trends
- Figure 1: Items purchased, 2022-23
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- Figure 2: Shopping channel, 2023
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- Figure 3: Sources of inspiration, by age; parental status, 2023
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- Figure 4: Desired service offerings, 2023
- Competitive strategies
- Retailers promote inclusivity to keep consumers engaged with the category and drive loyalty
- Product assortments are expanding to appeal to a wider consumer base
- Expanding audience reach by appealing to trade professionals
- Market predictions
- Figure 5: Total US retail sales and forecast of furniture and home furnishings, at current prices, 2017-27
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- Figure 6: Shopping for the home outlook, 2023-28
- Opportunities
- Collaborate to differentiate from competitors and appeal to a wider audience
- Adjust inventories to reflect consumers’ shopping behaviors
- Leverage circularity to support and attract younger consumers
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Market Size and Forecast
- Demand for furniture and home décor reaches a plateau
- Figure 7: Total US retail sales and forecast of furniture and home furnishings, at current prices, 2017-27
- Figure 8: Total US retail sales and forecast of furniture and home furnishings, at current prices, 2017-27
- Demand for furniture and home décor reaches a plateau
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Segment Performance
- Furniture takes biggest hit as consumers’ spending shifts
- Figure 9: Total US retail sales and forecast of furniture and home furnishings, by segment, at current prices, 2017-27
- Figure 10: Category approach, by gender; age; race and Hispanic origin; housing situation, 2023
- Furniture takes biggest hit as consumers’ spending shifts
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Market Drivers
- Uncertain economy and shifting priorities drive away home spending
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- Figure 11: Consumer Price Index change from previous year, 2020-22
- The housing market remains soft amid high mortgage rates
- Sustainability comes into focus for brands and consumers alike
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- Figure 12: Hoek communicates its value and sustainable commitment
- Technology is paramount to enhance the shopping experience
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- Figure 13: West elm creates an interactive home design experience on Roblox
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Competitive Strategies and Market Opportunities
- Pottery Barn takes inclusivity to the next level by launching a collection for people with disabilities
- Figure 14: Pottery Barn launched a collection for people with disabilities
- Home improvement retailers expand their furniture and home décor offerings
- Figure 15: Home depot expands into the kids’ category
- West Elm teams up with office furniture start-up Branch
- Figure 16: Branch partners with West Elm to cover the needs of corporate and residential consumers
- Ikea makes its stores more accessible to urbanites
- Figure 17: Ikea explores a small-format store strategy
- Pottery Barn takes inclusivity to the next level by launching a collection for people with disabilities
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The Furniture and Home Décor Consumer – Fast Facts
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Items Purchased
- Home Décor
- Items that promote comfort and improve the atmosphere at home are a priority
- Figure 18: Items purchased – Home décor, 2022-23
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- Figure 19: Crate and Barrel highlights various lighting options
- The home is a gateway to self-expression, particularly for younger adults and women
- Figure 20: Items purchased – Home décor, by gender and age, 2023
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- Figure 21: Repertoire of types of home décor items purchased, 2023
- Figure 22: Home Depot highlights home décor ahead of the beginning of the academic year
- Parents shop for home décor with the needs of their children in mind
- Figure 23: Items purchased – Home décor, by parental status, 2023
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- Figure 24: Ruggable highlights its versatility
- Furniture
- Adapt to changing consumers’ needs for furniture
- Figure 25: Amazon stays relevant with customers by keeping up with current furniture trends
- Figure 26: Items purchased – Furniture, by age, 2023
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- Figure 27: Floyd promotes its furniture as solutions for modern lifestyles
- Offer furniture solutions for growing families
- Figure 28: Items purchased – Furniture, by parental status, 2023
- Figure 29: LoveSac supports parents’ specific needs
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Shopping Drivers
- Impulse purchases and seasonality are critical to drive sales as spending shifts away from the home
- Figure 30: Ruggable introduced a collaboration with Iris Apfel
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- Figure 31: Shopping drivers, by age, 2023
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- Figure 32: Home depot inspires home makeovers
- Value plays a key role to attract multicultural consumers
- Figure 33: Shopping drivers, by race and Hispanic origin, 2023
- Impulse purchases and seasonality are critical to drive sales as spending shifts away from the home
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Retailers Shopped and Influential Factors
- Shoppers consider a variety of factors when determining which retailers to patronize
- Figure 34: CB2 promotes its trade program to attract professionals
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- Figure 35: Retailers shopped, 2023
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- Figure 36: Havenly takes the in-store experience to the next level by democratizing design services
- Engage younger shoppers with captivating shopping experiences and retention strategies
- Figure 37: Retailers shopped, by age, 2023
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- Figure 38: Ikea leverages earth month to promote its Buy Back and Resell program
- Consumers are seeking more than a transactional experience
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- Figure 39: Interior define explores a new retail concept
- Figure 40: Joybird offers customizable furniture to appeal to consumers’ sense of style
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- Figure 41: Influential Factors, by gender; age, 2023
- Shoppers consider a variety of factors when determining which retailers to patronize
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Sources of Inspiration
- There is no limit in time or space to inspire consumers
- Figure 42: Anthropologie promotes items that go viral on social media
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- Figure 43: Sources of inspiration, by age; parental status, 2023
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- Figure 44: Amazon capitalizes on influencers to promote its home décor items
- There is no limit in time or space to inspire consumers
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Shopping Behaviors
- Consumers put in the work before making a purchase
- Figure 45: Shopping behaviors, 2023
- Brand ethics and customer service make a difference to consumers, especially younger generations
- Figure 46: Shopping behaviors, by age, 2023
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- Figure 47: Ikea launched an interior design service
- Consumers put in the work before making a purchase
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Desired Service Offerings
- Consumers are aware of their environmental impact
- Figure 48: Desired service offerings, by gender and age, 2023
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- Figure 49: Consumers share their home makeovers on social media
- Parents want to ensure their purchases have a positive environmental impact; furniture rentals serve as an area of opportunity
- Figure 50: Desired service offerings, by parental status, 2023
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- Figure 51: Loop offers baby gear for rent
- Consumers are aware of their environmental impact
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Attitudes toward Furniture and Home Décor
- Quality matters
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- Figure 52: Attitudes toward shopping the category, by age, 2023
- Figure 53: West Elm promotes the versatility of its new collection
- Black consumers are intentional when shopping for their living spaces
- Figure 54: Attitudes toward shopping the category, by race and Hispanic origin, 2023
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- Figure 55: Wayfair leverages Black History Month to resonate with Black consumers
- Home choices impact consumers’ state of mind
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- Figure 56: Attitudes toward furniture and home décor, by gender; age; parental status, 2023
- Figure 57: Shoppe amber Interiors resonates with consumers through the emotional impact of living spaces
- Circular shopping provides benefits for consumers and brands alike
- Figure 58: Attitudes toward furniture and home décor, by age; parental status, 2023
- Create meaningful collaborations to drive the appeal of home items
- Figure 59: Attitudes toward furniture and home décor, by gender; age; LGBTQ+, 2023
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- Figure 60: Anthropologie’s collaboration strategy serves to appeal to a wide audience
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Appendix – Data Sources and Abbreviations
- Data sources
- Sales data
- Forecast
- Consumer survey data
- Consumer qualitative research
- Abbreviations and terms
- Abbreviations
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Appendix – The Market
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- Figure 61: Total US retail sales and forecast of furniture and home furnishings, at inflation-adjusted prices, 2017-27
- Figure 62: Consumer Sentiment Index, 2010-23
- Figure 63: Labor force participation rate, 2010-23
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Appendix – The Consumer
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- Figure 64: Items purchased – Furniture, 2022-23
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- Figure 65: Repertoire of types of furniture items purchased, by financial situation, 2023
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- Figure 66: Homeownership rate, by race of householder, 2012-21
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- Figure 67: Homeownership rate, by Hispanic origin of householder, 2012-21
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- Figure 68: Homeownership rate, by age of householder, 2012-21
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- Figure 69: Median household income, by race and Hispanic origin of householder, 2020
- Online discussion panel verbatims
- Preferred shopping channel
- Purchase drivers
- Home style
- Shopping considerations
- Sources of inspiration
- Areas of opportunity to enhance the shopping experience
- Shopping pain points
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