Homewares are household commodities used within household. Some of the commonly used homeware items include furniture, home decoration, soft furnishings, kitchenware, home appliances, lighting, storage and flooring, bathroom accessories and cleaning, tableware and hardware tools. Homewares make living areas more habitual and functional.
Rockville, WA -- (SBWIRE) -- 07/26/2018 -- The global homewares market is prophesied to grow handsomely in the future due to rise in positive demand. Increase in demand for housing and preference for fashionable homewares could prove favorable for the growth of the market. Demand for homewares could be rise due to increase in demand of more fashionable homewares solutions among youth. The elderly, however, splurge on luxury items owing to their high spending ability. As a result, manufacturers keep introducing new products and change product designs in the market to keep their consumers satisfied. These factors also determine the growth of the market globally.
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Companies are observed to offer low-cost decorative and textile ranges to penetrate into the wide pool of consumers with price sensitivity in developing countries. This could help to make products affordable for different categories of consumers. Retail companies and stores involved in the global homewares market are constantly trying to provide their consumers a variety of high-quality products and excellent customer service so that their shopping experience becomes memorable. Some manufacturers are also indulging in the production of homeware decor items that specifically suit the aesthetic requirements of buyers. These factors are expected to boost the market significantly during the forecast period.
The global homewares market is estimated by Fact.MR to reach a valuation of US$180,100 mn by the end of the forecast period 2017-2022.
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Growing Demand for Lifestyle Homeware Decors Influences Purchase Decision
Household commodities used in residential spaces are known as homewares. The global homewares market is segmented into home decoration, furniture, kitchenware, soft furnishing, flooring and storage, lighting, home appliances, cleaning and bathroom accessories, hardware tools, and tableware, according to product. Each product has its own demand in various regions and countries depending upon factors such as infrastructure, development, culture, and needs. Among these, home decoration is anticipated to continue to rise in demand in the coming years. By 2022, the global sales for home decoration could account for a 19% or more revenue share. Additionally, around a US$35,297 mn worth home decoration will be sold around the globe during the forecast period and is predicted to even rise beyond.
By end user, the global homewares market is classified into homeware stores, franchised stores, specialty stores, departmental stores, and online.
Increase in Number of Users to Boost Homewares Market in Europe
The dynamic market for homewares is projected to grow at a good rate due to various growth factors. Among key regions, the market could witness larger growth in Europe throughout the forecast period as the region represents a significant percentage of revenue and is expected to grow decently in the near future. Europe's homewares market is expected to increase at a CAGR of 5.5%. It is estimated to bag a US$15,154.4 mn during the forecast period. North America is also expected to grow at a healthy CAGR due to the demand for reasonable seasonal home decoration. Growing trend of 'generation rent' and increased demand for housing are also among important reasons for growth in this region.
Some of the key companies of the global homewares market are Zepter International SA, The Oneida Group, Inc., Pacific Market International, SEB SA, and Lock & Lock Co Ltd. Mainstream companies are envisaged to gain traction from production innovation.
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