What Factors Propelled The Growth Of The Homeware Market In The Past?
The homeware market has seen considerable growth due to a variety of factors.
• The size of the homeware market has been on a consistent upward trend in the past few years. It is projected to rise from $139.08 billion in 2024 to $145.32 billion in 2025, experiencing a compound annual growth rate (CAGR) of 4.5%.
Factors such as shifting demographics, prevailing economic circumstances, customer likings, market rivalry, environmental consciousness, and the retail scene have contributed to the growth experienced during the historic timeframe.
What is the Forecasted Growth of the Homeware Market Size?
The homeware market is expected to maintain its strong growth trajectory in upcoming years.
• Within the coming years, the homeware market is anticipated to experience robust growth, with projections indicating a surge to $191.2 billion by 2029, reflecting a compound annual growth rate (CAGR) of 7.1%.
Factors contributing to this predicted growth, specifically in the forecast period, include advancements in smart home technology, sustainable practices, increased urbanization, certain global economic conditions, and an emphasis on health and wellness. Noteworthy trends in the forecast period encompass personalized products, global design influences, a virtual 'try-before-you-buy' approach, shifts in digital marketing and a preference for minimalist design.
What Are the Critical Driver Fuelling the Homeware Market's Growth?
The rising expenditure of customers on home interior decoration and household furnishings is predicted to propel the homeware market's expansion. The aspiration for personalized homes, equipped with pleasing interiors and household furnishings, has been amplified by the current COVID pandemic, leading to an enhanced spending on home refurbishment and decor. The pandemic has resulted in countless customers purchasing new homes and upgrading their existing ones, giving a substantial lift both in terms of site traffic and investments in the retail home furnishings segment. For example, in May 2023, data from the Office for National Statistics, a government entity, revealed that for the financial year ending (FYE) 2022, the mean weekly household expenditure stood at nearly $635.50 (£528.80), marking a nominal increase of around $56.70 (£47.30), or 10%, as opposed to FYE 2021. Therefore, the escalating consumer expenditure on home interior decoration and furnishings is expected to further accelerate the expansion of the homeware market.
What Is The Segmentation Of The Global Homeware Market?
The homeware market covered in this report is segmented –
1) By Product Type: Home Decoration, Furniture, Soft Furnishings, Kitchenware, Home Appliances, Lighting, Storage And Flooring, Bathroom Accessories And Cleaning, Tableware And Hardware Tools, Other Products
2) By Application: Residential, Commercial
3) By Distributional Channel: Homeware Stores, Franchised Stores, Departmental Stores, Online Stores, Specialty Stores
Subsegments:
1) By Home Decoration: Wall Art (Paintings, Prints, Mirrors), Decorative Accessories (Vases, Sculptures, Candles), Rugs And Carpets, Curtains And Drapes
2) By Furniture: Living Room Furniture (Sofas, Coffee Tables), Bedroom Furniture (Beds, Dressers), Dining Room Furniture (Tables, Chairs), Office Furniture (Desks, Chairs)
3) By Soft Furnishings: Cushions And Throws, Bed Linens (Sheets, Duvet Covers), Table Linens (Tablecloths, Runners)
4) By Kitchenware: Cookware (Pots, Pans), Bakeware (Baking Sheets, Cake Pans), Utensils (Cutlery, Spatulas), Storage Containers
5) By Home Appliances: Major Appliances (Refrigerators, Washers, Dryers), Small Appliances (Blenders, Toasters, Coffee Makers), Kitchen Gadgets
6) By Lighting: Ceiling Lights (Chandeliers, Flush Mounts), Table And Floor Lamps, Wall Sconces, Outdoor Lighting
7) By Storage And Flooring: Shelving Units, Baskets And Organizers, Flooring Solutions (Laminate, Tile, Carpet)
8) By Bathroom Accessories And Cleaning: Bath Mats And Towels, Shower Curtains And Organizers, Cleaning Tools (Mops, Brooms)
9) By Tableware And Hardware Tools: Dinnerware Sets (Plates, Bowls), Glassware And Cutlery, Hand Tools And Power Tools, Hardware Supplies (Screws, Nails)
10) By Other Products: Home Fragrances (Candles, Diffusers), Pet Accessories, Seasonal Decorations
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What Emerging Trends Are Shaping The Homeware Market?
The prominence of social media platforms in the marketing strategies of homeware product manufacturers has unfolded as a significant trend in the homeware industry. Instead of restricting themselves to just interior design experts, these firms are joining forces with a broad range of social media personalities. In March 2023, a standout example was White Domus, a luxury homeware company based in India, launching an array of sculptural coffee tables. Among these, the Toledo Coffee Table stood out as an exceptional piece, drawing inspiration from the rich background of Toledo, Spain. This entrancing piece of furniture respectfully acknowledges the city's famous Three Cultures through its intricately hand-forged stainless-steel base. Three stainless steel pillars represent the city's cultural mix, reflecting its vibrancy. The table's uniquely slanted marble top exudes lavishness, elevating any room's ambiance. The table's unique organic form effortlessly matches the base's smooth contours, offering an appealing visual exchange that heightens the table's charm.
Who Are the Key Players in the Homeware Market?
Major companies operating in the homeware market include:
• Walmart Inc.
• Carrefour SA
• Whirlpool Corporation
• Kohl's Corporation
• Newell Brands Inc.
• Williams-Sonoma Inc.
• Kohler Co.
• GE Appliances
• Herman Miller Inc.
• HNI Corporation
• Conair Corporation
• ARC International
• Fiskars Group
• Tupperware Brands Corporation
• Villeroy & Boch
• Libbey Inc.
• Lifetime Brands Inc.
• The Oneida Group
• LocknLock India
• Corelle Brands LLC
• Royal Doulton
• Lenox Corporation
• Crown Brands LLC
• Meyer Corporation
• Zepter International
• Inter IKEA Systems B.V.
• International Cookware SAS
• Wedgwood
• Sambonet Paderno Industrie S.p.A.
• Bormioli Luigi S.p.A.
• Groupe SEB
What are the Regional Insights into the Homeware Market?
North America was the largest region in the homeware market in 2024. The regions covered in the homeware market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
