Over the years, the importance of home decor has surged, attributed to the want for making one’s house aesthetically appealing. For nearly a decade, home decor 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 decor products, teens’ room decor 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 decor accessories greatly help, which has increased expenditure on teen room accessories.
Due to these aforementioned trends, the global teen room decor 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.
Furniture Segment to Generate Major Green Spaces, Textiles and Wallpapers Trailing Behind
The furniture segment will remain the pioneer in terms of teen room decor product types, capturing over half of the global market revenue share. Tables & chairs form the bulk of teen room decor 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.
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Global Teen Room Decor Market: Regional Insights
North America is anticipated to remain the dominant teen room decor furniture market. A substantial teenage population base combined with the presence of prominent home decor furniture providers and deep penetration of online sales is heightening growth prospects across the region.
Demand is primarily being driven by the U.S.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 decor accessories. Moreover, governments are offering favorable reimbursements to manufacturers, thereby increasing their prominence.
COVID-19’s Impact on the Teen Room Decor Market
The novel coronavirus pandemic has generated major shockwaves across multiple industrial verticals. This also includes the teen room decor market. As countries have imposed strict lockdowns, manufacturing sites are compelled to operate at reduced capacity, leading to supply chain disruptions due to reduced output.
Also, logistical arrangements have been severely crippled, owing to bans on travel and transportation. This has generated immense difficulties in procuring the required raw materials for production. Even if they are available, they are highly expensive, leading to heightened production costs
This has forced retailers to inflate prices of their end-products, rendering them unaffordable to consumers.Additionally, consumers have reoriented their budgets, choosing instead to spend on stocking up essential goods such as food, water, dairy products, hand sanitizers, masks, liquid soaps and gloves.
This has reduced demand for non-essential expenditure such as purchase of furniture. Furthermore, dearth of availability of installation personnel has discouraged consumers from purchasing teen room decor products.
However, several countries have kept the demand afloat, attributed to lifting of lockdown curbs in the wake of the flattening of the infection curve.
Countries such as New Zealand have experienced a drastic slump in the infection rates, with several days being infection free. This has encouraged the government to resume economic activities, uplifting growth prospects.
Thus, a V-shaped curve is anticipated throughout the forecast period, registering a temporary hiatus in the short-term forecast until the end of 2021, after which growth is anticipated to pick up pace.
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Teen Room Decor Market- Competitive Landscape
The global teen room decor 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 decor 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 Decor Market- Company Profiles
- West Elm
- Etsy
- IKEA
- Walmart
- Target Corporation
- H&M
- Aelfie
- Tictail
- Modcloth
- Lulu & Georgia
- Urban Outfitters
- Living Spaces
- Argos
- Birch Lane
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