Asia Pacific is the largest and fastest growing region in homewares, supported by an increasing number of households, rising disposable incomes and a growing middle class. Consumer demand shaped by the pursuit of healthy lifestyles, convenience and aesthetic designs is driving product innovation, including the use of new materials and multifunctionality, pushing premiumisation in kitchen and dining.
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Homewares growth in Asia Pacific is supported by an increasing number of households, higher disposable incomes and an improved market environment in terms of modern retailing channels, including e-commerce. Sales are also being driven by demand resulting from lifestyle changes and megatrends such as a focus on convenience, health-consciousness and eco-friendliness.
Premiumisation is emerging in Asia Pacific. Consumers’ concerns over health and safety, as well as the appeal to convenience, are driving product innovation and the use of new materials, leading to growth in high-end products that offer multiple functions and aesthetically pleasing designs, contributing to value growth.
Internet retailing saw strong growth in Asia Pacific over 2013-2018, and its share of homewares sales value reached 11% in 2018. Non-grocery specialists are, however, still the backbone of homewares distribution. As mobile connectivity and e-commerce penetration increase, internet retailing will continue to play a significant role in homewares distribution.
While the outlook for homewares is positive, the boom in food delivery services, notably in China, India, Indonesia and Thailand, will continue to constrain the overall growth prospects for homewares in Asia Pacific. Consumers are inclined to order food online more often, saving them time and effort in terms of cooking and cleaning, which poses a threat to spending on both kitchen and dining items.