The global teen room décor market is expected to register a staggering double-digit CAGR of 4% by garnering a market value of US$ 147 Billion. The growth of the market can be attributed to:
Social media platforms such as Instagram and Pinterest have made it easier for teens to discover new trends and ideas for decorating their rooms.
Many teens are interested in DIY projects and are looking for ways to personalize and decorate their rooms on their own.
Teens are looking for unique and personalized products that reflect their individual tastes and personalities. This, in turn, is creating lucrative opportunities for teen room décor market.
With the increasing popularity of e-commerce, it has become easier for teens to purchase decor items for their rooms online. Growing teenage population is also a major driver for the growth of the teen room decor market. Decorating a room allows teens to express their individuality and personal style. When teens have a say in how their room looks, they are more likely to feel a sense of ownership and responsibility for keeping it clean and organized.
A decorated room can provide teens with a sense of privacy and a space that is their own. A well-decorated room can create a relaxing and comfortable atmosphere, which can help teens to unwind and de-stress after a long day. A well-decorated room with a comfortable study space can help teens to focus and be more productive while studying. Decorating a room can also help to increase creativity as teens are required to think about how to make the most of the space and how to incorporate their own personal style.
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North America Teen Room Décor Market
As more teens in North America have access to money of their own, they are more likely to spend it on decorating their own spaces. Social media platforms such as Instagram and Pinterest have made it easier for teens in North America to discover new trends and ideas for decorating their rooms. Many teens in North America are interested in DIY projects and are looking for ways to personalize and decorate their rooms on their own.
Teens in North America are looking for unique and personalized products that reflect their individual tastes and personalities. With the increasing popularity of e-commerce, it has become easier for teens in North America to purchase decor items for their rooms online. Growing teenage population is also a major driver for the growth of the North American Teen room decor market.
Future of Teen Room Décor Market
With the advancement of virtual reality, teens can now use VR headsets to virtually design and decorate their rooms. This allows them to see how different decor options would look in their space before making a purchase. Smart home devices such as voice-activated assistants and smart lighting systems can be integrated into teen rooms to create a more personalized and convenient living space.
Online shopping platforms and e-commerce websites have made it easier for teens to discover and purchase decor items for their rooms. Social media platforms such as Instagram and Pinterest continue to play a major role in inspiring teens to decorate their rooms, providing them with a wealth of ideas and inspiration.
Augmented reality (AR) apps and tools allow teens to envision how different pieces of furniture, decor and color schemes would look in their room before buying. With the help of technology, it is now easier for teens to personalize their room with customized wallpapers, bedding, and other decor items.
Over the years, the importance of home décor has surged, attributed to the want for making one’s house aesthetically appealing. For nearly a decade, home décor has acquired a central position in consumer expenditure.
Tapping into this trend, market players are scrambling to penetrate lucrative markets and acquire a competitive edge.Among these home décor products, teens’ room décor is acquiring immense traction, attributed to the expansion of the world’s millennial population base.
As per UNICEF, there are 1.2 billion adolescents, comprising 16% of the global population, with a majority of them residing in the developing world. Vendors are therefore increasing their foray in these regions.
Teen room decoration is a challenging task. As they undergo both physical and mental changes, their preferences are largely equivocal. Their preferences regarding room decorations keep metamorphosing on a regular basis.
Therefore, having an assortment of room décor accessories greatly help, which has increased expenditure on teen room accessories.
Due to these aforementioned trends, the global teen room décor market is slated to enjoy an upward trend throughout the upcoming decade’s forecast. With the presence of a large number of retailers, consumers have a wide array of choices, leading to promising revenue ecosystems across several geographical locations.
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Furniture Segment to Generate Major Green Spaces, Textiles and Wallpapers Trailing Behind
The furniture segment will remain the pioneer in terms of teen room décor product types, capturing over half of the global market revenue share. Tables & chairs form the bulk of teen room décor furniture. Teenagers are generally thrust with immense workload in the form of assignments and homework from their schools and colleges.
This requires them to put in immense hard work for which they require proper seating arrangements. Additionally, other accessories such as mirrors, textiles and wallpapers are also gaining credible ground. Teens want to be able to decide what bed or table covering they would like, prompting manufacturers to design customized products.
The demand for customized wardrobes have risen substantially. As teenagers are highly fashion-conscious, they are willing to experiment with different styles of clothing. As a result, their expenditure on apparel has surged. These clothes require a storage space in the form of cupboards and wardrobes.
Girls and Boys Teen Room Décor Accessories to Expand in Equal Proportion
With the onset of adolescence, both girls and boys undergo major physical and mental transformations. This is the period wherein both genders become highly expressive about their likes and dislikes, and are willing to experiment with various aspects of life. This includes tasting new food, making new friends, and trying new accessories.
Against this backdrop, the sales of room décor items is witnessing major traction. For instance, girls prefer to decorate their room with brightly colored wallpapers depicting several characters and own a cabinet to store their makeup products.
Boys would invest more in things such as sportswear and equipment for which they require storage closets.Therefore, manufacturers are experiencing lucrative revenue generation opportunities in both categories of products since the past several years and will continue gathering momentum in the upcoming forecast period.
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Online Retailing to Hold Sway throughout the Forecast Period
As digital literacy penetrates all the corners of the world, people are investing heavily in smart devices such as tablets, laptops and smartphones. This has encouraged the entry of online retail platforms, available just a click or tap away. As a result, vendors have redirected their operations towards online retailing.
Today, almost every teenager has access to smartphones, laptops and tablets. In most countries, they start earning their pocket money when they enter their mid-teen stage, rendering them capable to expend on room décor accessories via these online portals.
Thus, in light of these trends, online teen room décor marketing will garner immense traction.
High Durability to Accelerate Demand for Premium-priced Accessories
In the contemporary world, customer satisfaction is of utmost importance. Whenever they purchase any product, consumers demand premium quality in terms of durability, longevity and nature of material. These priorities outweigh price concerns, accelerating expenditure on premium priced products.
The same analogy is applicable for teen room décor products. For instance, consumers are willing to invest in wooden tables even though they are comparatively more expensive than their metal counterparts simply because of the fact that they are easier to clean and maintain, thus enhancing its durability.
Global Teen Room Décor Market: Regional Insights
North America is anticipated to remain the dominant teen room décor furniture market. A substantial teenage population base combined with the presence of prominent home décor furniture providers and deep penetration of online sales is heightening growth prospects across the region.
Demand is primarily being driven by the USA Asia-Pacific shall emerge as the fastest growing region, attributed to the maximum concentration of teenage population in countries such as India and China.
The influx of western culture is also driving heightened usage of contemporary teen room décor accessories. Moreover, governments are offering favorable reimbursements to manufacturers, thereby increasing their prominence.
Teen Room Décor Market- Competitive Landscape
The global teen room décor market is characterized by the presence of multiple online and offline market players. These vendors are largely focusing on product innovations and collaborations with other players as well as online retail platforms to deepen their penetration across various regional markets.
The players in this landscape are: IKEA, Target Corporation, Walmart, West Elm, H&M, Urban Outfitters, Lulu & Georgia, ban.do, Tictail, Modcloth, Living Spaces, Birch Lane, Argos, Aelfie and Etsy to name a few. Due to the presence of such a wide array of players, there is intense competition across all regions.
IKEA is amongst the largest producers of teen room décor accessories. It offers various teen room solutions for a variety of purposes, ranging from gamer bedrooms, fashionista chambers, study areas and small bedrooms.
Its accessories include lightweight, flexible seating cushions, LED lighting chains with a dozen lights and working lamps.
Similarly, West Elm markets products such as the Furrific Faux-Fur Throws, Rainbow Snow Globes, Native Maps City Prints, Cotton Canvas Pillow Covers, Candlewick Pillow Covers, Metal Frame Arched 74’’ Floor Mirror, Peruvian Wall Mirrors and Totem Vases, Upholstered Storage Beds and Grid-Tufted Upholstered Tapered Leg Bed.
H&M’s product portfolio includes accessories such as decorations including glass vases, ceramic sculptures and scented candles, bedroom accessories such as feather-filled inner cushions, washed linen duvet cover sets, linen fitted sets, etc., rugs, curtains and blankets like the Chenille Throw, Crinkled Cotton Throw, Tasseled Throw and Boucle Throw.
At the present moment, most retail outlets are redirecting their efforts towards fighting the pandemic. As a result, they have experienced a temporary dip in their product sales. For instance, IKEA has donated 26 million Euros to assist health workers as well as towards protecting its own workers from the deleterious effects of the deadly virus.
Similarly, H&Ms has redirected all its resources towards fighting the pandemic. It has reduced the working hours of its employees as well as instituting remote working arrangements and has also temporarily suspended several of its investments in terms of acquisitions, collaborations and product developments.
Teen Room Décor Market- Company Profiles
West Elm
Etsy
IKEA
Walmart
Target Corporation
H&M
Ban.do
Aelfie
Tictail
Modcloth
Lulu & Georgia
Urban Outfitters
Living Spaces
Argos
Birch Lane
Regions and Countries Analyzed in the Report
North America (USA, Canada)
Latin America (Mexico, Brazil, Rest of LATAM)
Europe (Germany, United Kingdom, France, Italy, Spain, Poland, Russia, Rest of Europe)
East Asia (China, Japan, South Korea)
South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
Oceania (Australia, New Zealand)
Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
Report Highlights
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
