The home and garden e-commerce sector is predicted to explode over the coming few years. While consumers are shifting to online shopping platforms as their most preferred channel to purchase furniture and other home accessories, popular brands have joined them. The home and garden sector is estimated to have a CAGR of 16% until 2022. This is 10% more than what was projected for the whole retail industry. Research shows that households alone will overtake computers to become the third biggest retail category.
But what are the drivers of these home improvement e-commerce sectors?
Home Improvement E-commerce trends
The Evolving customers
Research shows that online furniture sales are growing at a rate of 11.9% and could reach a market value of $294 billion by 2022. Interestingly, 50% of customers contributing to these numbers are the millennial’s and Generation Z.
These generations are growing up and buying homes. Since many homes are so expensive these years, they have resolved to buy old homes and just do renovations. This translates to additional sales.
Also, with a growing number of renters, many are striving to improve their surroundings and turn their rental spaces into homes.
Ever growing Social Media
Most buyers are going to social media for some extra inspiration before deciding on how to redesign their homes.
Pinterest, Instagram, YouTube, and even Facebook have a number of home improvement content, from DIY projects to complicated designs for homes.
Social media is exploding with impressive visuals and guides every hour.
Also, the number of social media influences is growing up day by day, taking them home and the garden industry by storm.
Homeowners are not moving
A report showed that 80% of homeowners that were surveyed had no intentions of selling their property and moving to a different place. They instead preferred to stay and spend on home improvement projects.
Averagely, homeowners spent $6,650 on home improvement projects per household in 2019.
COVID-19 Effects felt
While most consumers across the globe went under quarantine and lock-downs, many decided to conduct home improvement projects to improve on their surrounding home environment.
In addition, when lock-downs were announced, pieces of office furniture sold out almost immediately as the workforce went to work remotely.
Other home improvement projects focused on home gyms, home office, and BBQ.
House remodeling and repair rates have increased
While lock-downs have forced many people to stay at home, most damages at home that were always assumed can now be seen by homeowners and are calling for repair and remodeling experts to work on the damages. A number of companies have come up to offer the services and to meet the rising demand.
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