The Saudi Arabia Home Decor market is anticipated to grow at a considerable CAGR during the forecast period (2021-2027). The home décor market significantly depends on the housing sector which includes new home construction and renovating them. The home décor sector in Saudi Arabia is continuously improved due to growth in housing sector development and government efforts.
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For instance, the government of Saudi Arabia under the Ministry of Housing is providing new homes to the families under the “Sakani” program. The ‘Sakani’ scheme launched in 2017, aims to increase homeownership in Saudi Arabia to 60.0% by 2020 and 70.0% by 2030. In 2020, under the “Sakani” program, more than 300,000 families get benefitted by constructing houses, providing financing options, and allocating lands.
However, due to COVID-19, the housing sector in the country remained weak in 2020. As per GASTAT, the country’s real estate index for the residential sector decreased by 3.5% YoY in Q3 2020 (inflation-adjusted). Moreover, in May 2020, the government had increased the VAT on home from 5.0% to 15.0% to support the country’s economy affected by the COVID-19 pandemic. The country’s economy is affected due to a decrease in petroleum product export in 2020 as Saudi Arabia is the largest petrol exporter globally. However, in October 2020 to increase the demand for affordable homes, the government announced to provide relief from the tax hike, and all properties were exempted from the 15.0% VAT and a 5.0% tax was reintroduced for the home up to around $267,000.
Moreover, growth in ultra-high rich in the country will create a significant demand for luxury furniture in the country as it is perceived as an indication of wealth and social status to them. As per the Knight Frank report, in Saudi Arabia, Ultra High Net Worth (UHNW) Individuals (with a net worth over $30 million), have increased by 227.0% in 2020 as compared to 2015 and reached 7,020. The 5-year growth rate is highest in the top 20 countries listed in the Knight Frank report 2020. Besides, a preference for multi-utilitarian furniture is also registered due to the multiple benefits of less space necessity and multi-usage purposes which will also boost the home décor industry in Saudi Arabia.
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Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
Segment Covered-
- Product
- Distribution Channel
Regions Covered-
- Saudi Arabia
- Competitive Landscape- Inter IKEA Systems B.V., Al-Kayan Decor Company, Koninklijke Philips N.V., KARE Design GmbH
Saudi Arabia Home Decor Market Report Segment
By Product
- Wall Arts
- Mirror
- Wall Shelves
- Decorated Table
- Home Textile
- Flooring
- Lighting And Lamps
- Other
By Distribution Channel
- Supermarkets & Hypermarkets
- Home Decor Store
- Online
- Other
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
