The Homeware Global Market Report 2023 by The Business Research Company, provides homeware market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Homeware Global Market Report 2023, the market size will grow from $125.19 billion in 2022 to $128.64 billion in 2023 at a compound annual growth rate (CAGR) of 2.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size homeware is expected to grow to $143.75 billion in 2027 at a CAGR of 2.8%.
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.
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The homeware market is segmented:
1) By Product Type: Home Decoration, Furniture, Soft Furnishings, Kitchenware, Home Appliances, Lighting, Storage And Flooring, Bathroom Accessories And Cleaning, Tableware And Hardware Tools, Other Products
2) By Application: Residential, Commercial
3) By Distributional Channel: Homeware Stores, Franchised Stores, Departmental Stores, Online Stores, Speciality Stores
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.
The homeware market report table of contents includes:
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