LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the wall décor market in Europe is expected to reach USD 19.68 billion by 2021, growing at a CAGR of almost 8%.
This research report titled ‘Wall Décor Market in Europe 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. To calculate the market size, the report considers the value sales of wall décor products of retailers.
Fast-moving consumer goods (FMCG), consumer electronics, apparel, and beauty products have considerable growth potential in the EU, which has the presence of both national and international retailers. The demand for these products is expected to increase with the growing disposable income of consumers and the rising population of millennials, an attractive target group for these products.
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Technavio’s analysts categorize the wall décor market in Europe into seven major segments by technology:
- Wall art
- Picture frames
- Wall clocks
- Tapestry, posters, and sculptures
- Wall storage, shelves, and hanging cabinets
- Decorative wall mirrors
- Other decorative accents
The top three technology segments for wall décor market in Europe are:
Wall art market in Europe
The wall art segment is the largest revenue contributor to the wall décor market in Europe. An increase in the sales of smartphones, tablets, and personal digital assistants (PDAs), and their increasing usage for online shopping are the primary growth drivers for this market.
According to Poonam Saini, a lead retail goods and services research analyst from Technavio, “Wall art products are priced higher in comparison to other types of wall décor products, owing to the artistry involved in designing wall art. Most well-known artists sell their work at premium prices.”
Picture frames market in Europe
The picture frames segment is the second-largest revenue contributor to the wall décor market in Europe. This segment gained considerable popularity with the rise of social media platforms like Instagram, which made sharing pictures easy, faster, and popular, thereby providing consumers with easier accessibility to pictures for customization and personalization.
“Online retailers in the UK, Germany, and France advertise their wall décor lines through electronic and print media, including social media platforms such as Facebook, YouTube, Pinterest, Instagram, and Twitter. They offer a wide range of home décor brands at prices lower than those offered by economy brands offline,” says Poonam.
Wall clocks market in Europe
The wall clocks segment is the third-largest revenue contributor to the wall décor market in Europe. With the increased use of smartphones and smartwatches, the wall clock market lost its value to a considerable extent between 2010 and 2015. However, more creative styles and design innovations will push the wall clock market in Europe to grow at a steady pace over the next five years.
Offering wall décor items, like wall clocks, through online portals has some key advantages such as potentially infinite shelf space, low real estate costs, and elimination of personnel and infrastructure expenses, which are involved with running a physical store. Key retailers in the category, such as Barnes & Noble Booksellers, have been focusing on adopting a multichannel strategy, and offering over one million titles through their online stores.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Amazon
- Carrefour
- IKEA
- Kingfisher
- Walmart
Browse Related Reports:
- Wall Decor Market in the US 2016-2020
- Global Non-Photo Personalized Gifts Market 2016-2020
- Global Online Home Decor Market 2016-2020
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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