PUBLISHER: GlobalData | PRODUCT CODE: 1502679
PUBLISHER: GlobalData | PRODUCT CODE: 1502679
This report provides an overview of the global home retail sector which includes analysis, drivers, inhibitors, market forecasts, brands and trends in the global home market between 2023 and 2028
During the COVID-19 lockdowns, the global home market experienced a significant increase in spending, growing by 15.7% in 2021. However, spending declined in 2022 and 2023 as the market began to normalize, influenced by high inflation and diminished consumer confidence, which adversely affected expenditure on large-ticket items and home renovations. The market is anticipated to remain stable in 2024 but is expected to grow in 2025, at a projected rate of 3.9%, buoyed by the resurgence of consumer confidence and real wage growth. In 2023, the Americas held the largest share of the global home market, accounting for 46.7%. This figure is projected to decrease to 45.4% as growth in the region's principal market, the United States, slows due to its maturity. Moreover, the anticipated growth in the emerging economies of Latin America is unlikely to compensate for this deceleration. In contrast, the Asia-Pacific (APAC) region's market share was 29.9% in 2023 and is forecast to increase to 31.5% by 2028. This growth will be driven by rising incomes and urbanization in emerging markets, such as India and the Philippines, where an increasing number of consumers are investing in their homes as a result of these economic developments.