The outbreak of COVID-19 in 2020 has had a significant impact on home furnishing, moving growth from 4% in 2019 to a significant decline of 38%. Due to the lockdown and ongoing social distancing rules, most house renovations have been postponed, cancelled or delayed.
Due to many consumers working from home during 2020, home office furniture grew significantly, recording double-digit value growth for 16%, with social distancing and the home office trend boosting sales. The Hong Kong government implemented special work arrangements for government employees to enforce work from home multiple times in 2020, and many offices across Hong Kong followed suit.
On the fragmented landscape, Seven Sea Chemicals Ltd continued to lead in 2020; however, like all players, the company recorded a value decline. Dairy Farm International Holdings Ltd retained its second position with IKEA during the year; however, both the leading players lost share while A-Fontane and others improved their positions.
Home furnishings is expected to grow in 2021 and will slowly recover in the forecast period. While the impact of COVID-19 will affect the coming years, especially across the early forecast period, renovation work is set to start again during 2021, as consumers are unlikely to delay their purchase decisions for another year.
Owing to the skyrocketing property prices, living space in Hong Kong is becoming increasingly cramped and odd-shaped. Therefore, while 2021 is expected to see a slight recovery of outdoor living furniture, the category will continue to struggle across the forecast period, recording a decline in value sales in 2024 and 2025.
LED luminaires and lamps used to be separately manufactured in different factories. However, Hong Kong saw the use of more integrated LED luminaries across the end of the review period.
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Understand the latest market trends and future growth opportunities for the Home Furnishings industry in Hong Kong, China 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 Furnishings industry in Hong Kong, China, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Home Furnishings research and analysis database.
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