PROSPECTS AND OPPORTUNITIES
Subdued performance for home products specialists over forecast period
Local consumers are likely to remain price-sensitive heading into the forecast period, leading to more cautious purchasing decisions. There is a growing shift towards experiential and cultural consumption rather than traditional shopping, especially among visitors from mainland China as they increasingly value experiences over materialism.
Pet stops and superstores will continue to see growth as pet care demands increase
While consumers in Hong Kong are becoming increasingly price-sensitive, pet care, including food and associated wellness products or even toys, will remain important to owners, who will continue to invest in their pets. Consumers who increasingly perceive their pets as family members find their decision-making process being influenced, particularly in terms of buying pet food and health supplements, underscored by the humanisation trend among pet owners in Hong Kong.
Unique store experiences could support Ikea’s leadership
Despite the closure of two stores in 2024, Ikea is likely to remain the leading brand of home products specialists in Hong Kong over the forecast period due to its consistent offering of innovative in-store experiences. For instance, Ikea constantly rotates the highlighted product lines and changes their positioning within the stores, often allowing consumers to experience a new, updated layout each time they walk in.
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Overview:
Understand the latest market trends and future growth opportunities for the Home Products Specialists industry in Hong Kong, China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Home Products Specialists industry in Hong Kong, China, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Home Products Specialists in Hong Kong, China report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Home Products Specialists in Hong Kong, China?
- Which are the leading retailers in Home Products Specialists in Hong Kong, China?
- How is the rise of e-commerce and the expansion of modern grocery retail impacting traditional retail?
- How has the impact of COVID-19 and national lockdown impacted consumer demand?
- Which formats have benefited the most from stockpiling and enforced home seclusion?
- How will the wider economic impact of COVID-19 shape the retail landscape in the future?
- Where is future growth expected to be most dynamic?
Home Products Specialists in Hong Kong, China - Category analysis
KEY DATA FINDINGS
Sales through homewares and home furnishing stores plateau as price-sensitive consumers limit spending
Solid performance by pet shops and superstores as consumers remain sensitive to pets’ needs and welfare
DFI Retail Group retains leadership of highly fragmented competitive landscape
Subdued performance for home products specialists over forecast period
Pet stops and superstores will continue to see growth as pet care demands increase
Unique store experiences could support Ikea’s leadership
Retail in Hong Kong, China - Industry Overview
Retail in 2024: The big picture
Changing consumer behaviour influences spending patterns
E-commerce adoption increases as digital literacy and popularity of channel grows
What next for retail?
Informal retail
Opening hours for physical retail
Seasonality
China National Day (also known as Golden Week)
Chinese New Year (Spring Festival)
Christmas and New Year
DISCLAIMER
The following categories and subcategories are included:
Home Products Specialists
- Home Improvement and Gardening Stores
- Homewares and Home Furnishing Stores
- Pet Shops and Superstores
Home Products Specialists
The aggregation of home improvement and gardening stores, homewares and home furnishing stores, and pet shops and superstores.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Home Products Specialists research and analysis database.
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