PROSPECTS AND OPPORTUNITIES
E-commerce set to continue to transform consumers’ purchasing behaviour
In the forecast period, home products specialists in South Korea is expected to follow a similar growth pattern to 2024, with declining outlet numbers and a sluggish current value CAGR. Consumer preference is tending to shift away from purchasing in traditional offline home products retailers, with e-commerce expected to continue to gain share of sales of such products, and home products e-commerce set to see a far higher current value CAGR in the forecast period.
New Ikea outlet set to open in Seoul’s Godeok Biz Valley
Ikea, which had been aggressively expanding in South Korea, halted new store openings in recent years due to sluggish demand for furniture due to factors such as soaring prices, a sluggish housing market and restrained consumer spending, with sales declining in some years. Instead, the company focused on pop-up stores to increase customer engagement and drive traffic to both its physical stores and its online platform.
Nitori expected to see growth in home products specialists in South Korea
Japanese furniture giant Nitori is set make notable progress in home products specialists in the South Korean market in the forecast period, positioning itself as a prominent player in homewares and home furnishings stores. In a strategic move, Nitori opened its first outlet in 2023, with its second, also in Seoul, opening in the first quarter of 2024, complementing its offline presence in E-Mart stores.
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Overview:
Understand the latest market trends and future growth opportunities for the Home Products Specialists industry in South Korea 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 South Korea, 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 South Korea 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 South Korea?
- Which are the leading retailers in Home Products Specialists in South Korea?
- 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 South Korea - Category analysis
KEY DATA FINDINGS
Growth for home products specialists in 2024, especially pet shops and superstores
Sales of homewares and home furnishings increasingly move online
E-Mart’s Molly’s Pet Shop opens Starfield Suwon outlet
E-commerce set to continue to transform consumers’ purchasing behaviour
New Ikea outlet set to open in Seoul’s Godeok Biz Valley
Nitori expected to see growth in home products specialists in South Korea
Retail in South Korea - Industry Overview
Retail in 2024: The big picture
Competition for fast delivery in South Korea
Convenience stores are evolving into lifestyle platforms
What next for retail?
Informal retail
Opening hours for physical retail
Seasonality
Summer Sale
Black Friday/Korea Sale Festa
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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