Home & Living is a popular category year-round and usually sees a boost in the new year and spring when shoppers seek to revamp their homes. The past two years, more people have adjusted to spending heaps of time at home, hence creating a cozy and functional space became a priority - making way for the home and living industry to flourish.
However, post pandemic, it raises the question - Will home goods continue to be a strong e-commerce category? - Fret not, for there are various areas to explore and leverage here.
Trending sub-categories to explore in Home & Living
Factors attributing to the growth of the Home and Living Category
Urbanization, leading to rising disposable income
Rapid urbanization is taking the world by storm. Consumers globally witness the influence of westernization from various sources. These influences are instilled in cooking enthusiasts who aim to prepare and serve dishes perfectly – Therefore, tasting goes beyond just food; There is an effect of aesthetic appeal of plate patterns and the equipment used, on food perception. The internet is also filled with ideas and sharing's of beautiful and modern home and living arrangements, further fortifying symbolic upward social mobility through expressing sophistication and wealth.
This is further complemented with total disposable income in Asia Pacific having the fastest rate of expansion over 2019-2040. This force is set to significantly impact the growth of home and living (More specifically, kitchen products) worldwide and in emerging economies. As the economy grows at a robust pace, improvements in standards of living are palpable. Consumers have grown to learn that by purchasing high quality, durable products, they have a fully stocked kitchen which last a lifetime - Investing in high quality and durable kitchenware for their own style and comfort are other prominent factors for this market growth. Therefore, these sub home and living categories become crucial aspects to facilitate upward cultural mobility.
Changes in consumer lifestyle and behaviour
Demand for home and living products are on the rise due to the increase in popularity of home cooking, both during and post COVID-19 pandemic, as people enjoy the feeling of experimenting with food and the satisfaction of preparing good dishes. Therefore, these consumers want more variety and choice when it comes to choosing products, so that they have a pleasant experience while fulfilling their cooking adventures. Thus, optimize your store to provide an abundant lineup of high-quality products – This is sure to appeal to your consumers.
Organized kitchen with practical products
Innovative and useful products are growing in demand. Kitchen storage organization products are ideal when it comes to storing food, providing suitable space-saving solutions, and preparing sophisticated meals in the kitchen.
These products are widely used in residential and commercial settings thus serving a broad audience for you to target in your store. Having an organized kitchen with lesser clutter gives consumers a sense of ease and order when they prep a meal, spend time with friends and family, or simply just grab a morning tea or coffee – Better utilization of kitchen spaces definitely go a long way.
COVID-19’s Impact on the Home and Living Industry
This fluctuation of COVID-19 and the ways it influences these shopping habits will continue into the foreseeable future. Additionally, the workplace as we know it has changed. People are getting used to flexible work from home practices. For the home and living industry, this is great news. Many people will continue to appreciate their homes more and seek to create a comfortable environment for them to work and rest in.
Say Goodbye to Retail Therapy - At least in store, anyways.
As places start opening back up, retail stores will not be the same as before. As much as there is still a minor group who will prefer in-store shopping, retail will no longer be the casual activity it once was, due to the change in consumer behaviour towards online shopping.
For retailers of the home goods space, the idea of opening a physical location isn’t as appealing anymore as well. In-person sales for products have dropped significantly, which is why making use of e-commerce at this stage is ideal, for your store.
So, are you making use of Digital?
By now you would already know that digital is emerging more than ever as a channel for consumers looking to source these home products. Millennials and baby boomers are more likely to buy home goods online now than they were pre-pandemic. Therefore, bear in mind that more consumers are comfortable and willing to buy home and living products online – Stay on top of these trends to get the best advantage for your e-commerce store.
Continued Growth for Home and living Ecommerce Sales
Optimizing the home for productivity, coziness, and individuality will continue to colour the home and living industry long after Covid-19.
The pandemic was indeed a wakeup call for consumers globally. For those who thought they had designed their homes well are now familiar with the pitfalls of their spaces. Furthermore, while the home office has been the focus recently, one can assume their attention will turn to decorating their spaces and trying categories that they rely on for comfort and sanctuary as well.
So, is your e-commerce store optimized to meet these rising demands from consumers? Do you have enough quality products from this growing subcategory to generate sales? Remember to keep these in mind as you set out to explore this category.
Stay tuned for what is to come as Trustana expands more into the Home and Living Category. As your trusted wholesale marketplace, rest assured you will be sourcing authentic and new and unique products.
For more information, contact us here.