The rise in Generation Rent is causing changes in the homeware market. It is encouraging less large investment purchases and more frequent, fashionable homeware products. These more fashion orientated and season homeware solutions present a good opportunity to target 25-35 year old shoppers who are currently spending the most per head in the homewares industry. Discounters are developing in the industry with decorative, textile and household ranges continuing to find favour with price conscious shoppers as well as store rollout increasing the discounter's market share.
- A generation of people renting homes is altering homeware demand With property prices rising above that of earnings growth, houses needing high deposits and prospects of rising interest rates mean first time buyers are becoming older. This is leading to a mixed impact on the homewares market as big purchases become less common but higher quality renting options become increasingly important.
- Homeware retailers investing in e-commerce Currently limited homeware products are purchased online compared with other retail sectors. However homeware retailers have been keen to improve their online offering with investment in augmented and virtual reality tools to improve visualisation of products, to drive engagement and spend.
- Discounters expanding their ranges The disjointed nature of the homewares market, alongside shoppers' desire for variety and value for money, has created a major prospect for discounters to grow their share. Popularity for these discounters have also rose amongst consumers with most shoppers expressing that they would shop at discounters the same amount if not more in the next five years. Lastly discounters in the homewares market have encouraged shoppers to 'trade down' rather than up with improved product desirability.
- Highest spend per head is amongst 25-34s Despite the rise of Generation Rent causing an increasing amount of people choosing to live at home with their parents to save for deposits spend is amongst the highest between 25-34s. This is driven by frequent purchases to reflect personalities or for gifting. This age range is also more likely to be influenced by fashion. Retailers like Primark, New Look and HandM have all increased their homeware presence and are injecting fashion and seasonal trends into textiles; appealing to this younger generation.
- Lighting is set to outperform as consumers become willing to invest Increasing housing transactions over the next five years will drive consumers to invest in the sector, while we expect consumer confidence and disposable income to be in a stronger position by 2019 and 2020, encouraging consumers to make investment purchases. Retailers should heavily market their lighting ranges in 2016 to lure customers in- stores and online.
“The Homewares Market”, a Sector Report, provides an executive-level overview of the homewares market today, with forecasts of values and volumes up to 2021. It delivers deep quantitative and qualitative insight into homewares market, analyzing key trends in the market based on data from bespoke consumer research, ONS data and data direct from retailers.
It provides in-depth analysis of the following:
- Market size and forecast; a look at the total market size and forecast size for Homewares in the UK.
- Summary of main influences; an overview on the factors driving the evolution of the UK's homeware market.
- An in-depth review of current and future trends forecast, alongside analysis of the major UK homeware retailers and their performance.
Reasons To Buy
- This Trend Report helps executives build proactive, profitable growth strategies by offering comprehensive, relevant analysis of the homewares market based on insights from within proprietary aftermarket database, consumer insight from our bespoke annual survey and interviews with industry experts.
- The report is designed for an executive-level audience, boasting presentation quality that allows it to be turned into presentable material immediately.
- The broad but detailed perspective will help manufacturers and retailers to understand and succeed in the challenging homewares market.