Overall, home and garden continued to grow in retail current value terms in 2018. Despite the slowdown in economic growth in South Korea, home and garden showed a positive performance; therefore, major players extended their traditional business territories, such as home furnishings companies entering home improvement, and players in home improvement moving into home furnishings, particularly home living areas.
Home furnishings has been changed by mergers and acquisitions. Hyundai Livart, a home furnishings company, acquired Hanwha L&C, a leading company in home improvement.
Hanssem maintained its lead in home and garden in 2018, thanks to its large number of retail shops, Rehaus consulting service and extension to various distribution channels. Hanssem has around 360 home furnishing outlets, and small home interiors shops also have partnerships with the company; thus, most consumers can find services from the brand in their local town.
The majority of sales in home and garden took place in offline channels such as homewares and home furnishing stores, home improvement and gardening stores, department stores and hypermarkets in 2018. Homewares and home furnishing stores gradually increased its share over the review period, because consumers like to see and feel tangible products.
Home and garden is expected to see a strong current value CAGR over the forecast period – stronger than that seen in the review period. Home furnishings is expected to see especially strong growth in indoor living and lighting, with much weaker growth in outdoor living.
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This industry report originates from Passport, our DIY and Gardening market research database.