Decorative Lighting Market size to grow by USD 8.32 billion grow 2021 to 2026
The evolving lighting product design concept leading to premiumization is one of the key drivers supporting the decorative lighting market growth. Interior designers introduced innovative and attractive design concepts such as traditional, modern, contemporary, and transitional. Decorative lighting products such as luxury chandeliers designed by interior designers are available at premium prices. These chandeliers enjoy huge demand among the high-net-worth residential users.
Several luxurious decorative lighting products are manufactured in Italy, the UK, Spain, Germany, and the US. Thus, the premiumization of decorative lighting products through distinctive design concepts has led to increased adoption by premium customers contributing to market growth, which is expected to continue during the forecast period.
The perceived value gap of customers is one of the factors hindering the decorative lighting market growth. For instance, the priority for customers is to purchase decent-quality decorative lighting products at affordable prices. However, their design may vary. This is due to the presence of many retailers offering multiple designs. The presence of many local retailers makes the market more fragmented, therefore making the penetration of international brands difficult. This creates a high-value gap while buying decorative lighting products, which are more design-driven. The prices of decorative lighting products vary according to distinctive designs. This creates a challenge for established brands and influences them to lower the prices of their products, thereby, hindering market growth.
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