UK home décor market to outperform all other home sectors

By

Barbara Santamaria

Published
Aug 26, 2016

The home décor market in the UK is set to grow at a faster rate than other home retail markets as consumers opt for affordable options to give their homes a new look.

The market for decorative accessories will grow by 22% and account for 12% of the homewares market by 2021, according to Verdict Retail’s latest Home Retail Series.

The increase will be supported by high street retailers such as H&M, New Look and Sainsbury’s, who have expanded their home ranges and introduced seasonal products.

Sneha Alexander, Analyst for Verdict Retail, says: “While consumer confidence has taken a hit following the news of Brexit, trend-led products will encourage impulse buys and gifting purchases, reducing the reliance on replacement or needs-driven shopping trips.”

Verdict Retail’s research also found that 54.1% of consumers bought into the category because they wanted a ‘new look’, against 35% two years ago, as greater accessibility and more choice on the high street, particularly at the value end, has enabled consumers to buy into new collections more easily. 

Retailers must be able to deliver great design, quality and gift appeal to drive expenditure growth, the research company added.

Online browsing platforms such as Pinterest, Made.com and Amazon will also boost online expenditure, with this channel expected to account for 17.1% of all home décor sales in 2021.

“As home décor is predicted to be more resilient than other UK homeware markets post-Brexit, it is imperative retailers ensure that investment is directed to growing and improving trend-led and seasonal collections, as well as improving instore marketing and better showcasing products online,” added Alexander from Verdict Retail.

“Such investment will protect homewares retailers’ total performance from the potential sales declines expected in big-ticket categories over the next two years.”