World Market for Homewares and Home Furnishings

September 2021

Following a mixed performance across categories and markets in 2020, homewares and home furnishings is forecast to return to strong growth as consumers place new value on investing in their homes. Notably, developing markets are to return as the driving force behind the expansion of global sales. This growth will take place in a dynamic competitive environment characterised by the growing influence of new service-driven business models, augmented reality and increasingly fierce competition.

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Examining four trends shaping homewares and home furnishings

Hybrid working to sustain long-term home office furniture growth

Alongside the number of employees working remotely, the growth of home office furniture will fall away from the peak reached in 2020. However, wider sustained adoption of hybrid working will underpin category expansion of USD2,836 million at a 2% CAGR between 2020 and 2025.

Growing commercial relevance of furniture rental

Driven by changing lifestyle trends, furniture rental is seeing markedly rising commercial relevance into the forecast period. This precipitates an increase in M&A activity as players acquire the capability to compete with this shared economy service business model. This is additionally spurring innovation in product design as durable circularity begins to directly impact profitability.

Increasing demand expectations see competitors rush for expansion

A variety of players have sought expansion, seeking to capitalise on renewed interest in the home and expectations of a rapid return to growth. However, more disruption, may hamper reaction speeds for exploiting peaks in consumer demand. With a wide range of players seeking to expand, industry competition is likely to intensify across markets.

AR emerges to bridge physical and digital retail gap

Augmented reality technology is to become increasingly integrated into the consumer journey for home furnishings as players respond to the shock of the 2020 pandemic with an increase in investment in visualisation technology to bridge the gap between digital and physical retail.

Introduction

Home and Garden World Market reports are split into two for 2020
Scope
Examining four trends shaping homewares and home furnishings

Global Outlook

Home and garden records muted pandemic-linked decline
Marked pandemic-linked decline for homewares and home furnishings
Asia Pacific leads pandemic-linked decline

Global outlook

Pandemic produces mixed category performance
Homewares sales lifted by demands of necessity and recreation
Indoor furniture sees strong decline from lockdown-linked store closures
E-commerce acceleration fails to compensate for store-based losses
Regional reversal forecast as Asia Pacific to lead recovery
Developing markets forecast for marked sales recovery
Long-run lifestyle trends support long-term category growth

Leading Companies and Brands

Industry retains characteristic fragmentation
Market leaders sustained by 2020 growth in developed regions
SEB Groupe’s Tefal sees sharp pandemic boost in rankings

Top Four Trends Shaping the Industry

Examining four trends shaping homewares and home furnishings
New demand expectations see competitors rush for expansion
Expansion plans likely to raise intensity of industry competition
Home seclusion drives spike in demand for home office furniture
Pandemic accelerates diffusion of remote working
Hybrid working and nesting to sustain long-term sales growth
The furniture-as-a-service model places access over ownership
A growing commercial relevance of rental and leasing across markets
The rental model spurs demand for partnerships and more M&A activity
Circularity creates a demand for innovation in both durability and design
Augmented reality technology is bridging physical and digital retail gaps
Home furnishings leaders are heavily investing in AR capabilities

Market Snapshots

Global snapshot of home furnishings
Global snapshot of homewares
Regional snapshot: North America
Regional snapshot: Asia Pacific
Regional snapshot: Western Europe
Regional snapshot: Middle East and Africa
Regional snapshot: Latin America
Regional snapshot: Eastern Europe
Regional snapshot: Australasia
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