After the fourth wave of COVID-19 ended in May 2021, businesses resumed their normal operations after the lifting of social distancing and lockdown measures. Overall foot traffic started to return to normal, although tourists remained absent.
With more time spent at home, Hong Kong consumers started to invest their savings to improve their overall home infrastructure to enhance their home life during the pandemic. In bathroom and sanitaryware, in which TOTO and Kohler are two well-known product and solutions providers in the premium segment, a local brand, INFINITE, expanded swiftly in recent years to capture the increasing demand for tailored bathroom and sanitaryware products and services.
Well-known for its affordable homewares and home furnishings products, IKEA launched an Everyday Low Price Truck that toured around the city from July to August to stay connected with customers by providing extra convenience during the pandemic. The truck itself is a mobile showroom which displays a selection of low-priced products and bargain bestsellers, including a range of homewares products, such as tableware, home cleaning products and organisation accessories.
At the beginning of 2022, a fifth wave of COVID-19 emerged, creating further uncertainty for the outlook for retailing in Hong Kong. This could further delay the recovery of the physical store networks of home and garden specialist retailers in Hong Kong in 2022, as tightening social distancing and lockdown measures are set to further reduce overall foot traffic over the first quarter of the year.
Despite the fact that the potential resumption of tourist flows could bring a positive impact to overall foot traffic in Hong Kong, which will then benefit the sales activity of home and garden specialist retailers, the fact that home improvement and furnishing products are heavily reliant on local consumer spending could result in a different story.
Unlike tourist flows and the COVID-19 pandemic, one thing that will remain the same in Hong Kong over the forecast period is the limited living space of Hong Kong residents. To improve the overall living standard of Hong Kong citizens, furniture and homewares products that fit well in the limited space and offer personalised design is what will attract local consumers, who have a relatively high level of income compared with other markets in the Asia Pacific region.
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This is the aggregation of homewares and home furnishing stores and home improvement and gardening stores. Business-to-business sales are excluded.See All of Our Definitions
This report originates from Passport, our Home and Garden Specialist Retailers research and analysis database.
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