Market Forecast By Product Type (Furniture, Textile, Flooring, Others), By Application Types (Indoor, Outdoor), By Distribution Channels (Supermarkets and Hypermarkets, Home Decor Stores, Gift Shops, Online Stores, Others), And Competitive Landscape
Product Code: ETC006050 | Publication Date: Sep 2020 | Updated Date: Feb 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
Vietnam Home Decor Market report thoroughly covers the market by product type, by application type, and by distribution channel. The home decor Market outlook report provides an unbiased and detailed analysis of the ongoing trends, opportunities/high growth areas, and home decor Market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Vietnam Home Decor Market is expected to gain momentum during the forecast period owing to an increasing several factors such as urbanization and middle-class population, along with a growing standard of living, hence increasing investment in Western culture style home decoration. However, Vietnam has a massive lack of skilled labor, as the rural population rate is high with a high unskilled labor rate which enables companies to produce quality products, low quality home decor products restrict consumer spending which sometimes affects or hampers Vietnam Home Decor Market growth.
According to 6wresearch, The Vietnam Home Decor Market size is projected to witness substantial growth from 2023 to 2029 driven by shifting consumer preferences towards Western culture home decoration. Furthermore, the country's steadily increasing economy is burgeoning demand for premium quality and trending & stylish home decoration products. Additionally, the increase in the shift of the rural population in the country coupled with the rising prevalence of aesthetic yet comfortable home decoration products are attracting consumers, and hence, which is proving beneficial for the home decor products such as furniture, wall art, and soft home furnishings items. Finally, the wide expanse of the e-commerce sector in Vietnam is helping Vietnamese to access a spectrum range of home decor products. All these aforementioned factors are likely to secure a double-digit growth of the Vietnam Home Decor industry in the upcoming years. On the other hand, the high cost of raw materials makes it difficult for Vietnamese manufacturers to compete in the market at a low-profit margin rate. also, intense competition with foreign players makes the Vietnamese manufacturer's survival difficult.
As Vietnam's economy is expected to grow exponentially, due to an increase in investment in home decor products by the rising population. This offers an amazing opportunity for foreign retailers to enter the Vietnamese home decor market. Technology has played a major role in burgeoning products demand, through easy access to mobile devices and the internet consumers can conveniently search for home decor products and make online purchases, moreover, checking products reviews, and comparing products prices on different portals has stimulated consumers to make purchases openly, this has resulted in increased Vietnam Home Decor market revenue.
The COVID-19 pandemic has had an adverse impact on the Vietnam home decor market. During the lockdown period, a disruption in the product supply chain and no demand during the pandemic time has reduced the production and sale of home decor products which further resulted in a massive decline in the Vietnam Home Decor market share. After the pandemic is over, the Vietnam home decor market is projected to recover, driven by rising consumer spending on home decor products more openly in a month by using the most convenient option which is by shopping through e-commerce platforms.
The top key players operating in the Vietnam Home Decor market include.
According to Shivankar, Research manager, 6wresearch, furniture type is leading and accelerating the Vietnam Home decor market share in the country driven by an increasing middle-class population who are spending on stylish yet comfortable home furniture. On the other side, wall arts such as paintings, and posters are likely to grow with the rising urge of giving an aesthetic vibe in the house.
Based on the distribution channels, home decor stores are expecting to be secured a massive sale of home decor items in the country underpinned by an increase in the expansion of home decor stores across the country. On the other hand, an increased internet prevalence in the country is also gaining pace rapidly as the population makes online purchases with more convenience.
The report offers a comprehensive study of the subsequent market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Vietnam Home Decor Market Overview |
3.1 Vietnam Home Decor Market Revenues & Volume, 2019 - 2029F |
3.2 Vietnam Home Decor Market - Industry Life Cycle |
3.3 Vietnam Home Decor Market - Porter's Five Forces |
3.4 Vietnam Home Decor Market Revenues & Volume Share, By Product Type, 2022 & 2029F |
3.5 Vietnam Home Decor Market Revenues & Volume Share, By Application Types, 2022 & 2029F |
3.6 Vietnam Home Decor Market Revenues & Volume Share, By Distribution Channels, 2022 & 2029F |
4 Impact Analysis of COVID-19 on Vietnam Home Decor Market |
5 Vietnam Home Decor Market Dynamics |
5.1 Impact Analysis |
5.2 Market Drivers |
5.3 Market Restraints |
6 Vietnam Home Decor Market Trends |
7 Vietnam Home Decor Market, By Product Type |
7.1 Overview and Analysis |
7.2 Vietnam Home Decor Market Revenues & Volume, By Product Type, 2019 - 2029F |
7.3 Vietnam Home Decor Market Revenues & Volume, By Furniture, 2019 - 2029F |
7.4 Vietnam Home Decor Market Revenues & Volume, By Textile, 2019 - 2029F |
7.5 Vietnam Home Decor Market Revenues & Volume, By Flooring, 2019 - 2029F |
7.6 Vietnam Home Decor Market Revenues & Volume, By Others, 2019 - 2029F |
8 Vietnam Home Decor Market, By Application Types |
8.1 Overview and Analysis |
8.2 Vietnam Home Decor Market Revenues & Volume, By Indoor, 2019 - 2029F |
8.3 Vietnam Home Decor Market Revenues & Volume, By Outdoor, 2019 - 2029F |
9 Vietnam Home Decor Market, By Distribution Channels |
9.1 Overview and Analysis |
9.2 Vietnam Home Decor Market Revenues & Volume, By Supermarkets and Hypermarkets, 2019 - 2029F |
9.3 Vietnam Home Decor Market Revenues & Volume, By Home Decor Stores, 2019 - 2029F |
9.4 Vietnam Home Decor Market Revenues & Volume, By Gift Shops, 2019 - 2029F |
9.5 Vietnam Home Decor Market Revenues & Volume, By Online Stores, 2019 - 2029F |
9.6 Vietnam Home Decor Market Revenues & Volume, By Others, 2019 - 2029F |
10 Vietnam Home Decor Market Import-Export Trade Statistics |
10.1 Vietnam Home Decor Market Export to Major Countries |
10.2 Vietnam Home Decor Market Imports from Major Countries |
11 Vietnam Home Decor Market Key Performance Indicators |
12 Vietnam Home Decor Market - Opportunity Assessment |
12.1 Vietnam Home Decor Market Opportunity Assessment, By Product Type, 2029F |
12.2 Vietnam Home Decor Market Opportunity Assessment, By Application Types, 2029F |
12.3 Vietnam Home Decor Market Opportunity Assessment, By Distribution Channels, 2029F |
13 Vietnam Home Decor Market - Competitive Landscape |
13.1 Vietnam Home Decor Market Revenue Share, By Companies, 2022 |
13.2 Vietnam Home Decor Market Competitive Benchmarking, By Operating and Technical Parameters |
14 Company Profiles |
15 Recommendations |
16 Disclaimer |