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Teen Room Décor Market Growth Set to Surge Significantly During 2020 – 2030
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The teen room décor market is set to grow significantly by 2030, driven by millennial trends and online retailing. Furniture and customized accessories are key segments.
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.
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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.
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 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 décor accessories. Moreover, governments are offering favorable reimbursements to manufacturers, thereby increasing their prominence.
COVID-19’s Impact on the Teen Room Décor Market
The novel coronavirus pandemic has generated major shockwaves across multiple industrial verticals. This also includes the teen room décor 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 décor 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.
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.
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Teen Room Décor Market- Company Profiles
Regions and Countries Analyzed in the Report
Teen Room Décor Market- Segmental Analysis
By Product Type
By Consumer Orientation
By Price Range
By Distribution Channel
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The article discusses the growth of the teen room décor market from 2020 to 2030.
Growth is driven by millennial trends, increased spending on home décor, and online retailing.
The furniture segment leads, with tables and chairs being the most popular.
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