Improvements in the global homewares market masked regional performance differences, with progress in emerging regions offsetting continued weak growth in developed markets; however, all saw lifestyle and culinary habits shape specific category demand through 2012.
In 2012, homewares saw good market growth, with a year-on-year increase of 4% building on 2011 and performing marginally better than the overall home and garden market, having proved itself fairly resilient to economic pressures.
Homewares offers a wide variety of products and price points that can benefit in both weak and improving economic environments, such that the category as a whole has largely proved to be a resilient one.
According to a recent report, 'Homewares Finds the Recipe for Economic Success,' the continued stronger performance of kitchen than dining homewares means that the former now represents around 55% of the market, up from 51% in 2007.
The overall growth trend of the two categories has been similar, with the pace of growth slowing in 2009, but kitchenware continues to grow more quickly, with stove top cookware and food storage being the most dynamic areas.
With rising income driving up spend per capita, Asia-Pacific, most notably China, along with Latin America continue to offer the best growth prospects, but there is still some way to go to reach the per capita spending of developed markets.
China dominates growth in homewares and will by 2017 be the world's largest market, although spend per capita remains well below developed markets.
China stands out as the most dynamic homewares market, growing faster than most and delivering five times more growth than any other country over 2007-12.
Rising female income in emerging markets is an important factor in growing homeware sales, changing home habits and driving demand for improved quality and performance in homewares.
Working women are able to afford homewares items that make their working lives easier, leading to rising demand for a whole range of homewares items. The new lifestyles that are work rather than home centred create new demands, with women able to afford for the first time to buy things for themselves, which includes better, time saving and more efficient homewares.
For more information on the global homewares market, see the latest research: Global Homewares Market
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