The Germany Consumer Spending on the Home Market Report 2022 identifies consumers’ attitudes towards spending on the home, the rise of online-only furniture retailers, and the impact of inflation on consumer spending on furniture Germany. This report covers the German Consumer Spending on Furniture market size, market forecast, market segmentation and industry trends for the German Consumer Spending on Furniture market.
Expenditure on German consumer spending on furniture will be tested this year. Due to the pandemic-induced pent-up demand for experiences, discretionary spending on, e.g. travel and leisure is being prioritised over spending on the home. As total spending is pressured by mounting inflation and supply chain issues, many Germans say they are likely to delay or cancel plans for major purchases.
However, while consumers are expected to buy less for the home, the market value will be somewhat protected by the increase in prices. Flat growth of the category is expected in 2022 after only experiencing small growth in 2021, following the pandemic-induced boost of 2020.
The development and further impact of external pressures such as inflation and the Ukraine conflict are causing uncertainty and are expected to continue to flatten growth of consumer spending on furniture Germany. However, this will be partially compensated by necessary expenditures, e.g. when buying or renting a new home or household maintenance.
Retailers need to cater to more price-sensitive consumers and address the growing demands in terms of sustainability. This requires them to rethink existing business models and provides chances for innovative additional services like furniture rental, repairs and buy-back-schemes.
The legacy of the COVID-19 pandemic has led to an increased relevance of the home as a backdrop for work and leisure, which offers long-term potential for future consumer spending on furniture in Germany. A predicted decrease of inflation rates is expected to take financial pressure away from households and steady growth in the market, with a growing focus on online sales. A focus on value added services and an effective mix of offline and online channels will be key to gaining competitive advantages.
The rise of pure online players is especially causing growing competition in the ecommerce environment. Traditional retailers are encouraged to take a blended approach by combining the benefits of online and offline channels and delighting consumers with outstanding in-store experiences.
Read on to discover more details or take a look at all of our German House and Home Market Research.
Products: Free-standing and fitted furniture (mobile desks, dining tables, dining tables with integrated workplaces), closet offices, storage, adaptable furniture, décor, garden furniture, carpets, flooring, kitchens, bathrooms, home extension, energy efficiency (double glazing, draft proofing), home security (CCTV & alarm systems), conservatory/garden room, and more.
Brands: Klarna, Amazon, Otto Group, Wayfair, Möbelfirst, IKEA, Target, Nike, Balnciaga, toom Baumarkt, Hornbach, and more.
This report, written by Dr. Jennifer Hendricks, a leading analyst in the Consumer Lifestyles Germany sector, delivers in-depth commentary and analysis to highlight current trends in the German Consumer Spending on Furniture market, and adds expert context to the numbers.
In times of high inflation, brands need to rethink existing business models. This provides chances for services like furniture rental, repairs and buy back schemes.
Dr. Jennifer Hendricks
Consumer Lifestyles Germany Analyst
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