The dynamic property market over the years has been a major driver for sales of homewares in Hong Kong, regardless of whether sales are through mass chained stores or individual interior designers. With yearly growth of new apartments, an expectation of a similar situation for 2019 regardless of the possible interest rate is rising.
Homeowners are becoming younger compared to previous decades, and they are looking to lead simpler lifestyles. Traditional homewares are more bulky and colourful, which do not suit the new generation’s needs.
With high property prices, apartments in Hong Kong are decreasing in size to be more affordable. To optimise the small spaces in apartments, normal-sized homewares lack the flexibility to fit into these environments.
With reference to property experts, rental property still forms a major part of local sales. Tenants are looking for simpler, more affordable furniture to fit their short-term housing.
Due to the rising property prices, apartments in Hong Kong are decreasing in size. These “nano” apartments are difficult to fit normal-sized furniture.
Online shopping is generally gaining in popularity in Hong Kong, which also applies to homewares. Although IKEA, Pricerite and Francfranc along with other homewares and home furnishing stores provide online platforms, an increasing number of local consumers are using other online platforms, such as TaoBao, to order homewares.
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This industry report originates from Passport, our Retailing market research database.