2022
9
US Shopping for the Home Market Report 2022
2022-05-31T04:02:21+01:00
OX1102841
3695
151821
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Report
en_GB
“Home décor and furniture have experienced rapid growth in recent years. However, the market is expected to decline due in part to rising prices, supply chain issues and spending shifting…

US Shopping for the Home Market Report 2022

£ 3,695 (Excl.Tax)

Description

The US Home Shopping Market Report 2022 identifies what type of home décor US American consumers buy the most, how they choose where to do their purchases, and the impact of the pandemic and inflation on the US home shopping market. This report covers the US home shopping market size, market segmentation, forecasted sales share of homeware & home furnishings US, and provides US home shopping industry trends.

Sales Share of Homeware & Home Furnishings US: Current Market Landscape

Both home décor and furniture have enjoyed an outstanding performance in home shopping market share over the last two years. The pandemic has increased the amount of time spent at home, and consumers are looking to improve their home spaces. Unsurprisingly, the sales share of homeware & home furnishings US are driven by the most frequently used rooms such as the living room and bedroom.

However, as pandemic concerns ease, spending starts to shift away from the home. Mintel’s home shopping market analysis shows that due to inflationary pressures consumers are limiting non-essential spending and are cancelling or postponing major purchases as supply chain issues continue. Meanwhile, retailers are turning to private labels to reduce competition and increase margins, and discounters are gaining home shopping market share.

Home Décor Market Value US: What Consumers Want and Why

Mintel’s home shopping market analysis shows that more consumers have purchased home décor (candles, home fragrances, pillows and blankets) than furniture as they offer small touches to create a different look or ambiance without representing a big investment.

Looking ahead, inflationary pressures and supply chain disruptions will lead to a decline in the sales share of homeware & home furnishings US over the next couple of years, as consumers reevaluate their priorities and postpone or cancel major purchases. Consumers are making more informed and deliberate purchasing decisions – They want to know what they are buying, where it comes from and the values of the companies they are supporting.

  • US Home Shopping Market Size: 2021 was an outstanding year for US home shopping categories as it experienced 21.7% year-over-year growth.
  • US Home Shopping Market Share: Furniture accounted for 60% of the home category’s total sales in 2021.
  • US Home Shopping Consumer Behaviour: 51% of consumers are influenced by style when deciding where to shop for their home.
  • US Home Shopping Market Trends: 49% of US Americans have purchased candles and home fragrance items in the past 12 months, making it one of the most popular categories.

US Home Shopping Industry Trends & Market Opportunities

As consumers take a more conscious approach to home shopping in the US and look for value, brands and retailers will prioritise offering quality and flexibility through omni-channel strategies, and explore alternative shopping options such as resale and rentals. Brands and retailers will also look for ways to provide consumers with items that have a positive impact on society at large whether that be through a social, environmental, political or economic lens.

Moreover, digital channels and tech solutions, e.g. AR, AI 3D visualisations, are leveraged to better understand and serve consumers when shopping both online and in stores. Social media platforms become further adopted to drive discovery, engagement, and the sales share of homeware & home furnishings US.

To discover more about the US Home Shopping Market, read our US Improving the Home Market Report 2022, or take a look at our extensive House and Home Market Research.

Quickly Understand

  • How are economic factors such as inflation, supply chain disruptions, and the pandemic impacting consumer behavior and US home shopping market?
  • Items purchased and reasons for purchasing.
  • How and where are consumers shopping for home goods?
  • Attitudes toward shopping for the home.

Covered in this Report

Products: Candles, home fragrance items, pillows, blankets, organisational items, seasonal décor, rugs, doormats, lighting, houseplants, wall décor, tabletop accessoriets, decorative containers, furniture (living room, mattresses, sleep sofas, bedroom, outdoor, home office, kitchen, dining room), and more.

Brands: Walmart, TikTok, Kyra Media, Gap, designmilk, LEGO, Room Copenhagen, Lowe, Origin21, Homecrux, Aldi, Amazon, Pottery Barn, H&M, Zara, Quince, Simon Miller, Bernadette, and many more.

Expert Insights on Home Décor Value US

This report, written by Marisa Ortega, a leading analyst in the Retail & eCommerce sector, delivers in-depth commentary and analysis to highlight current industry trends US home shopping market 2022, and adds expert context to the numbers.

Home décor market value US, as well as furniture, have experienced rapid growth in recent years. However, the home shopping market is expected to decline due in part to rising prices, supply chain issues and spending shifting away from the home. When shopping the category, consumers will be looking for brands that offer value in its various forms, support the greater good, and provide items that create comfortable and inviting spaces at home.
Marisa Ortega
Marisa Ortega
Research Analyst – Retail & eCommerce

Table of Contents

  1. Overview

    • What you need to know
    • This Report looks at the following areas
    • Definition
    • Market context
  2. Executive Summary

    • Top takeaways
    • Market overview
      • Figure 1: Total US retail and ecommerce sales and forecast of furniture and home furnishings, at current prices, 2016-26
      • Figure 2: Shopping for the home outlook, 2022-27
    • Opportunities and challenges
    • Focus on offering value
      • Figure 3: Studio 3B introduction by Bed Bath & Beyond, 2021
    • Create a win-win scenario around returns
    • Help consumers solidify their home office spaces
    • Key consumer insights
  3. Market Size and Forecast

    • Demand of home goods will decline
      • Figure 4: Total US retail and ecommerce sales and forecast of furniture and home furnishings, at current prices, 2016-26
      • Figure 5: Total US retail and ecommerce sales and forecast of furniture and home furnishings, at current prices, 2016-26
  4. Segment Performance

    • Furniture will be particularly hit by disruption in consumers spending
      • Figure 6: Total US sales and forecast of furniture and home furnishings, at current prices, 2016-26
  5. Market Factors

    • Consumers seek to spend wisely
      • Figure 7: Consumer Price Index change from previous year, 2020-22
      • Figure 8: Consumer Sentiment Index, 2007-22
      • Figure 9: Transparency about rising prices by Castlery, 2022
    • The housing market remains hot; driving need to furnish new homes
    • The ongoing supply chain crisis is expected to further impact the category
    • Sustainability efforts must come from the company core
      • Figure 10: Upgrades to Ikea furniture by Pretty Pegs, 2022
    • Technology is shaping how consumers shop for the home
  6. Competitive Strategies and Market Opportunities

    • Competitive strategies
    • Walmart leverages TikTok to reach Gen Z
      • Figure 11: Walmart launches 4Walls TikTok channel focused on interior design, 2022
    • Gap and Walmart team up to launch a home brand
      • Figure 12: Gap Home items available exclusively at Walmart, 2021
    • LEGO rolls out a home décor line
      • Figure 13: Home accessories by Lego, 2021
    • Lowe’s debuts a multicategory private label
      • Figure 14: Lowe’s launches exclusive line Origin21, 2022
    • Market opportunities
    • Leverage social media platforms to streamline the shopping journey and build stronger relationships with consumers
    • Establish strategic and meaningful partnerships
    • Consider private labels to differentiate and deliver value to consumers
    • Pet needs and luxuries are top-of-mind for pet owners
      • Figure 15: Aldi pet furniture collection, 2022
  7. Consumer Fast Facts

  8. Items Purchased – Home Decor

    • Smaller, home décor items can bring new life to the home
      • Figure 16: Items purchased – Home decor, 2022
      • Figure 17: Tips to style a cozy bed by Pottery Barn, 2022
    • Young females are a key audience for home décor
      • Figure 18: Items purchased – Home décor repertoire, 2022
      • Figure 19: Bernadette enters the home space, 2021
    • Income plays a role in home décor purchases
      • Figure 20: Home décor, by household income, 2022
  9. Items Purchased – Furniture

    • Keep consumers engaged in the category
      • Figure 21: Items purchased – Furniture, 2022
      • Figure 22: Outdoor Living by Arhaus, 2022
    • Furniture purchases happen at a precise timing
      • Figure 23: Items purchased – Furniture, by age, 2022
      • Figure 24: Bedroom furniture and décor by Crate and Barrel, 2022
    • Those with children have various needs for home goods
      • Figure 25: Furniture by parental status, 2022
      • Figure 26: Castlery makes an effort to resonate with parents, 2022
  10. Purchase Drivers

    • Homes are a never-ending improvement cycle
      • Figure 27: Purchase drivers, by housing situation, 2022
    • Millennials are buying homes, Gen Zs are leaving the nest
      • Figure 28: Purchase drivers, by generation, 2022
      • Figure 29: Registry must-haves by Crate and Barrel, 2022
  11. Channel Shopped

    • Consumers are shopping across channels
      • Figure 30: Channel shopped, by generation, 2022
    • Shopping needs to be easy for consumers
      • Figure 31: Channel shopped, by work from home status, 2022
      • Figure 32: Wayfair targets consumers working from home, 2022
  12. Retailers Shopped

    • Convenience and affordability drive where consumers shop
      • Figure 33: Walmart launches exclusive partnership with The Home Edit, 2022
      • Figure 34: Retailers shopped, by channel, 2022
    • Women are deal hunters
      • Figure 35: Retailers shopped by channel, by gender and age, 2022
      • Figure 36: Styling tips by The Martinez Casita, 2022
    • Mass merchandisers and Amazon are benefiting from their vast distribution
      • Figure 37: Retailers shopped, by area, 2022
  13. Factors Influencing Where Consumers Shop

    • Consumers know their preferred style, but still look for guidance and inspiration
      • Figure 38: Factors influencing where consumers shop, by gender, 2022
      • Figure 39: Styling tips by Interior Define, 2022
    • Younger generations look beyond the product when choosing where to shop
      • Figure 40: Cross category promotion between Klarna and Wayfair, 2021
      • Figure 41: Retailers preferences, by generation, 2022
      • Figure 42: Joybird utilizes livestreaming to spark home setup ideas, 2022
  14. Areas of Interest

    • Consumers want to do good with their purchases
      • Figure 43: Offerings of interest, by generation, 2022
      • Figure 44: Buy Back program by Ikea, 2021
    • Consumers look for offerings that align with their own definition of value
      • Figure 45: Offerings of interest, by household income, 2022
  15. Category Approach

    • Consumers want to feel good about their homes; women somewhat more willing to go the extra mile
      • Figure 46: Category approach – Willingness to spend, by gender, 2022
      • Figure 47: EQ3 encourages consumers to embrace their individuality, 2022
    • Evolve to become an advisor instead of a seller
      • Figure 48: Category approach – Knowledge and sustainability, by generation, 2022
      • Figure 49: Mitchell Gold + Bob Williams collaborates with SEAQUAL INITIATIVE, 2022
  16. Attitudes toward Shopping for the Home

    • A well-designed home keeps in mind the needs and priorities of the people living in it
      • Figure 50: Attitudes toward shopping for the home – Emotional aspect, by generation, 2022
    • Materials matter more so than brand name – Especially for Asian consumers
      • Figure 51: Attitudes toward shopping for the home – Materials & brand focus, by race and Hispanic origin, 2022
    • Consumers want to support the greater good through their purchases, young generations set the example
      • Figure 52: Attitudes toward shopping for the home – Conscious consumerism, by generation, 2022
      • Figure 53: Full Cycle by Floyd, 2021
    • Younger consumers are interested in unique, exclusive items
      • Figure 54: Attitudes toward shopping for the home – Collaborations, by age, 2022
      • Figure 55: Shinola for Crate & Barrel Collection, 2021
  17. Appendix – Data Sources and Abbreviations

    • Data sources
    • Sales data
    • Forecast
    • Consumer survey data
    • Consumer qualitative research
    • Marketing creative
    • Abbreviations and terms
    • Abbreviations
  18. Appendix – The Market

      • Figure 56: Total US retail and ecommerce sales and forecast of furniture and home furnishings, at inflation-adjusted prices, 2016-26
      • Figure 57: Total sales and forecast of home furnishings, at inflation-adjusted prices, 2016-26
      • Figure 58: Total sales and forecast of furniture, at inflation-adjusted prices, 2016-26
  19. Appendix – The Consumer

      • Figure 59: Items purchased – Home décor, by gender and age, 2022

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

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*databooks not available with UK B2B Industry reports.

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