After recording solid growth rates over much of the review period, homewares experienced a marginal decline in current value terms in 2020 as increasingly price-sensitive consumers prioritised their expenditure. The category experienced a mixed performance despite the home seclusion trend as a result of the pandemic-induced lockdown and further restrictions of movement over the year which meant that consumers were cooking more for themselves as eat-in foodservice options were unavailable in addition to remote working and studying measures, resulting in positive growth for kitchenware.
With lockdown reducing entertaining opportunities due to strict social distancing measures and restrictions on movement outside of the home, demand for dining (except for cutlery) was greatly reduced, with beverageware, dinnerware and stovetop cookware all posting declines. The hit on offline channels including supermarkets, hypermarkets and home and garden specialist retailers in terms of reduced footfall or store closures also had a fairly strong negative impact on these categories as some consumers like to physically check these products prior to purchase, particularly as impulse purchases are a major traditional growth driver.
Homewares remained a highly fragmented competitive landscape in 2020, with no single player, including overall leader Zhejiang Supor Co Ltd, holding double-digit value share as numerous small regional players are present and combine to dominate under “others”. Fragmentation results in part from the low barriers to entry in the category, and low levels of consumer brand-awareness, which means that factors such as retail channel, pricing, and promotional activities exert a strong influence on purchasing decisions.
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This report originates from Passport, our Homewares research and analysis database.
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