Home and garden specialist retailers maintained stable growth in 2018, mainly empowered by the consumption upgrading. Not only are the newer generation of consumers looking for better solutions for decorating their houses, but also the manufacturers are moving away from low-end to middle- and high-end production.
Amidst the housing market going upmarket, new-generation Chinese consumers focus more on pursuing a better living condition with a unified decoration style. Instead of shopping for different elements at different stores, consumers are purchasing all the products they want for the whole house in one stop parallel with one aligning style.
The convenience of e-commerce and increasingly high rental costs are curbing the growth for offline retailers in the fast fashion apparel industry, so these brands are aggressively invading the homewares and home furnishings channel in China. Fast fashion homeware brands target the young generation of consumers that usually work in top-tier cities but live in a rental place.
IKEA (China) Investment enjoyed another year of significant double-digit growth in 2018. Besides speeding up new store openings, the company is also seeking a better portal connected with the Chinese millennials.
Markor International is a local homewares and home furnishings retailer that saw robust growth over the last three years of the review period. This group is radically expanding networks across 100 cities by opening more than 200 stores under a multiple-brands strategy.
With New Retail becoming the inevitable trend, offline retailers are eager to transfer the operation mode to upgrade the shopping experience, regarded as the most critical factor during home decorating products purchasing. Within home and garden specialists, Wumei Holdings tied up with Alibaba and opened five B&T Home smart stores in March 2018.
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