Home Decor – An ‘Improving’ Market
What many are now calling the ‘Great Recession’ that began in earnest in late 2008, continues to have far-reaching affects on the US and world economies. Signs of recovery are evident in many sectors, including the home decor market, which is ‘improving’ (pun intended!). The improvement is partially in response to the lagging housing market.
Along with many other industries and markets, the US housing market continues to show signs of recovery, yet it is far from what could be considered a full recovery. The number of overall existing home sales is up in 2013, vs. 2012, but the most recent report (Sept. 2013 data) showed a slight reduction in the number of sales over the previous month. Levels are still well below pre-recession activity:
Many Americans have changed their long term outlook on home ownership, and remodeling our current homes rather than upgrading to larger homes has never been more popular. Families are choosing to stay put and rework the spaces they already have. Home improvement is something people have long enjoyed, but the desire to stretch our dollars further, combined with a bent for living a more sustainable lifestyle has pumped new life and energy into both the home improvement industry and home décor market. The home décor market, estimated to be a $65.2 billion annual segment, continues to thrive.
Fueled by the popularity of do-it-yourself (DIY) home improvement television shows, people are tapping into their own creativity to maximize and customize their living spaces. Home improvement, home décor and home furnishing stores have been experiencing tremendous growth in the last decade. In addition to the change in home ownership attitude, another major factor contributing to the success of many of these businesses is improved products and marketing, particularly pre-packaged kits with all the needed supplies bundled together. These kits make it easy for inexperienced homeowners to be successful in their projects, and much less frustrated!
As homeowners remodel and update existing spaces, they often choose to refurnish and accessorize these rooms with brand new items to match their freshly painted walls and gleaming new floors. This trend is being reflected through increased sales for home furnishing and home décor stores. Ready-made and attractive decorative accessories are very popular, and homeowners can mix and match pieces together to make unique and affordable spaces. Many direct sales home decor businesses have been booming as well such as PartyLite, Celebrating Home and Rendi, to name a few. These businesses have very easy entrance points for sole proprietors.
Many home furnishing stores are franchises, so whether you are interested in becoming a franchisee of an existing business or starting up your own chain of stores to franchise, GeoMetrx can provide an in-depth location analysis including an understanding of the competitive landscape. Call us at 1.888.848.4436 or visit us on the web to request a demo today.