Despite the political and economic crisis that the country has gone through, which included the resignation of the President and brought an economic slowdown, the construction sector experienced growth during 2018. This has impacted favourably on this category, due to large demand for decorating materials, and essentials such as flooring and sanitary pieces.
In general, most consumers look to replicate global trends when decorating their homes, but the frequency with which they can undertake remodelling or furniture changes depends on their income. It also determines the type and quality of materials that they demand, for example middle- and high-income households usually have solid wood or chrome metal, with thick glass and designer knobs.
The emergence of retailers such as Zara Home or even larger stores such as Sodimac or Promart has given consumers access to many more pieces of decoration and home improvement than they had 10 or even five years ago and also with a wide variety of prices to target all income levels. Consumers can get cushions, rugs, mirrors, paintings, ornaments or lamps that allow them to revitalise home environments without incurring large expenses.
Since large brands, national and international, continue expanding, small stores are disappearing. Their main limitation is a very short supply of products, while they cannot meet the low prices offered by large stores because they do not reach scale economies and are not direct importers.
The department stores have a home area, where Peruvians can find a variety of decorative items for daily use. Their prices are very similar to home specialist retailers and therefore they are direct competitors.
Most of the domestic producers of home furniture are artisans with small workshops, many of which are located in an area near Lima called Villa El Salvador. They produce by request or purchasing orders from clients who visit their workshops and some have managed to open their own outlets in commercial galleries in the city, in such a way that they have direct contact with customers and can offer more competitive prices than many large stores.
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This industry report originates from Passport, our Retailing market research database.