The surge in COVID-19 cases and ensuing lockdown led to a decline for home and garden specialist retailers in 2021, as consumers cut back on their spending on home and garden products, seeing them as unnecessary products during a difficult time. Food and cleaning products became even more important amid uncertainties over supplies and personal health.
Vietnam’s property market continued to flourish towards the end of the review period, pre-pandemic, especially in key cities such as Hanoi, Ho Chi Minh City and Da Nang, significantly bolstering growth in the home and garden specialist retailers channel. The trend in Vietnam is towards smaller households, as young people prefer to move out from their parents’ homes at an earlier age than has historically been the case.
AA Corp retained a narrow lead in the highly fragmented home and garden specialist retailers channel in 2021. The company’s lead is founded on a store network that includes numerous outlets in large cities throughout Vietnam and a diverse range of products under its own brands, including Nha Xinh and Bo Concept, which enables it to meet sophisticated demand from middle-to-high-income consumers.
Home and garden specialist retailers is expected to perform better in 2022 as the Vietnamese economy is predicted to improve, with higher GDP growth forecast. The larger sub-channel of home improvement and gardening stores is projected to see a growth in average unit price in 2022, which will also contribute to overall value sales reaching pre-pandemic levels again.
Over the forecast period, omnichannel retailing for home and garden products is expected to become more established. Retailers focus mainly on home decoration goods in regard to sales on their online stores, as these products are low in value and typically bought on impulse.
In January 2019, a government official announced that Ikea Vietnam, a subsidiary of the major Swedish multinational, planned to invest USD450 million in a retail centre and warehouse system in Hanoi. Once completed, the centre is set to be Ikea’s main supply hub for the Southeast Asian market and is expected to boost the company’s e-commerce business in the region.
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Understand the latest market trends and future growth opportunities for the Home and Garden Specialist Retailers industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Home and Garden Specialist Retailers industry in Vietnam, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
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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