A Look into the New Office Decoration Concepts Embraced by Top Businesses

Highlights:

• Introduction
• IKEA’s innovative launch for reframing work culture
• Regional perspective of the office decoration industry
• Some profitable acquisitions in the domain 

For working professionals, office environment matters a lot. This is mainly because people spend most of their day in the office. The office decoration has a direct influence on people’s moods. Many leading organizations across the globe emphasize office decoration as a core agenda to increase their productivity and reduce stress among professionals. Decorating an office includes the planning in setting up a workplace to enhance safety, wellness, and productivity. This involves several aspects including color schemes, light fixtures, furniture layouts, and inspirational set ups.

IKEA’s MITTZON to meet the changing needs of many working professionals

In March 2024, IKEA, a leading provider of well-designed, high-quality, functional and affordable home and office furnishing products launched MITTZON, a flexible, ergonomic, and simple line of furniture, to help create spaces that enable various work activities and provide an optimized office experience. MITTZON includes 85 products prioritizing wellbeing by including acoustics and nature-inspired elements. In MITTZON acoustic screens, IKEA used wood fiber, a recyclable material made of more than 90% wood. These acoustic screens are the first high-level acoustic products by IKEA that are developed not to absorb and block sound but also prevent visual distractions and provide the privacy needed to focus on solely on work.  By launching MITTZON, IKEA took the challenge of conceptualizing a system that addresses the needs of many working professionals in this rapidly growing hybrid work culture.

MITTZON is developed with huge flexibility at its core. It includes various products that work together to support different environments which include informal, short meetings to more structured, collaborative, and focused work. MITTZON comprises biophilic designs which refers to the use of nature reminiscing shapes, colors, and materials in indoor spaces.

Which region has stood ahead in embracing new office decoration concepts?

The office decoration industry is evaluated across various regions including North America, Asia-Pacific, Europe, and LAMEA. Based on region wise analysis, the North America region accounted for holding the highest share in 2022 and is expected to rise at a notable CAGR from 2023-2032. This is mainly due to the presence of top industry players and their continuous contribution in developing new ideas and implementing advanced technologies in optimizing the workplace culture. Additionally, the increase in new employment possibilities has increased the demand for office decoration as businesses begin introducing new office decors and look for target workplaces.

However, based on country-wise analysis, Argentina is predicted to manifest the fastest CAGR of 5.8% from 2023 to 2032. However, South Africa is predicted to rank second in terms of growth, exhibiting a CAGR of 5.75% over the estimated period.

How have the alliances made by Myron and Steelcase revolutionized the business dynamics?

To foster the industry’s competitiveness, several leading players in the domain have made alliances such as mergers, acquisitions, partnerships, and collaborations. For instance, in February 2024, Myron, a leading distributor of top promotional products, and its Europe-based brand, Adher, announced the acquisition of Schneider GmbH, a renowned provider of B2C furnishing and decoration for the home and office. Under this acquisition, the companies envisioned making heavy investments in technology to build the workplace more attractive for growth-minded salespeople.

Similarly, in May 2022, Steelcase Inc., an international manufacturer of furniture, casegoods, seating, and storage and partitioning systems for offices acquired HALCON, a Minnesota-based designer and manufacturer of precision-tailored wood furniture for the workplace. This acquisition would complement Steelcase’s wood products by enabling it to offer uncompromising design and master craftsmanship to work professionals and customers. Steelcase aimed to provide an extensive selection of solutions and services to support the way people and organizations want to work.  

To wrap up, the evolving workplace trends such as the rise of remote work and flexible office arrangements are expected to create immense opportunities in this domain. Moreover, the increase in number of businesses looking for environmentally friendly workplace layouts to lower energy usage is anticipated to drive the industry’s growth in the future.

To identify new trends and opportunities in the office decoration industry, feel free to talk to our industry analysts today! They can also help you make investment decisions and attract new investors.

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