2021
0
China Home Retailing Market Report 2021
2021-04-01T04:05:07+01:00
OX1043133
3695
136166
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Report
en_GB
“Home has attained greater meaning after the COVID-19 outbreak and become a multi-functional space for people. With emerging lifestyle needs, consumers are paying more attention to home products that deliver…

China Home Retailing Market Report 2021

£ 3,695 (Excl.Tax)

Report Summary

“Home has attained greater meaning after the COVID-19 outbreak and become a multi-functional space for people. With emerging lifestyle needs, consumers are paying more attention to home products that deliver health, identity and experience. Home retailing brands have a great opportunity to help consumers navigate the ever-changing category environment, leveraging advanced technology, and in doing so become important sources of inspiration or even trusted advisors. If they can succeed in this, the home retailing market can expect more growth in the future.”
– Mia Wu, Analyst

Table of Contents

  1. Overview

    • What you need to know
      • Covered in this report
        • Excluded
        • Executive Summary

            • The market
              • Home retailing market weathers the storm
                • Figure 1: Retail sales of home retailing, China, 2014-2020 (est)
              • Regional policies guarantee the vitality of the market
                • Aspiration for certain lifestyles drives the need for consumption upgrade
                  • Companies and brands
                    • Big players remain resilient
                      • Brand experience is the answer to premiumisation
                        • The consumer
                          • Home becomes the hub of wellbeing
                            • Figure 2: Home products purchased, November 2020
                          • Brand is still important, but consumers see through it
                            • Figure 3: Home retailing brands consumers purchased from, November 2020
                          • Lifestyle essentials in home products purchasing
                            • Figure 4: Purchasing drivers of home products, November 2020
                          • ‘Simplicity’ is the key winning element of home style
                            • Figure 5: Home style attractiveness when choosing home products, November 2020
                          • Omnichannel is critical to grow and retain consumers
                            • Figure 6: Source of ideas/inspiration when select home products, November 2020
                          • Home forms a part of their identity
                            • Figure 7: Attitudes towards home retailing, November 2020
                          • What we think
                          • Issues and Insights

                            • Wellbeing ascends in the value pyramid
                              • The facts
                                • The implications
                                  • Figure 8: DeRucci Sleep Research Centre, February 2021
                                • Virtual experience leads home retailing innovation
                                  • The facts
                                    • The implications
                                      • Figure 9: Realsee’s VR solution in housing industry, February 2021
                                    • I define my home, my home defines me
                                      • The facts
                                        • The implications
                                          • Figure 10: IKEA and LEGO collaborate on storage solutions, February 2021
                                      • The Market – What You Need to Know

                                        • Home retailing market showed resilience amid COVID-19
                                          • Evolving lifestyle creates advanced needs
                                          • Market Size

                                            • Challenge continues while potential still exists
                                              • Figure 11: Retail sales of home retailing, China, 2014-2020 (est)
                                          • Market Drivers

                                            • Regional housing and talent policies prop up the vitality of home retailing market
                                              • Consumption upgrade continues to be prevalent trend
                                                • Figure 12: Per capita disposable income, 2014-2020
                                              • Traditional and new players are pushing the boundaries of home retailing
                                                • Figure 13: Levi’s x Target collection, February 2021
                                            • Key Players – What You Need to Know

                                              • Steady and strong growth for big players
                                                • Brand experience rules
                                                  • Empower consumers facing emerging trends
                                                  • Key Players Performance

                                                    • Key players strive to bounce back
                                                    • Competitive Strategies

                                                      • Build holistic brand experience starting from the home
                                                        • Figure 14: Carpoly – LABBER, February 2021
                                                      • Elevate brand image through cross-category collaboration
                                                        • Figure 15: Red Star Macalline collaborated with the Nation’s Greatest Treasures, February 2021
                                                      • Unleash the potential of the omnichannel experience
                                                      • Who’s Innovating?

                                                        • MUJI manifests its value and philosophy in various ways
                                                          • Figure 16: MUJI INFILL and Bao Long Apartment by MUJI, January 2021
                                                        • Ziroom launches own furniture brand and home retailing platform
                                                          • Figure 17: Zi Ru You Pin e-commerce platform, February 2021
                                                        • IKEA leverages the emerging trend of e-sports, creating dedicated space and product solutions
                                                          • Figure 18: IKEA launches e-sports collections dedicated to gamers, February 2021
                                                          • Figure 19: IKEA offers holistic solution for gaming space at home, February 2021
                                                      • The Consumer – What You Need to Know

                                                        • Value options are the best options
                                                          • Consumers shop omnichannel for home retailing
                                                            • The role of lighting is increasingly prominent
                                                              • Rising demand for wellbeing, both physical and mental
                                                              • Category Purchase

                                                                • Kitchen and tableware are more sought after
                                                                  • Figure 20: Purchased home products, November 2020
                                                                  • Figure 21: Purchased home products, November 2020
                                                                • Young consumers become the backbone of home consumption
                                                                  • Figure 22: Category groups of purchased home products, by age, November 2020
                                                                • Omnichannel experience is critical to capture and retain consumers
                                                                  • Figure 23: Purchasing channels of home products, November 2020
                                                              • Brand Choice in Home Retailing

                                                                • Mass home retailing brands still have universal appeal
                                                                  • Figure 24: Home retailing brands consumers purchased from, November 2020
                                                                • Seek great value from various brands
                                                                  • Figure 25: Brands purchased from, by gender and by age, November 2020
                                                                • Lifestyle and fashion brands are pushing the boundaries
                                                                  • Figure 26: Brand choice CHAID analysis, November 2020
                                                              • Purchasing Drivers

                                                                • Advanced needs on the rise
                                                                  • Figure 27: Purchasing drivers of home products, November 2020
                                                                  • Figure 28: Maison Margiela REPLICA Fragrance communication, November 2020
                                                                  • Figure 29: Purchasing drivers for home products, by gender, November 2020
                                                                • Growth opportunity lies in decoration and lighting
                                                                  • Figure 30: Purchasing drivers for home products, by purchased products, November 2020
                                                                  • Figure 31: Consumers’ posts about home lighting on social media and mood association, November 2020
                                                                • Great potential of home renovation in higher tier cities
                                                                  • Figure 32: Purchasing drivers for home products, by city tier, November 2020
                                                              • Home Style Attractiveness

                                                                • Self-expression via home styling
                                                                  • Figure 33: Home style attractiveness when choosing home products, November 2020
                                                                • ‘Simplicity’ remains the key
                                                                  • Figure 34: Home style attractiveness when choosing home products, June 2019 & November 2020
                                                                  • Figure 35: Attractiveness of modern Chinese home style when choosing home products, November 2020
                                                                • Stay tuned: the young might position ‘the home’ differently
                                                                  • Figure 36: Attractiveness of urban/industrial home style when choosing home products, by age, November 2020
                                                              • Information Source

                                                                • Comprehensive research, complicated journey
                                                                  • Figure 37: Source of ideas/inspiration when select home products, November 2020
                                                                • Omnichannel is a promising channel strategy
                                                                  • Build trust, build community
                                                                    • Figure 38: Consumer community and activity on Hao Hao Zhu, March 2021
                                                                  • Evaluate social media
                                                                    • Figure 39: Source of ideas/inspiration when select home products, November 2020
                                                                    • Figure 40: Attitude – home retailing products from famous brands that are popular on social media are worth buying, by age, November 2020
                                                                • Attitudes towards Home Retailing

                                                                  • Consumers’ positivity posing new opportunities
                                                                    • Figure 41: Attitudes towards home retailing, November 2020
                                                                    • Figure 42: Attitudes towards virtual experience (AR/VR) will replace the need for visiting offline stores, by purchased categories, November 2020
                                                                  • Health is a priority
                                                                    • Figure 43: MIRROR – the mirror home workout system, February 2021
                                                                  • Home is part of identity
                                                                    • Figure 44: Attitudes towards home accessories and furniture can reflect personal taste, by city tier, November 2020
                                                                • Meet the Mintropolitans

                                                                  • More emotional needs are driving purchase, less rigid demand
                                                                    • Figure 45: Purchasing drivers of home products, by consumer classification, November 2020
                                                                  • More positive towards all styles, but special appreciation for country
                                                                    • Figure 46: Home style attractiveness, by consumer classification, November 2020
                                                                  • Community can play a vital role
                                                                    • Figure 47: Source of ideas/inspiration when select home products, by consumer classification, November 2020
                                                                • Appendix – Market Size

                                                                    • Figure 48: Retail sales of key segments for home retailing, 2014-2020 (est)
                                                                • Appendix – Methodology and Abbreviations

                                                                  • Methodology
                                                                    • Abbreviations

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