The Latest Homeware Industry Statistics Explained
The global home decor market size was valued at $616.6 billion in 2019.
This statistic indicates that the total market value of the global home decor industry was $616.6 billion in the year 2019. The figure includes the total revenue generated by the sales of various home decor products and services worldwide during that year. This statistic highlights the substantial size and monetary value of the home decor market, emphasizing the significant economic impact and consumer demand for home decor products such as furniture, textiles, lighting, accessories, and other items used for interior decoration purposes. It serves as a key indicator of the industry’s growth and potential opportunities for businesses operating within the home decor sector.
The global home decor market is expected to reach $838.6 billion by 2027.
The statistic stating that the global home decor market is expected to reach $838.6 billion by 2027 indicates a significant growth trajectory in the industry. This projection suggests a strong upward trend in consumer spending on home decor products and services over the coming years. Factors driving this growth may include increasing disposable incomes, changing lifestyle trends, and a growing focus on home aesthetics. Such a substantial market size forecast highlights the considerable opportunities for businesses operating in the home decor sector to capitalize on this expanding market and cater to the evolving demands and preferences of consumers worldwide.
In 2019, North America accounted for 35.7% of the global home decor market revenue.
This statistic indicates that in the year 2019, North America constituted 35.7% of the total revenue generated from the global home decor market. This percentage represents the share of the market that North America contributed to the overall industry performance. The fact that North America accounted for over a third of the market revenue suggests the region’s significant presence and influence within the home decor sector on a global scale. This information is valuable for stakeholders in the industry, as it highlights the importance of North America as a key player in the home decor market, influencing trends, consumption patterns, and economic dynamics within the sector.
Lighting segment of the homeware market is expected to register the fastest growth rate of 4.1% from 2020 to 2027.
This statistic indicates that the lighting segment within the homeware market is projected to experience significant growth at a rate of 4.1% annually from 2020 to 2027. This forecast suggests that consumer demand for lighting products such as lamps, fixtures, and other home lighting solutions is expected to increase steadily over the specified time period. The faster growth rate of the lighting segment compared to other segments in the homeware market implies a favorable market outlook for businesses operating within this sector, as it indicates potential opportunities for expansion, increased sales, and profitability within the lighting industry.
In 2019, Europe’s home decor market was valued at $83.1 billion.
The statistic that in 2019, Europe’s home decor market was valued at $83.1 billion represents the total monetary worth of sales of home decor products within the geographical region of Europe during that year. This figure includes all purchases of items such as furniture, lighting, textiles, accessories, and other home decor products. The value of $83.1 billion indicates the substantial size and economic significance of the home decor industry in Europe, reflecting the demand for decorative and functional items for homes and living spaces across the continent. This statistic serves as a key indicator for market analysts, businesses, and policymakers to understand the trends and dynamics influencing the consumption patterns and preferences within the European home decor market.
China is expected to witness the fastest growth rate of 4.9% from 2020 to 2027 in the homeware market.
The statistic indicates that China is predicted to experience the highest growth rate amongst all countries in the homeware market, with an expected increase of 4.9% between 2020 and 2027. This suggests that the demand for homeware products in China is anticipated to rise significantly during this period, likely driven by factors such as increasing disposable income, urbanization, and evolving lifestyle preferences. The fast-paced growth rate highlights the potential opportunities for businesses operating in the homeware sector to capitalize on the expanding market in China and tailor their strategies to meet the evolving consumer needs and preferences in the country.
The furniture segment held a dominant market share of 52.9% in India’s home decor market in 2019.
This statistic indicates that in 2019, the furniture segment was the leading category within India’s home decor market, capturing a significant market share of 52.9%. This suggests that consumers in India allocated the majority of their home decor spending towards furniture purchases compared to other categories such as decorative accessories, lighting, textiles, and other home products. The dominance of the furniture segment highlights the importance and popularity of furniture in the Indian home decor industry, reflecting the preferences and priorities of consumers when it comes to decorating their homes with functional and aesthetic pieces.
The Indian homeware market is expected to grow at a CAGR of 25.5% during 2019-2024.
The statement indicates that the Indian homeware market is projected to experience significant growth over the period from 2019 to 2024, with a Compound Annual Growth Rate (CAGR) of 25.5%. This rate represents the average annual growth rate of the market during this time frame. A CAGR is a useful metric for assessing the steady year-over-year growth of a market. In this context, a CAGR of 25.5% suggests a rapid expansion in the demand for homeware products in India, indicating positive consumer sentiment, economic growth, and potentially favorable market conditions for businesses operating in this sector.
The U.K homeware market is set to grow by 8.5% in the five years leading up to 2023.
This statistic indicates that the homeware market in the United Kingdom is expected to experience significant growth over the five-year period leading up to 2023, with an estimated increase of 8.5%. This growth signifies a positive trend in consumer demand for homeware products within the U.K market. Factors contributing to this projected growth could include changes in consumer preferences, lifestyle trends, economic conditions, and marketing strategies employed by homeware retailers. Businesses operating within the homeware industry might consider investing in expanding their product offerings, improving marketing efforts, and enhancing customer experiences to capitalize on this expected growth and remain competitive in the market.
Homeware sales in Canada expected to grow modestly over 2021-2025, as consumer confidence gradually recovers.
The statistic indicates that the sales of homeware products in Canada are projected to see a slight increase between 2021 and 2025, with consumer confidence improving gradually during this period. This growth suggests that consumers are expected to feel more optimistic about their financial situation and make purchases in the homeware category. Factors such as a stable economy, increased disposable income, and changing consumer preferences may contribute to this anticipated growth in the homeware market. Overall, the forecasted modest growth in homeware sales reflects a positive outlook for the industry in Canada over the next few years.
Digital represents 22% of total homewares sales, largely driven by younger, urban consumers in Mexico.
The statistic indicates that digital sales make up 22% of total homewares sales in Mexico and are primarily influenced by younger, urban consumers. This suggests that a significant portion of homewares purchases are now being made online rather than through traditional brick-and-mortar stores. The fact that younger, urban consumers are driving this trend highlights the shift towards digital shopping among a demographic that is typically more tech-savvy and comfortable with online transactions. It also implies that retailers targeting this group may benefit from focusing their marketing and sales strategies on digital platforms to cater to their preferences and behaviors.
The estimated number of home goods stores in the USA in 2019 was 32,658.
The statistic indicates that in 2019, it was estimated that there were approximately 32,658 home goods stores operating in the United States. This figure provides insight into the size and scope of the home goods retail market within the country during that year. By knowing the number of stores, businesses and policymakers can better understand the level of competition, market saturation, and potential opportunities for growth or expansion within the home goods industry. This statistic can also be useful for researchers, investors, and stakeholders interested in the retail sector and consumer behavior trends related to home goods shopping in the USA.
The US home goods industry generated $65.1 billion in sales in 2019.
The statistic ‘The US home goods industry generated $65.1 billion in sales in 2019’ represents the total revenue generated by the home goods industry within the United States during the year 2019. This figure captures the monetary value of all the products sold by retailers and manufacturers within the industry, including home decor, furniture, kitchenware, bedding, and other household items. This statistic provides insight into the size and economic impact of the home goods industry, reflecting consumer demand for products that improve and enhance residential living spaces. The sales figure serves as a key indicator of the industry’s performance and its contribution to the overall economy.
Between 2015-2020, the Annual Growth Rate for online home furnishing sales was 11.9%.
The statistic indicates that between the years 2015 and 2020, the online home furnishing sales industry experienced a consistent and positive growth rate of 11.9% per year on average. This signifies a substantial increase in the revenue generated by the online sales of home furnishings over this five-year period. The annual growth rate of 11.9% suggests a strong and sustained demand for home furnishing products through online channels, reflecting changing consumer preferences towards online shopping for home décor and furniture items. This statistic highlights the robust performance and increasing popularity of online home furnishing sales during the specified time frame.
The bedding segment in the U.S. is projected to reach $16,849m in 2021.
This statistic indicates that the bedding segment within the United States is forecasted to achieve a market value of $16,849 million in the year 2021. This projection suggests that the bedding industry in the U.S. is experiencing growth and is expected to generate significant revenue in the specified year. This statistic is valuable for businesses operating within the bedding sector, as it provides insight into the market’s potential size, allowing companies to make informed decisions regarding investments, marketing strategies, and overall business planning. Additionally, this figure may offer valuable information to investors, policymakers, and other stakeholders interested in the U.S. bedding market.
In 2019, the home goods retail sector in Australia was worth $25.9 billion.
The statistic “In 2019, the home goods retail sector in Australia was worth $25.9 billion” represents the total value of sales within the home goods retail industry in Australia for that particular year. This figure includes revenue generated from the sale of various home-related products such as furniture, appliances, decor items, and other household goods. The statistic is indicative of the significant economic activity within the home goods retail sector, highlighting its importance as a key component of the retail industry in Australia. The figure can also provide insights into consumer preferences, purchasing power, and overall market trends within the home goods segment, serving as a valuable metric for industry analysts, policymakers, and businesses operating within this sector.
Global home goods market is estimated to grow at a CAGR of 4.6% between 2021 and 2026.
This statistic indicates that the global home goods market is projected to experience steady growth over the period of 2021 to 2026, with a Compound Annual Growth Rate (CAGR) of 4.6%. This means that the market is expected to increase by an average of 4.6% annually during this time frame. A CAGR is often used to provide a smoother representation of growth over time, taking into account the compounding effect of growth. The positive CAGR suggests that there is a favorable outlook for the home goods market, reflecting factors such as increasing consumer demand, evolving market trends, and potentially expanding product offerings.
56% of consumers in the UK added more items to their baskets when given a wishlist function on homeware retailers’ websites.
The statistic “56% of consumers in the UK added more items to their baskets when given a wishlist function on homeware retailers’ websites” indicates a notable positive impact of implementing a wishlist feature on homeware retail websites in the UK. This statistic suggests that a majority of consumers are utilizing the wishlist function to add additional items to their baskets, potentially leading to increased sales and higher customer engagement. The findings highlight the importance of providing convenient features like wishlists in the online shopping experience, as it encourages consumers to browse more products and potentially make additional purchases. Overall, this statistic underscores the effectiveness of incorporating wishlist functionalities as a strategy to enhance user interaction and drive sales in the homeware retail sector in the UK.
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