Homewares Market : Global Size, Share, Trends, Growth and Forecast Year ( 2022 – 2032 )
Homeware is usually a broad group of household commodities and furnishing items used to decorate living spaces in homes. The wide range of homeware products consists of cushions, art and wall décor, stylish kitchen utensils, soft room furnishings, and accessories. Homewares are mainly aimed at enhancing houses in terms of interiors, customized living spaces, and modern homes. These new ideas of decorating living spaces have gained attraction in the minds of consumers.
The global market for homeware products is constantly growing since the last few years. This can be attributed to the increasing number of households that are decorating, renovating, or re-furnishing homes. With rising per capita income, consumers welcome new ways of living life and enhance their living spaces. Rising per capita income and standard of living coupled with the growing affordability of homeware products boost the demand of homeware products.
In the developed nations, the generation rent concept is still expanding on greater basis. The rising class of generation rent, especially in developed countries such as the U.K., Canada, Germany, and the U.S., has attracted house owners towards the homewares and home furnishing segment. Moreover, increasing millennials opens new opportunities for the local market players to establish their presence in the homewares market. In addition, the latest trends in the homeware market can be seen in subscription-style décor. This trend is mainly being noticed for stylish furniture products via decor-based rental services.
In addition to the millennial Consumers, consumers in developed regions, such as North America, Western Europe, and Central Europe, adapt homewares with exotic designs in oreder to decorate their living spaces. This factor is opening new avenues for exotically designed homeware products in these regions. Market players are also adapting new retailing, marketing, and merchandising strategies to meet the needs of buyers in both commercial and residential spaces. Latest trends can also be seen in adapting modern architectural styles in European countries mainly, this is also fueling the demand for homeware market. The rapid expansion of e-commerce and digital shopping platforms also saw positive effects on furniture industry. As the e-commerce sector is expanding, local homeware manufacturers can easily make their products visible to the customers located at any corner of the world. This is helping the local homeware manufacturers to establish their businesses. From customer’s point of view, they are getting a wide variety of items to decorate their living spaces and hence they are lovingly welcoming the concept of e-commerce. This factor is proving to be one of the major factors driving the growth of the market.
The homeware market is already mature in developed countries and it is now gaining traction in emerging economies such as India, China, Australia, Mexico, and Brazil. Rise in affluent population can be seen in these regions since last few years. Rise in awareness about environment has shifted consumers’ preference toward eco-friendly home decor products. However, factors such as local manufacturers' availability, counterfeit products and fluctuations in the prices of raw materials may restrain the market growth. Although the market faces challenges, surge in demand for unique customized furniture products is anticipated to provide numerous growth opportunities for the home decor market to grow during the forecast period. The home textile market in developing and developing countries such as India, China, and Brazil is still growing. In these regions, the unorganized sector is mainly dominating the market, hence there lies a variety of opportunities for organized players to grow and established their busineeses in such areas.
For the purpose of analysis, the global homeware market is segmented on the basis of product type, distribution channel, and Regions. On the basis of product type the market is bifurcated into soft furnishing and textile, window dressing, hardware, and lighting. On the basis of distribution channel the market is divided into e-commerce, specialty stores, hypermarkets/supermarkets, and others. On the regional basis the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
In India, India is the biggest supplier of home textile products and is one of the largest consumers of home textiles products. Major Indian textile industry players such as Welspun India, Trident, and Dicitex are based in India. These companies always cater to both international and domestic markets on a greater extent.
Some of the key players profiled in the report include Inter IKEA Group, Ashley Furniture Industries Ltd.Armstrong World Industries, Inc., Herman Miller, Inc., Mannington Mills, Inc., Forbo International SA, Shaw Industries Group, Inc., , Mohawk Industries Inc., Kimball International, and Duresta Upholstery Ltd. These players are focusing on development of eco-friendly home decor products.
Modern lifestyle rituals involves deprivation of stress and sleep and thus innovation can also be seen in sleep technology products and finishes such as anti-mist, micro-bial, herbal, etc., these products are attracting the consumers towards ecofriendly products.