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Description

Description

“Desire for open-plan living is fuelling a trend to extend or knock through to create larger living spaces which act as a home hub for family and entertaining at home. In turn this means more of the home is on view, creating demand for individual styling and higher average spend. Organising and storing the growing range of possessions in the home create a desire for furniture with plenty of storage options, including fitted furniture that optimises the storage capacity in a room. This trend to create ideal storage solutions is encouraging people to focus on cupboard interior fittings in kitchens, bathrooms, hallways and bedrooms and will help to boost consumer spending on the home.

Enjoyment of gardens and gardening will continue to grow as people increasingly use their gardens as an outdoor room, creating space for relaxing, entertaining and eating. Gardens and gardening will encourage adults and children to spend more time away from technology and connected to nature. This will drive demand for garden leisure products, including furniture, outdoor toys and barbecues.”

– Jane Westgarth, Senior Retail Analyst

This report examines the following issues:

  • How should retailers cater better for Millennials?
  • What impact is private renting having on demand for products for the home?
  • How can retailers make more of omnichannel shopping habits?

What's included

What's included

Table of contents

Table of contents

  1. Overview

    • What you need to know
      • Products covered in this Report
      • Executive Summary

          • The market
            • Consumer spending has remained strong
              • Figure 1: Consumer spending on the home and garden, 2014-24
            • Style and design take a greater role in choice
              • Figure 2: Consumer expenditure on the home, by category, 2019 (est)
            • Diverse market served by a wide range of retailers
              • Figure 3: Channels to market, goods for the home, 2019 (est)
            • Companies and Brands
              • Retailers create stronger experiences
                • Why buy? Potential for renting for the home
                  • Pop-up shops can inform brands about customer needs
                    • Visualising a purchase in your own home
                      • Smaller in-town shops
                        • Real homes on view
                          • IKEA sells on third-party websites
                            • Shortcuts to choosing
                              • Fashion retailers adding homewares
                                • The value customer
                                  • Do it for me
                                    • Looking after the planet
                                      • Convenient to buy homewares at the supermarket
                                        • Creating an individual look
                                          • John Lewis expands home services capabilities
                                            • Shared living spaces and micro apartments
                                              • Interest in the smart home is growing
                                                • The consumer
                                                  • High level of engagement with spending on the home
                                                    • Figure 4: Consumer spending on the home, November 2019
                                                  • Consumers have the best of intentions
                                                    • Figure 5: Intentions to spend on the home, November 2019
                                                  • People are getting on with their lives, despite Brexit
                                                    • Figure 6: Influence of Brexit on spending on the home, November 2019
                                                  • Millennials want style, storage and to make a good impression
                                                    • Figure 7: Reasons for spending on the home, November 2019
                                                  • Wide choice and shops to visit influence choice
                                                    • Figure 8: Factors influencing choice of retailer for spending on the home, November 2019
                                                  • Younger householders feel their homes are stylish
                                                    • Figure 9: Descriptions of the home, November 2019
                                                  • Homes serve a wide range of functions
                                                    • Figure 10: Home lifestyles, November 2019
                                                  • What we think
                                                  • Issues and Insights

                                                    • How should retailers cater better for Millennials?
                                                      • The facts
                                                        • The implications
                                                          • What impact is private renting having on demand for products for the home?
                                                            • The facts
                                                              • The implications
                                                                • How can retailers make more of omnichannel shopping habits?
                                                                  • The facts
                                                                    • The implications
                                                                    • The Market – What You Need to Know

                                                                      • Spending remains strong
                                                                        • Individual style and better storage solutions drive demand
                                                                          • Growing household numbers boost spending on the home
                                                                            • More multi-use bedrooms because of young adults failing to launch
                                                                              • 29% of 25-34s live in privately rented housing
                                                                                • Help to Buy getting young people into the housing market
                                                                                  • Young adults move most often
                                                                                    • Private renters move frequently
                                                                                      • Slight slowdown in housing transactions
                                                                                        • Living in smaller spaces
                                                                                          • Using the garden as an outdoor room
                                                                                            • Growth of mobile shopping
                                                                                              • The smart home has growth potential
                                                                                              • Market Size and Forecast

                                                                                                • Robust market for spending on the home
                                                                                                  • Figure 11: Consumer spending on the home and garden, 2014-24
                                                                                                • Style and design take centre stage
                                                                                                  • Forecast methodology
                                                                                                  • Market Segmentation

                                                                                                    • Diverse market with many elements
                                                                                                      • Storage takes centre stage
                                                                                                        • Figure 12: Consumer expenditure on the home, by category, 2019 (est)
                                                                                                    • Channels to Market

                                                                                                      • Strong performers among furniture retailers
                                                                                                        • Figure 13: Channels to market, goods for the home, 2019 (est)
                                                                                                      • Omnichannel selling is growing rapidly
                                                                                                        • Mobiles, faster deliveries and omnichannel developments are driving change
                                                                                                          • IKEA and B&Q embracing changing shopping patterns
                                                                                                            • Great customer experience will drive growth
                                                                                                            • Market Drivers

                                                                                                              • Growing household numbers boost spending on the home
                                                                                                                • Figure 14: UK households, 2015 and 2019
                                                                                                              • More multi-use bedrooms because of young adults failing to launch
                                                                                                                • Figure 15: Percentage of young adults living with their parents, by age, 2015 and 2018
                                                                                                              • 29% of 25-34s live in privately rented housing
                                                                                                                • Help to Buy getting young people into the housing market
                                                                                                                  • Figure 16: Household tenure, by age, 2019
                                                                                                                • Young adults move most often
                                                                                                                  • Figure 17: Length of time in current home, by age, November 2019
                                                                                                                • Private renters move frequently
                                                                                                                  • Figure 18: Length of time in current home, by tenure, November 2019
                                                                                                                • Slight slowdown in housing transactions
                                                                                                                  • Figure 19: Property transactions with value £40,000 or above, UK, 2015-19
                                                                                                                • Living in smaller spaces
                                                                                                                  • Figure 20: Average size of housing, by decade built, 1930-present day
                                                                                                                  • Figure 21: Average size of housing, by decade built, by room, 1930-present day
                                                                                                                  • Figure 22: Description of kitchen and dining areas, September 2019
                                                                                                                • Using the garden as an outdoor room
                                                                                                                  • Figure 23: Presence of gardens, balconies and allotments, April 2019
                                                                                                                • People are feeling better off
                                                                                                                  • Figure 24: How consumers describe their financial situation, September 2015-19
                                                                                                                  • Figure 25: Ownership of smart/connected devices, April 2018
                                                                                                              • Companies and Brands – What You Need to Know

                                                                                                                • Retailers create stronger experiences
                                                                                                                  • Why buy? Potential for renting for the home
                                                                                                                    • Pop-up shops can inform brands about customer needs
                                                                                                                      • Visualising a purchase in your own home
                                                                                                                        • Smaller in-town stores extend reach
                                                                                                                          • Real homes on view
                                                                                                                            • IKEA sells on third-party websites
                                                                                                                              • Shortcuts to choosing
                                                                                                                                • Fashion retailers adding homewares
                                                                                                                                  • The value customer
                                                                                                                                    • Do it for me
                                                                                                                                      • Looking after the planet
                                                                                                                                        • Convenient to buy homewares at the supermarket
                                                                                                                                          • Creating an individual look
                                                                                                                                            • John Lewis expands home services capabilities
                                                                                                                                              • Shared living spaces and micro apartments
                                                                                                                                              • Competitive Strategies

                                                                                                                                                • John Lewis develops an ‘experience playground’
                                                                                                                                                  • Why buy? Potential for renting for the home
                                                                                                                                                    • Pop-up shops can inform brands about customer needs
                                                                                                                                                      • Visualising a purchase in your own home
                                                                                                                                                        • Figure 26: IKEA Place app, 2018
                                                                                                                                                      • Developing new store formats
                                                                                                                                                        • Figure 27: Argos, Self-service digital store, 2019
                                                                                                                                                        • Figure 28: IKEA, Tottenham Court Road planning studio, 2018
                                                                                                                                                      • Engaging with real shoppers
                                                                                                                                                        • Figure 29: DFS, Example of sofa in a real home, 2019
                                                                                                                                                        • Figure 30: IKEA, Products in real homes, 2019
                                                                                                                                                        • Figure 31: Wren Kitchens, Danny’s Kitchen, 2019
                                                                                                                                                      • Promotional strategies
                                                                                                                                                        • The endless aisle
                                                                                                                                                          • IKEA sells on third-party websites
                                                                                                                                                            • Shortcuts to choosing
                                                                                                                                                              • Fashion retailers adding homewares
                                                                                                                                                                • The value customer
                                                                                                                                                                  • Do it for me
                                                                                                                                                                    • Looking after the planet
                                                                                                                                                                      • Catering for smaller rooms
                                                                                                                                                                        • Convenient to buy homewares at the supermarket
                                                                                                                                                                        • Launch Activity and Innovation

                                                                                                                                                                          • Creating an individual look
                                                                                                                                                                            • IKEA boosts sustainability credentials with a new store at Greenwich
                                                                                                                                                                              • Figure 32: IKEA Greenwich, 2019
                                                                                                                                                                            • John Lewis expands home services capabilities
                                                                                                                                                                              • Shared living spaces and micro apartments
                                                                                                                                                                                • Figure 33: The Collective, shared living, 2019
                                                                                                                                                                            • The Consumer – What You Need to Know

                                                                                                                                                                              • High level of engagement with spending on the home
                                                                                                                                                                                • Consumers have the best of intentions
                                                                                                                                                                                  • People are getting on with their lives, despite Brexit
                                                                                                                                                                                    • Millennials want style, storage and to make a good impression
                                                                                                                                                                                      • Wide choice and shops to visit influence choice
                                                                                                                                                                                        • Younger householders feel their homes are stylish
                                                                                                                                                                                          • Homes serve a wide range of functions
                                                                                                                                                                                          • Consumer Spending on the Home

                                                                                                                                                                                            • 39% decorated and 24% bought furniture
                                                                                                                                                                                              • Figure 34: Consumer spending on the home, November 2019
                                                                                                                                                                                          • Intentions to Spend on the Home

                                                                                                                                                                                              • Figure 35: Intentions to spend on the home, November 2019
                                                                                                                                                                                          • Influence of Brexit on Spending

                                                                                                                                                                                              • Figure 36: Influence of Brexit on spending on the home, November 2019
                                                                                                                                                                                          • Reasons for Spending on the Home

                                                                                                                                                                                              • Figure 37: Reasons for spending on the home, November 2019
                                                                                                                                                                                          • Factors Influencing Choice of Retailer

                                                                                                                                                                                              • Figure 38: Factors influencing choice of retailer for spending on the home, November 2019
                                                                                                                                                                                          • Descriptions of the Home

                                                                                                                                                                                              • Figure 39: Descriptions of the home, November 2019
                                                                                                                                                                                          • Home Lifestyles

                                                                                                                                                                                              • Figure 40: Home lifestyles, November 2019
                                                                                                                                                                                            • Time spent at home
                                                                                                                                                                                              • Eating meals as a family
                                                                                                                                                                                              • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                                                                                                  • Abbreviations
                                                                                                                                                                                                    • Consumer research methodology
                                                                                                                                                                                                      • Young adults living with their parents, notes on methodology
                                                                                                                                                                                                      • Appendix – Market Size and Forecast

                                                                                                                                                                                                        • Forecast methodology

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