The Latest Wall Art Industry Statistics Explained
The global wall décor market size was valued at USD 60.7 billion in 2018,
The statistic stating that the global wall décor market size was valued at USD 60.7 billion in 2018 indicates the total monetary value of all wall décor products sold worldwide during that year. This figure represents the revenue generated by the sale of various types of wall decorations such as paintings, posters, wall art, tapestries, and other decorative items. The size of the market suggests a strong demand for wall décor products globally, with consumers investing significant amounts of money in enhancing the aesthetic appeal of their living spaces. This statistic can provide insights into consumer preferences, economic trends, and the overall growth potential of the wall décor industry.
The wall décor market is set to expand at a CAGR of 2.8% from 2021 to 2028,
This statistic indicates that the wall décor market is projected to grow at a Compound Annual Growth Rate (CAGR) of 2.8% over the period from 2021 to 2028. This growth rate suggests a steady and consistent increase in the market size, reflecting a positive trend in consumer demand for wall décor products such as art prints, paintings, wall stickers, and frames. The CAGR calculation helps to understand the overall growth trajectory of the market over the specified timeframe, providing insights into the potential opportunities and challenges that may arise within the industry. This forecast suggests that the wall décor market is expected to experience gradual expansion and investment opportunities for businesses operating in this sector.
The wall décor market in Europe is expected to reach USD 11.4 billion by 2025,
This statistic indicates the anticipated size of the wall décor market in Europe by the year 2025, estimated to amount to USD 11.4 billion. This suggests a projected growth or expansion in the demand and market value of wall décor products within the European region over the specified period. Factors such as changing consumer preferences, increasing disposable income, and evolving interior design trends may contribute to this growth trajectory. Businesses operating in the wall décor industry in Europe can use this statistic to strategize and capitalize on the projected market opportunities to enhance their market presence and profitability in the coming years.
The digitization trend has substantially influenced the wall art industry, contributing to expected growth during the forecast period of 2021 to 2026,
The statistic indicates that the increasing shift towards digitization has had a significant impact on the wall art industry, leading to projected growth within the specified forecast timeframe of 2021 to 2026. This trend suggests that advancements in digital technology, such as online platforms, digital printing techniques, and customizable designs, have transformed the way wall art is created, marketed, and consumed. The industry is expected to capitalize on these digital innovations to attract new customers, offer more personalized products, and expand its market reach. Ultimately, this statistic highlights the pivotal role of digitization in driving the growth and evolution of the wall art sector in the coming years.
By 2023, the global art market is predicted to grow by 5.9% compounded annually,
The statistic indicates that the global art market is projected to increase at a rate of 5.9% per year, starting from the current year and continuing until the year 2023. This growth rate is compounded annually, meaning that the percentage increase is applied not just to the original value, but also to any growth that occurs in previous years. The forecast suggests that the art market, comprising various sectors such as paintings, sculptures, and other forms of artwork, will experience steady expansion over the specified time period. This projection is based on factors such as evolving consumer preferences, economic conditions, and cultural trends that are expected to drive demand and increase investments in the art industry.
In 2019, the enchased picture frames segment held the largest market share at 35.9%,
The statistic “In 2019, the enchased picture frames segment held the largest market share at 35.9%” indicates that among all the different segments within the picture frames industry, the segment for enchased picture frames accounted for the highest proportion of total market sales or revenue in the year 2019. This means that out of all the various types of picture frames available in the market during that year, consumers showed the highest preference for enchased picture frames, making it the dominant segment in terms of market share. This statistic highlights the significant popularity and demand for enchased picture frames within the industry, suggesting that it was a key driver of sales and revenue for businesses operating in this market in 2019.
The online sales channel is expected to expand at the fastest CAGR of 4.2% from 2021 to 2028,
This statistic indicates that the online sales channel, which refers to the method of selling products or services over the internet, is projected to experience significant growth in the coming years between 2021 and 2028 with a compound annual growth rate (CAGR) of 4.2%. This suggests that online sales are expected to increase steadily at a rate of 4.2% per year during this period. The fast pace of growth in online sales highlights the shift towards e-commerce and digital transactions as consumers increasingly turn to online platforms for their purchasing needs. The forecasted expansion of the online sales channel signifies a trend towards greater reliance on digital technology and e-commerce platforms for buying and selling goods and services in the foreseeable future.
North America held the largest revenue share of 32.4% in 2018,
This statistic indicates that in 2018, North America accounted for 32.4% of the total revenue within a specified industry or market. This suggests that North America was the leading region in terms of revenue generation compared to other regions globally during that year. The high revenue share may be attributed to several factors, such as a strong economy, high consumer demand, favorable business environment, technological advancements, and market size. This information is valuable for businesses looking to understand regional market dynamics, identify potential growth opportunities, and allocate resources effectively to capitalize on the lucrative North American market.
The art market was worth $67.4 billion in 2018, with a significant portion spent on wall arts,
The statistic stating that the art market was valued at $67.4 billion in 2018 reflects the substantial economic impact of the art industry during that year. This figure encompasses sales and transactions related to various forms of art, with a notable amount dedicated to wall arts specifically. Wall arts refer to visual artwork such as paintings, prints, and photographs that are intended to be displayed on walls within homes, galleries, or public spaces. The expenditure on wall arts demonstrates the demand for aesthetic and decorative pieces, as well as the investment potential within the art market. This statistic highlights the cultural and economic significance of the art industry, indicating a thriving market for creative expression and artistic works.
Art-related sales in the US reached $27.6 billion in 2018, with wall art being a significant contributing factor,
The statistic that art-related sales in the US reached $27.6 billion in 2018, with wall art being a significant contributing factor, highlights the substantial economic impact of the art industry within the country. This figure underscores the large market demand for various art forms and indicates the importance of visual aesthetics in American society. The mention of wall art specifically suggests that this category plays a pivotal role in driving overall art sales, reflecting the preferences and purchasing behaviors of consumers. Such statistics not only provide insight into the financial scale of the art market but also emphasize the cultural significance and value placed on artistic expression within the US.
Retailers specializing in wall art observed an 11% increase in online conversion rates,
The statistic suggests that retailers who focus on wall art products experienced an 11% rise in their online conversion rates. This means that a higher proportion of website visitors who landed on the retailers’ online store proceeded to make a purchase compared to the previous period. The increase in conversion rates indicates a positive trend for the retailers specializing in wall art, potentially showing that their marketing strategies, website design, product offerings, or customer experience enhancements were effective in capturing the interest of online visitors and ultimately converting them into customers. This statistic highlights the importance of understanding customer preferences and adapting strategies to drive online sales growth in the competitive retail industry.
Globally, the display of prints/posters was the most popular choice for wall art at 37%,
The statistic indicates that among all types of wall art options, such as paintings, photographs, and sculptures, prints/posters were chosen most frequently at a global level, with a prevalence of 37%. This suggests that individuals worldwide prefer displaying prints and posters as a form of visual decoration in their living or working spaces. The popularity of prints/posters may be attributed to factors such as affordability, variety, and ease of accessibility, offering individuals a wide range of options to personalize their surroundings and express their tastes and interests through inexpensive and easily changeable artwork. This statistic provides valuable insight into current global preferences in interior decor and highlights the widespread appeal of prints/posters as a versatile and popular choice for wall art.
More than 80% of consumers in the US prefer to shop wall décor items in-store,
The statistic that more than 80% of consumers in the US prefer to shop for wall décor items in-store indicates a strong preference among the majority of consumers for the physical shopping experience when it comes to purchasing wall decorations. This suggests that despite the growth of online shopping platforms and e-commerce, there is still a significant preference for the tactile and visual experience of browsing and selecting wall décor items in person. Factors such as the ability to see and touch the products, assess their quality, and visualize them in the intended space may contribute to this preference for in-store shopping. This statistic underscores the importance of brick-and-mortar retail locations in the home decor market and highlights the unique value proposition they offer to consumers in the US.
85% of millennials purchased wall art in the past two years,
The statistic ‘85% of millennials purchased wall art in the past two years’ indicates that a significant majority of individuals belonging to the millennial generation, typically aged between 22 and 37 years old, have bought artwork to display in their living spaces within the specified timeframe. This high percentage suggests a strong interest and willingness among millennials to invest in decorative pieces for their homes, potentially reflecting their desire to personalize their living spaces and engage with the world of art and design. Understanding these consumer behaviors can be valuable for businesses in the home decor and art industries to cater to this demographic segment effectively and develop targeted marketing strategies to appeal to their preferences and purchasing habits.
The commercial wall décor market is expected to grow by 9.0% annually,
This statistic indicates that the commercial wall décor market is projected to experience a cumulative annual growth rate of 9.0% over a specific time period. This growth rate suggests a strong and consistent increase in the demand for commercial wall décor products and services within the market. Factors contributing to this growth could include increasing commercial construction projects, rising disposable income leading to higher spending on décor, and evolving trends in interior design. The forecasted growth rate provides valuable insights for businesses operating in this market, helping them make informed decisions regarding production, marketing strategies, and overall market positioning to capitalize on the expected growth opportunities.
The global wall décor market is expected to reach $78,269.9 million by 2026,
This statistic indicates that the global wall décor market is projected to grow significantly and reach a value of $78,269.9 million by the year 2026. This growth reflects an increasing demand for wall decorations such as art pieces, frames, tapestries, and mirrors across various regions worldwide. Factors contributing to this projected market expansion may include evolving interior design trends, rising disposable incomes, and a growing focus on home décor aesthetics. As a result, businesses operating in the wall décor industry are likely to experience opportunities for expansion and profitability in the coming years, driven by consumers’ desire to enhance the visual appeal of their living spaces.
Conclusion
As evidenced by the statistics presented in this blog post, the wall art industry is a dynamic and thriving sector of the economy. With a steady increase in demand and growing online sales, there are abundant opportunities for artists, retailers, and consumers alike. By staying informed about the latest trends and statistics, stakeholders in the wall art industry can make informed decisions to capitalize on this flourishing market.
References
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