The global homewares market grew by 6.2% in 2011 to reach a value of $305,673.2 million. The market has been forecast to increase at a compound annual growth rate (CAGR) of 23.7% over the next five years, hitting a market value of $378,003.5 million by 2016.
While other home and garden sectors demonstrated considerable disparities in year-on-year growth rates between 2006 and 2011, homewares displayed a much steadier pattern.
At the height of the recession in 2009, homewares growth remained positive (1%), while gardening, home furnishings, and home improvement each declined by approximately -2%.
In developed markets, where industry declines were most pronounced, homewares growth was sustained by spending in kitchen categories, which benefited from declines in consumer foodservice expenditure and increased home cooking.
Sales generated through home furniture and homewares retailers were expected to be the most lucrative for the global homewares market in 2011, with total revenues of $131.7 billion, equivalent to 43.1% of the market's overall value.
Homewares remains a very open and fragmented sector with few barriers to entry and is therefore an obvious area in which retailers can try to broaden their offer beyond core categories. This, combined with high levels of consumer interest in home decoration, has encouraged retailers to expand the depth and breadth of their homewares offers.
Within the UK homewares market, Argos retains its position as the homewares market leader, maintaining a 0.4% point lead over its nearest challenger, John Lewis, and now claiming 5.4% of all homewares spending.
For more information on the global homewares market, see the latest research: Global Homewares Market
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