Wall art products are considered to be more expensive than other wall décor because of the artistry involved in creating and designing wall art. Most of the artists that have gained a good reputation for their wall art sell their work at premium prices. A less expensive option to pricey wall art is canvas photos or interesting photographs that are printed on canvas instead of traditional paper. Canvas photos may not be as classy and sophisticated as wall art products but they can offer uniqueness to the interior design.
In a latest research report titled “Wall Décor Market in Europe 2017 to 2021, an in-depth analysis of the market is provided in terms of revenue and emerging trends in the market. Based on the report, fast-moving consumer goods, consumer electronics apparel and beauty products have considerable growth potential in the European Union because of the presence of both local and international retailers. As the disposable income of consumers grow, the more that the demand for said products will increase. Another factor considered to directly affect demand is the growing millennial population which is a very attractive target audience for wall decor.
The latest market research of Technavio has categorized wall décor market in the EU as follows:
- Wall art
- Picture frames
- Wall clocks
- Tapestry, posters and sculptures
- Wall storage, shelves and hanging cabinets
- Decorative wall mirrors
- Other decorative options
The largest revenue contributor is the wall art segment which is driven by the increasing usage of smartphones in online shopping. The second largest revenue contributor to the wall décor market is picture frames. Growth in demand is fueled by social media sites like Instagram which makes sharing of photographs relatively quick and easy. Recent option to picture frames is canvas photos that are gradually becoming the trend.
The wall clock market has lost considerable value between 2010 and 2015 but because of creative styles and innovative designs, the market for wall clocks in Europe is growing at a steady pace. The growth can be attributed to the popularity of online stores where wall clocks and other wall décor items are offered for more reasonable prices.