Home Décor - Vietnam

Vietnam

In Vietnam, the revenue in the Home Décor market Segment reaches €320.30m in 2024.
It is projected that the market will experience an annual growth rate of 5.09% (CAGR 2024-2029).
When compared to other countries worldwide, in the United States leads in terms of revenue generation, with €32,860m in 2024.
Looking at the population figures, in 2024, the per person revenue stands at 0.00.
Vietnamese consumers are increasingly embracing a minimalist and eco-friendly approach to home décor, prioritizing sustainable materials and natural elements.

Key regions: India, France, United States, Canada, Denmark

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Home Décor market in Vietnam has been experiencing significant growth in recent years. Customer preferences have shifted towards more modern and stylish home décor products, leading to an increase in demand for these items. Additionally, local special circumstances, such as the rising middle class and urbanization, have contributed to the development of the market. Underlying macroeconomic factors, such as a stable economy and increasing disposable income, have also played a role in the growth of the Home Décor market in Vietnam.

Customer preferences: in Vietnam have been evolving towards more modern and stylish home décor products. As the country becomes more urbanized and connected to global trends, Vietnamese consumers are increasingly seeking out contemporary and fashionable home furnishings. This has led to a rise in demand for products that are both aesthetically pleasing and functional, such as minimalist furniture and decorative items with clean lines and simple designs. Trends in the Home Décor market in Vietnam reflect these customer preferences. There has been a surge in the popularity of Scandinavian and minimalist design styles, with Vietnamese consumers embracing the simplicity and elegance of these aesthetics. Additionally, there is a growing interest in eco-friendly and sustainable home décor products, as consumers become more conscious of the environmental impact of their purchasing decisions. This trend is driving the demand for products made from natural and recycled materials, as well as those that are produced using environmentally friendly manufacturing processes.

Local special circumstances: in Vietnam have also contributed to the development of the Home Décor market. The rising middle class in the country has resulted in an increase in disposable income and purchasing power. As a result, more Vietnamese consumers are able to afford higher quality and more expensive home décor products. Additionally, urbanization has led to smaller living spaces, which has created a demand for compact and multi-functional furniture and décor items that can maximize the use of limited space.

Underlying macroeconomic factors: have also played a role in the growth of the Home Décor market in Vietnam. The country's stable economy and positive gdp growth have created a favorable environment for businesses in the home décor industry. Increasing disposable income has allowed Vietnamese consumers to spend more on non-essential items such as home furnishings. Furthermore, the government's efforts to promote the development of the retail sector and attract foreign investment have contributed to the expansion of the Home Décor market in Vietnam. In conclusion, the Home Décor market in Vietnam is experiencing significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. Vietnamese consumers are increasingly seeking out modern and stylish home décor products, driving the demand for contemporary designs and eco-friendly options. The rising middle class, urbanization, and increasing disposable income have also contributed to the development of the market. With a stable economy and government support, the Home Décor market in Vietnam is expected to continue its growth trajectory in the coming years.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.