The analysts forecast the wall décor market in the US to grow at a CAGR of 8.41% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the wall décor market in the US for 2016-2020. To calculate the market size, the report considers the revenue generated from the sale of wall décor products sold by retailers. Market sizing has been done only for the products outlined in the report and does not include sales from galleries, museums, fairs, and auctions, and re-sale value of old/antique wall décor.
A trend which is helping to boost market growth immensely is the online retailing of wall décor. Wall décor manufacturers and retailers have begun selling artwork and designer wall décor products online. They are entering the e-commerce market with attractive websites and product offers. Companies such as IKEA, Wayfair, and Ashley Furniture have already entered the e-commerce market and make their products available online, often at reduced prices and with free shipping. The online platform allows manufacturers to widen their reach without the need for physical brick-and-mortar presence. It also helps reduce costs involved in warehousing at different locations.
According to the report, a key growth driver is the globalization of vendors. The US attracts global wall décor vendors to its market. This is bringing in new designs, styles, and varied wall décor products and encouraging consumers to buy them. In 2015, for instance, the US was one of the top markets for wall décor products for Europe based IKEA. The company has 42 stores in the US.