Trend-led products within the home décor market look set to be ‘sheltered’ from the post-Brexit slump in home retail sales.
According to new data from research organisation Verdict Retail, the UK home décor market is ‘set to outperform all other sectors’ and account for 12.1% of the homewares market by 2021.
The new Home Retail Series report also indicated that post-Brexit pressures in the housing market will ‘negatively impact big-ticket’ purchases, although home décor would be less likely to suffer as consumers look for ‘cost-efficient’ options to freshen up the home.
The survey highlighted that 54.1% of consumers bought into the category because they wanted a ‘new look’, against 35% two years ago. Verdict Retail has now forecast that online growth will represent 15.1% of sales this year.
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.”
Verdict also announced earlier this year amid the uncertainty surrounding Brexit that its combined forecast for the home sectors, including DIY, furniture & floorings and homewares, would be less likely to achieve its 2.4% growth rate in 2016 previously anticipated.