Home and garden sales typically flow through two major store-based channels, home improvement and gardening stores, and homewares and home furnishings stores. Despite the supremacy of store-based retail, online sales continue to flourish within home and garden. This report uncovers the major drivers for store-based and internet sales in the home and garden industry, exploring opportunities for growth in developing markets.
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Economic uncertainty, specifically declines in real GDP growth and inflationary pressures, in Western Europe, Eastern Europe and Latin America, dampened home and garden growth in these regions. Nonetheless, global home and garden growth was positive overall in 2016, buoyed by steady and rising consumer demand in North America and Asia-Pacific respectively.
Most home and garden products continued to flow through store-based retail channels, in particular home and garden specialist retailers. Consumers typically turn to home improvement and gardening stores (e.g. Leroy Merlin, Home Depot) and homewares and home furnishings stores (e.g. Ikea).
While home and garden specialist retailers continue to be the largest store-based channel, hypermarkets registered the fastest growth within home and garden store-based retail. Budget-conscious consumers seeking out private label brands in homewares has resulted in hypermarkets gaining value share over the review period.
Home and garden online sales have surged as a result of rising smartphone possession and internet connectivity globally. Retailers and manufacturers alike recognise the need to develop omnichannel strategies to remain relevant to today’s hyper-connected consumers.
Traditionally, home and garden sales have originated from two key regions: North America and Western Europe. Nonetheless, rising incomes and urbanisation in Asia-Pacific are expected to propel the region towards becoming the leading market for home and garden sales in 2021.