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The homewares market has been gaining constant growth impetus from the large aesthetic appeal that decorating, renovating, and re-furnishing homes has garnered among people all over the world. The virtually limitless options of designs and textures that various homewares products come with has been propelling the demand in the global homewares market. The global homewares market seems to growing from strength to strength from the constant efforts of manufacturers to launch new, unique designs catering to all category of buyers. Moreover, the homewares market is also gaining copiously on the back of the advent of home décor and accessories made of inexpensive textiles with striking textures and innovative prints. The growing affordability of such homewares is what is catalyzing their demand in emerging markets.
Emerging Generation Rent Class and Changing Fashion Trends stir Consumer Spending in Homewares Market
The rising class of generation rent in urban spaces, especially in developed nations such as the U.K. and the U.S., has led buyers’ spending to swell in the homewares market. This is attributed to the rise in population of renters, majorly couples and young families, who are exploring options in inexpensive home décor. This reckoning has kicked in copious demand in the homewares market. Brands strive to meet the decorating needs of these consumers with homewares that help them redefine luxury, and at their pace. On the other hand, a growing number of millennial renters who are influenced by emerging trends in home design, thus opening new avenues in the homewares market. The rising trend of subscription-style décor is attracting price-sensitive consumers in the homewares market. The trend is being noticed in the rising demand for stylish furniture via decor-based rental services. The demand for homewares at premium pices is also picking up demand among elderly populations in developed markets who spend generously on home decors.
Consumers in numerous developed countries, such as in North America and Europe, are splurging in homewares with exotic designs to realign their living spaces, thereby opening new avenues in the homewares market. Companies in the homewares market have been toying with new strategies of marketing, retailing, and merchandising for quite some time, especially to meet the needs of buyers in commercial and residential spaces. In recent years, they have also entered into collaborations with retailers to expand the reach of their products for consumers in the homewares market. The rising adoption of modern architectural styles in several countries of Europe is a crucial factor fueling the demand for homewares for decorating homes.
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The assessment covers analyses of regional and global trends, changes in consumer preferences, and product innovations, and evaluates their impacts on the overall outlook of the homewares market. The study presents crucial insights into the share and size of various regional markets and their growth forecasts during 2017–2022. The analyses offers demand estimations and tracks growth prospects of various types of homewares products such as home decoration products, furniture, soft furnishings, kitchenware, home appliances, lighting, storage and flooring, bathroom accessories and cleaning, tableware, and hardware tools. The report also offers a detailed evaluation of the sales of homewares in key distribution channels such as homeware stores, franchised stores, specialty stores, departmental stores, and online.
Market Definition
Homewares are wide varieties of household commodities and furnishings used mainly for the purpose of decorating living spaces, making them appear more stylish and contemporary. These consist of a wide variety of products that may include scatter cushions, soft room furnishings, art and wall décor, stylish kitchen utensils, and accessories. The products in the homewares market add elegance factor to the living spaces, make them more functional, and enhances the aesthetic quotient.
Additional Questions Answered
The in-depth assessment of the opportunities and demand trends in the homewares market shines light on several key aspects of the market’s evolution and analyzes the growth trajectories in the next few years. Some of the most pertinent questions, it strives to offer answers to include:
- What factors will sustain the prominent demand for home décor in the global homewares market?
- Will departmental stores continue to hold its sway as the key distribution channel in the homewares market throughout the forecast period?
- What are the demand prospects for homewares in Europe?
- Will the burgeoning demand for furniture in numerous economies Asia Pacific challenge the status quo of North America market that is expand at a fast pace?
- Which strategies by key players are expected to shape the intensity of competition in the homewares market?
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