The UK home décor market is likely to outperform home retail sales, which have been hit hard by Brexit. The latest Home Retail Series report, carried out by Verdict Retail, predicts the home décor market, which offers more cost effective ranges than the higher-priced items, to account for approximately 12 per cent of the homewares market by 2021.
There has also been a surge in online purchases of home décor items, where increased choice and accessibility has boosted sales and encouraged more impulse buys. The forecast by Verdict Retail is that the online channel will account for approximately 15 per cent of home décor sales in 2016.
Commenting on the findings, Sneha Alexander, analyst for Verdict Retail, said: “As home décor is predicted to be more resilient than other UK homeware markets post-Brexit, it is imperative retailers ensure that investment is directed to growing and improving trend-led and seasonal collections, as well as improving instore marketing and better showcasing products online. Such investment will protect homewares retailers’ total performance from the potential sales declines expected in big-ticket categories over the next two years.”
Our retail business specialists at Beavis Morgan are available to assist with strategic planning, system implementation, business turnaround and improving business performance for the future. For further information about how we can help you and your retail business, contact Steve Govey or your usual Beavis Morgan Partner.