Homeware Global Market 2024 - Driving Factors, Industry Challenges, Business segmentation, Leading countries And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Homeware Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The homeware market size has grown steadily in recent years. It will grow from $133.97 billion in 2023 to $139.99 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to demographic changes, economic conditions, consumer preferences, market competition, environmental awareness, retail landscape.

The homeware market size is expected to see strong growth in the next few years. It will grow to $175.34 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to smart home integration, sustainable practices, urbanization, global economic outlook, health and wellness focus. Major trends in the forecast period include personalization, global influences in design, virtual try-before-you-buy, digital marketing trends, minimalist design.

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Market Drivers and Trends:

Increasing customer spending on home interior designing and household furnishing is expected to drive the growth of the homeware market going forward. Customers desire customized homes with good interior and household furnishings, and the COVID pandemic has increased home renovation and decoration spending even more. As a result of the COVID-19 pandemic, millions of customers are buying new homes and improving their existing ones, and the retail home furnishings category has witnessed a significant boost in both site traffic and spending. For instance, in September 2023, according to Statistics Canada, a Canada-based national statistical agency, in 2021, the average expenditure per household on furnishings and equipment stood at $3570. Thus, the growing consumer spending in home interior and furnishing will further contribute to the growth of the homeware market.

The usage of social media platforms by homeware product manufacturers has emerged as a key trend in the homeware market. Homeware companies are using social media marketing to build a strong network of brand enthusiasts. Rather than limiting themselves to interior design-focused innovators, businesses are collaborating with a diverse spectrum of social media influencers. For instance, in March 2023, White Domus, an India-based luxury home decor company, launched a collection of sculptural coffee tables, the Toledo Coffee Table stands out as a remarkable piece of furniture inspired by the rich heritage of Toledo, Spain. This captivating table pays homage to the city's renowned Three Cultures through an exquisite stainless-steel base meticulously handcrafted by skilled artisans. Featuring three stainless steel pillars, symbolizing the city's diverse cultural essence, this table is a testament to its vibrancy. The distinct asymmetrical marble tabletop exudes luxury, elevating any living space with its opulent charm. Its unique organic form harmonizes seamlessly with the fluid lines of the base, creating an engaging visual interplay that accentuates the table's overall allure.

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Major Key Players of the Market:

Walmart Inc., Carrefour SA, Whirlpool Corporation, Kohl's Corporation, Newell Brands Inc., Williams-Sonoma Inc., Kohler Co., The Avon Company, 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, Messe Frankfurt Exhibition GmbH, LocknLock India, Corelle Brands LLC, Royal Doulton, Jarden Corporation, 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

Homeware Market 2024 Key Insights:

• The homeware market size is expected to see strong growth in the next few years. It will grow to $175.34 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Rising Consumer Expenditure On Home Interior Designing Fuels Growth In The Homeware Market
• Homeware Manufacturers Leveraging Platforms To Showcase Unique Creations And Engage Consumers
• North America was the largest region in the homeware market in 2023

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