Homeware Global Market Report 2022 – GlobeNewswire
New York, July 15, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Homeware Global Market Report 2022” – https://www.reportlinker.com/p06282636/?utm_source=GNW
The global homeware market is expected to grow from $120.66 billion in 2021 to $125.19 billion in 2022 at a compound annual growth rate (CAGR) of 3.8%. The market is expected to grow to $137.61 billion in 2026 at a compound annual growth rate (CAGR) of 2.4%.
The homeware market consists of sales of homeware products by entities (organizations, sole readers, and partnerships) that are used for indoor home furnishings and layouts.Homewares including interiors play an important role in enhancing the look and feel of the home.
Homeware products include anything that aids in home renovation, such as housekeeping items, bath needs, dinnerware, glasses, serves ware, and organizers.
The main types of products in homeware are home decoration, furniture, soft furnishings, kitchenware, home appliances, lighting, storage and flooring, bathroom accessories and cleaning, tableware and hardware tools, others.Soft furnishings are fabrics or textiles employed in the home.
It includes linens, such as bath and dish towels, table linens, shower curtains, bathroom ensembles, sheets, pillowcases, mattresses, blankets, comforters, rugs and carpeting, draperies, curtains, and upholstery textiles. The products are distributed through homeware stores, franchised stores, departmental stores, online stores, specialty stores and are used for residential and commercial purposes.
North America was the largest region in the homeware market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Increasing customer spending on home interior designing and household furnishing is expected to drive the growth of the homeware market going forward.Customers desire customized homes with good interior and household furnishings, and the COVID pandemic has increased home renovation and decoration spending even more.
As a result of the COVID-19 pandemic, millions of customers are buying new homes and improving their existing ones, and the retail home furnishings category has witnessed a significant boost in both site traffic and spending. For instance, according to Comscore, a US-based media company, retail home furnishings sites saw record high visiting levels in 2020, with a peak of 133 million U.S. unique visitors. Furthermore, as customers spent more time at home and home expenditures became front of mind, online spending on furniture, appliances, and equipment surged to $12.1 billion in Q2 2020, the highest quarter ever. Thus, the growing consumer spending in home interior and furnishing will further contribute to the growth of the homeware market.
The usage of social media platforms by homeware product manufacturers has emerged as a key trend in the homeware market.Homeware companies are using social media marketing to build a strong network of brand enthusiasts.
Rather than limiting themselves to interior design-focused innovators, businesses are collaborating with a diverse spectrum of social media influencers. For instance, in 2020, Made.com, a UK-based online designer and retailer of homeware and furniture, collaborated with Maéwo, a fashion and lifestyle influencer, to promote their products, and the posts generated more than 5x the average Engagement rate of other Made.com sponsored content. They also launched a social media campaign with the hashtag #madedesign, urging supporters to submit photos of their homes with Made.com products.
In June 2021, Ultimate Products, a UK-based consumer goods provider acquired Salter for a deal amount of £34 million ($40.6 million). With this acquisition, Ultimate Products planned to expand Salter’s international sales. It will also allow Ultimate Products to diversify and balance the Salter brand portfolio. Salter is …….