The Rise of the Outdoor Decor Market: Trends and Drivers
The outdoor decor market has seen significant growth in recent years, driven by factors such as the availability of sustainable and eco-friendly designs, the concept of indoor-outdoor living spaces, and a consumer shift towards colorful and aesthetic outdoor decor. According to a report published by Allied Market Research, the global outdoor decor market size was valued at $83 billion in 2022 and is projected to reach $117.7 billion by 2032, growing at a CAGR of 3.5% from 2023 to 2032. Let us explore the key drivers behind this growth.
Increased Demand in the Residential Sector
The growth of the outdoor decor industry is significantly fueled by its increased demand in the residential sector. Customers outfit their houses to suit their preferences, and the plethora of decor items in all sizes, shapes, and patterns makes this possible. The creation of outdoor rooms, which include outdoor kitchens, dining areas, lounges, and entertainment areas, is one of the main causes driving the outdoor decor business. In addition, there has been a yearly decrease in the air quality index, which has been linked to many health issues, leading to a need for outdoor decor items for creating vertical gardens in residential outdoor spaces.
Sustainable and Eco-Friendly Designs
Consumers are increasingly interested in products made from recycled or renewable materials, as well as those designed with minimal environmental impact in mind, owing to the growth in emphasis on sustainable and eco-friendly outdoor decor. Eco-conscious decor items, such as reclaimed wood furniture, solar-powered lighting, and planters made from recycled materials, have gained popularity. In response to consumer demand, market participants have introduced outdoor furniture with novel designs and aesthetics.
Concept of Indoor-Outdoor Living Spaces
Consumers are investing in outdoor decor elements that create cozy and functional living areas, such as outdoor rugs, weather-resistant seating, and weatherproof lighting. The furniture segment held the highest market share in 2022, accounting for more than one-fifth of the global outdoor decor market revenue and is estimated to maintain its leadership status throughout the forecast period. Furthermore, customers can spend more on outdoor furniture due to the rise in disposable income. When choosing furniture, buyers have also given priority to factors like durability, style, and design.
Consumer Shift towards Colorful and Aesthetic Outdoor Decor
Customers prefer to examine and evaluate things before making a purchase. Specialty stores are selling more outdoor decor items at retail since customers often inspect the store’s assortment of colors, quality, and durability along with evaluating the accessories that fit them. The market for specialty stores has grown as a result of the increase in both residential and commercial construction, which is driving the demand for outdoor decor products.
The Asia-Pacific market held the highest market share in 2022, accounting for nearly one-third of the global outdoor decor market revenue and is estimated to maintain its leadership status throughout the forecast period. The Asia-Pacific market is witnessing growth owing to rapid urbanization and an increase in disposable income in Asian countries like China, Vietnam, and India. The growing middle class in China has made it the industry leader in terms of revenue for outdoor decor. Furthermore, online shopping is becoming popular in the area, which is contributing significantly to the expansion of the market.
The outdoor decor market has witnessed significant growth in recent years, driven by increased demand in the residential sector, sustainable and eco-friendly designs, the concept of indoor-outdoor living spaces, and a consumer shift towards colorful and aesthetic outdoor decor. With the Asia-Pacific region at the forefront of this growth, the market is poised to continue expanding in the coming years.
Originally Post From https://finance.yahoo.com/news/outdoor-decor-market-expected-reach-060100224.html
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