DUBLIN, January 28, 2022--(BUSINESS WIRE)--The "United Kingdom Homeware Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The United Kingdom (UK) homeware market is expected to witness strong growth during the forecast period, owing to factors, such as rising urbanization, an increase in consumer purchasing power, and an increase in the number of household units in the country.
However, as the market is largely hit by the COVID-19 pandemic affecting the customer confidence and purchasing power parity, the increased time customers have been spending at homes in order to follow Stay Home to Stay Safe protocol is helping the market to record more transactions in the country.
Furthermore, factors, such as globalization, new kinds of designs, and the availability of a variety of items for home decor, are encouraging the growth of the market. Due to the rise of online retail, furniture, and other items used in houses are available at a discounted price and have become more affordable.
Hence, many people are accessing these online retail outlets to decorate their homes. Other factors that are encouraging the growth of the market are the rise in disposable incomes and improving the lifestyle patterns of people. Competition among the various distribution channels is expected to intensify over the next five-year period, with the COVID-19 outbreak which accelerated a shift towards online platforms across the country.
Key Market Trends
Increased Spending on Furniture and Appliances is Driving the Market Growth
The UK homeware market has been recording modest growth during the review period, overcoming the economical and political uncertainty due to Brexit. majority product categories including Home Furniture, Home Textiles, Home Appliances, have been recording year-on-year growth in a number of transactions owing to the increasing usage at households.
During 2020, homeware market products, especially, Home Decor Products and furniture grabbed more customer attention as the majority of customers have switched to working from home practices.
This also drove the demand for home office furniture and small kitchen appliances including coffee makers, grills among others owing to the more time customers got to spend at home. The trend is anticipated to help the specific segments to record more revenues in the country in the forecast period.
Growing Demand for Online Distribution Channel is Helping the Market in Recording More Transactions
The United Kingdom offers a high number of online channels that are offering dedicated homeware products for the customers to buy. The developed nation coupled with the high access to the internet and the majority of customers who are willing to purchase their products via online or e-commerce channels is helping the market to grow faster in the country.
Though owing to the luxury products expected from segments such as home decor, lighting among others, they require more customer's attention to detail which has restricted the segment to an extent during the review period. However, the COVID-19 pandemic and the closure of physical retail stores for a long time has been helping the Online distribution channel to record more revenues.
The report covers major local and international players operating in the United Kingdom Homeware Market. In terms of market share, few major players currently dominate the market.
Companies in the homewares market have been implementing new strategies of marketing, retailing, and merchandising to meet the needs of buyers in the residential spaces. In recent years, they have also entered into collaborations with retailers to expand the reach of their products for consumers in the homewares market.
DFS Furniture PLC
Inter IKEA Group
Koninklijke Philips NV
Way Fair UK
Bed Bath and Beyond UK
Villeroy and Boch
For more information about this report visit https://www.researchandmarkets.com/r/dyeikf
View source version on businesswire.com: https://www.businesswire.com/news/home/20220128005446/en/
Laura Wood, Senior Press Manager
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