- Black-owned companies are setting trends in the home decor industry
- The Global Home Decor market is expected to reach $792B by 2025
There are 99 things that millennials cannot afford, but apparently home renovation isn’t one of them. It turns out, they are willing to spend money to upgrade their living spaces, which means that the home furnishings and decor industry must now cater to a previously under-appreciated market. With the Global Home Decor sector projected to reach $792 billion by 2025, this trend allows another under-appreciated group, Black business owners to move into an industry that is all about trend-setting and taste-making, which are our cultural specialties.
Why This Matters: In 2018, Realtor Magazine named millennials the “Renovation Generation,” which makes perfect sense considering that 14% of African Americans fall into this category. Not only are Millennials twice as likely as baby boomers to complete bathroom and kitchen remodeling projects, but millennial homeowners are investing more than before in their living spaces.
Black-owned home decor businesses are trend-setting in a saturated and elusive market that’s now being infused with culture
As spending begins to shift, so too does the $35 billion dollar dominance traditionally held by the trio of Bed, Bath, and Beyond (BBBY +0.39%), Williams-Sonoma (WMS -0.61%) and Restoration Hardware (RH -1.13%). This shift does not only include companies like Overstock and Wayfair, but Black-owned companies, large and small, are also setting trends in the home decor industry.
These five Black-owned home decor and furnishings companies are looking to take a bigger piece of the market. Clare, is an interior paint and supplies direct-to-consumer company and Elle Gibson Designs creates globally inspired fabrics, wallpapers and decor accessories. There’s also, Effortless Composition focused on bold and beautiful home decor, along with Jungalow’s bohemian brand backed by an all-female team. Lastly, we have Harlem Candle Company’s luxury home fragrance brand that specializes in scented candles inspired by the cultural and historical richness of Harlem.
Situational Awareness: Our spaces speak to who we are, which is why millennials are willing to spend on renovation. It’s also why companies that speak to who we are, deserve our support. Black-owned home decor businesses are trend-setting in a saturated and elusive market that’s now being infused with culture.
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