From smart appliances to high-end electronics, the home goods market is undergoing a transformation.
The so-called “Internet of Things” is revolutionizing everything we do: how we sit, how we entertain ourselves, and even how we make our food. It’s a wired world, and our homes are, too. Connectivity has even remade the traditional toilet!
If all these changes have your head spinning while you try to keep up with the latest trends, styles, and innovations flooding the home goods market, we’re here to help. If you want to check your email on your coffee maker, keep reading. (Well, we’re not quite there yet, but your new fridge might make a shopping list for you.)
In this article we’ll take a closer look at what’s driving this explosion in the home goods market—one of the few retail sectors showing growth in traditional brick-and-mortar stores. But for how long?
Home Goods for New Homeowners
More and more people own their own homes these days, and naturally, they want to make their house feel like their own. This happens through design (and sometimes redesign), as well as renovation of the interior and exterior space.
To meet this need, the home goods market—consisting of everything from floor coverings to bathroom textiles and furniture—has seen tremendous sales growth, critically in emerging economies where home ownership is becoming increasingly common. This means the home goods market is now truly global.
In 2019, the global home goods and home decor market was valued at a little less than $617 billion, and that number is expected to grow at a rate of 3.9% between 2020 and 2027, according to Allied Market Research.
Floor coverings made up a significant portion of that total, including rugs, tiles, and other textiles. That segment alone is projected to grow at a rate of 4.0% in that same period. In addition to floor coverings, furniture, home textiles, living room and bedroom decor, outdoor furnishings, and kitchen and dining decor are also expected to enjoy solid growth in the coming decade.
What’s driving this growth continues to be traditional brick-and-mortar retail, sometimes called specialty stores. This is unique to home goods and decor, especially when compared to other sectors of retail now dominated primarily by online retailers.
Internet sales are gaining ground, however, especially given the permeation of internet service and mobile devices, and as middle-class incomes continue to rise around the globe. That’s especially true in the Asia-Pacific region, according to Allied Market Research. Nevertheless, the major player in the market continues to be North America.
Next, we’ll take a closer look at exactly what kind of products make up the rapidly growing market in home goods and decor. With this information, consumers, retailers, and marketers alike will stay ahead of the trends.
Getting the Goods on Home Goods
The market in home goods and decor can be broken down into three broad categories: bedding, appliances, and furniture (indoor and outdoor). These aren’t the only trends driving the home goods market, but if you’re looking to stay on top of what’s new, here’s a good place to start.
Home decor includes furnishings for the bedroom, and when it comes to the bedroom it’s all about the sleeping. Sheets these days are made from more than just cotton. You can find flannel sheets, of course, to keep you warm in winter, but also cooling sheets to keep you comfortable in the warmer months or if you tend to sleep hot.
When your important guests come for a visit, bring out the linen sheets, or maybe choose the bamboo or Egyptian cotton sheets. No matter what you’re looking for, the bedding market is changing and evolving to meet your needs.
With video gaming as popular as ever, gaming chairs have exploded onto the scene to keep us comfortable when we meet the big boss. These days you can even find gaming chairs with bluetooth connectivity, built-in speakers, steering wheel mounts, and headphone outputs.
Another kind of special-purpose chair rocking the home goods market is the massage chair. Across all the different types of massage, and with a broad array of added features, these chairs bring the massage therapy experience to your home.
We live in a smart world, and that interconnectivity has come to the home goods market. Smart toilets have been popular in many other parts of the world, and now the smart toilet has come to the U.S. market as well.
These high-tech toilets have features like automatic flushing, bidet wands, and seat warming functionality. With bluetooth connectivity, you can even catch up on your podcasts when nature calls.
Even the traditional coffee maker has been upgraded with tech features to help you make a better cup, more consistently. All this means is when it’s time to shop for a coffee maker, there’s a lot more to consider than just what kind of coffee you like, or your preferred method for making it.
How to Shop for the Best Home Products
Ready to see for yourself how far things have come in the market for home goods and decor, and pick up a few new gadgets for yourself? We’ll help you get started.
From drip coffee makers to Moka pots and cold brew makers, the home coffee maker market will help you recreate your favorite brew in the comfort of your own home.
As more home products become electronic and wired, they tend to come with remote controls. And as we all know from the simple TV remote, keeping track of that thing is easier said than done. To help, universal remotes were developed to put all remote controls in one place. This guide will help you choose the universal remote that’s right for you and your home electronics.
As previously mentioned, the market for smart toilets is really starting to take off in the U.S. The convenience, comfort, and versatility prove that connectivity even has a purpose in the bathroom. It’s not just about bluetooth connectivity, though, because smart toilets are easier to clean, and are more compact than their low-tech equivalents.
Frequently Asked Questions About Home Products
But don’t make any purchasing decisions without first fully informing yourself on the ins-and-outs of the product. These common FAQs are a great place to start.
Interested in a massage chair, but unsure where to begin? Massage chair retailers—both online and traditional—are more common than you might think. There might even be a massage chair specialty store near you. This guide helps you compare and contrast massage chair outlets, helping make sure you find the massage chair you need at a price that’s right.
Long hours gaming have you feeling some aches and pains? That could mean it’s time for a gaming chair. But what sets gaming chairs apart from even the most ergonomic office chair? Turns out, a lot. This guide defines what gaming chairs have going for them compared to standard chairs, and explains why no serious gamer can go without a good chair on their team.
In the market for a new coffee maker, but wondering whether or not your coffee habit is something you should support or something you should leave behind? Although there are some health concerns related to excessive coffee and caffeine consumption, there are also some health benefits. This guide to the health benefits of coffee just might have you reaching for your second cup.
When it’s time for a new bed, you’re faced with a lot of options: from size and firmness level, to eco-friendly construction materials and other ergonomic features. And of course, price. Did you know when you buy a mattress can make a big difference as far as how much you’ll pay? Find out how to time your mattress purchase just right in this article about the best time to buy a mattress.
Have you ever stopped to wonder who invented the swivel chair, leading to many of the chairs around our homes and offices with the ergonomic features we’re familiar with today? The answer takes us back to the very genesis of the United States of America, examining how the chairs from that time have evolved alongside the nature of work itself.