WiseGuyReports published new report, titled “Home Décor and Accessories”
"Home Décor and Accessories 2017", offers comprehensive insight and analysis of the home décor market which includes; pictures & frames, clocks, decorative accessories, vases & bowls, candle holders & lanterns, candles & home fragrance and mirrors.
It provides in-depth analysis of the following: the key issues impacting the market, strategies for success, market sizes and forecasts to 2022, retailer profiles, retailer market shares and consumer shopping habits and spending motivations.
While other big-ticket home sectors will be impacted by consumers tightening their budgets due to a more uncertain economy, home décor will remain robust, with growth slowing to 0.7% in 2018 but remaining positive. Home décor is slightly more protected against the economy compared to other home sectors, as consumers cut back on big-ticket items, such as furniture, and purchase home décor items as a cheaper way to decorate their homes. Candle holders & lanterns and candles & home fragrances will be the fastest growing categories over the next five years as online influencers and scandi-trends - such as hygge and lagom - drive shopper interest in candles for a calming and relaxing home environment.
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- Midmarket retailers will experience further pressure from the discounters as consumers trade down due to a gloomy economic forecast in the short to medium term. They must invest in old stores and promote their superior quality and gifting collections to maintain share in the home décor market.
- Online growth is restricted due to the discretionary and non-essential nature of home décor. This means that a large proportion of sales are driven by consumers who happen to see something they like instore and spontaneously purchase rather than it being a planned decision - this shopper journey is difficult to replicate online without being able to touch and feel products, therefore limiting online growth in home décor.
- Fashion retailers continue to grow their presence in the home décor market, with Zara having opened more standalone home stores, H&M rolling out home concessions, and River Island poised to launch a homewares range. Department stores risk losing sales to customers choosing to purchase more competitively priced home décor items from clothing and fashion retailers.
- Nearly two thirds of UK shoppers bought candles & home fragrances products in 2017. Candles have boomed in popularity as social media influencers discuss expensive candle brands such as Neom Organics, Diptyque and Jo Malone, with candles becoming a symbol of an aspirational lifestyle. This desire has also benefitted high street retailers that are able to provide cheaper alternatives to less affluent shoppers and those trading down due to squeezed budgets.
- Social media is becoming increasingly important as a source of inspiration across many sectors, including homewares. These platforms, particularly Pinterest and Instagram, are very influential, so retailers must ensure they are using these platforms frequently to engage and inspire shoppers.
Key points to buy
- Understand how online influencers such as Zoella and Tanya Burr are increasingly impacting the home décor market and how this is driving sales of certain products within home décor. Utilise this information to understand which products to focus on and how to communicate these products to home décor customers through social media.
- Utilise our trend capsule to identify current and future fashion trends in the home décor market and which retailers are best placed to take advantage of the increasing fashionability of homewares and whether you are on trend within home décor.
- Identify the disruption of discounters and value retailers such as B&M and The Range as well as fashion retailers within the home décor market and how midmarket retailers can continue to gain market share in a more competitive retail environment.
- Discover the key motivations behind how consumers shop home décor through our survey of 2,000 shoppers. Use this data to understand which facilities you should provide instore and the importance of store formats and where products are placed to drive sales.
Table of Contents
Issues And Strategies
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