High per capita spend in homewares makes Western Europe an attractive region, especially as economic conditions are set to improve over 2018-2023. The increasing healthy living trend, favouring home-based cooking, is creating growth opportunities for dinnerware and beverageware. However, the overall market size did not grow much over 2013-2018 compared with high-growth regions such as Asia Pacific due to greater saturation in Western Europe.
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Western Europe saw the highest per capita spend for homewares in 2018 among all other regions thanks to consumers’ desire to achieve a healthier lifestyle, and therefore spending more time at home cooking. Consumers were also looking for more premium homewares, but were unwilling to pay extra for them, thus slowing the value growth of homewares.
IKEA remains the perfect solution for consumers not willing to pay extra money for good quality products. It is now offering similar products – in terms of quality – compared to big brands (such as Villeroy & Boch and WMF) at lower prices. IKEA has understood the need to be close to its customers, and has therefore opened several new stores (slightly smaller than regular ones) in inner city locations.
Urbanisation rates and rising purchasing power in the region will be important factors. Food storage becomes more important and relevant for single-person households when they buy food in bulk to take advantage of discounts, while smaller and cheaper stove-top cookware also presents an opportunity for this demographic group.
For the forecast period, homewares is expected to continue growing in volume as cooking shows and the healthy living trend become more popular among consumers.