The pandemic has changed the attitude of people towards their home: it, albeit forcedly, turned into a fortress, and they wanted to decorate this fortress. In the first week of quarantine, retailers around the world recorded an increase in sales of home goods. Sellers of bed linen and textiles, kitchen appliances, furniture, accessories and decor elements reported growth.
However, analysts believe that this nesting period will not end with the pandemic. How the market is changing and what home decor trends 2024 should retailers take into account in order to increase sales.
At the end of 2020, the global home decor market was estimated by researcher at $98.4 billion, by 2027 it is predicted to triple its growth to $348.3 billion.
This is due to several factors:
Firstly, the desire to spend more free time at home will persist for quite a long time – especially in Russia, where the vaccination rate is not so high, which means that the risk of introducing temporary restrictions is still likely. All this suggests that retailers should expand the range of goods for the home.
Second, the cost savings are driving consumers away from public holidays and travel. As found in Nielsen, 68% limit themselves to entertainment outside the home, 61% – in trips to cafes and restaurants, 54% – save on vacation.
Consumers are happy to spend the freed funds on a house in order to transform it at low cost, which is especially important for those who want changes for the better, but cannot yet afford to buy a new home or complete repairs.
Just as grocery retailers are introducing the practice of publishing recipes, topping tips, and serving recommendations, colorful interior mini-guides can be used for marketing purposes.
In addition, it is useful to post information that such and such a light bulb is needed for the lamp, and a battery for a new watch. This will allow the buyer to enjoy the purchase immediately after returning from the store, and increase the level of loyalty to the seller.
Thirdly, if at the start of the pandemic, home shopping became an attempt to compensate for the lack of impressions and the lack of other shopping, now it has become a habit. Research shows that decorating your home is a type of psychotherapy that can help you switch from negative thoughts and avoid disappointments.
Following this trend, it is important to constantly update the exposition, if possible, turning the store shelves into a kind of exhibition and allocating part of the trading floor for a showroom.
Finally, there is the growing social influence of social networks. Beautiful kitchen textiles, stylish cutlery and crockery are no longer reserved for guests. As Instagram popularizes, every meal should be worthy of a post on the social network. This makes consumers buy more home decorations.
Sellers need to adopt the trends and “chips” that are popularized by well-known interior bloggers, who each have more than a hundred thousand subscribers. Of course, retailers need network brand ambassadors who can show off even the most inexpensive home decor item in a favorable light.
What is popular with consumers?
IKEA has seen sales of scented candles, napkins, plates and soft pillows skyrocket. At Fix Price, we have noticed an increase in interest in decor items: sales of boxes, various figurines, vases and other interior items are showing double-digit growth.
What should retailers bet on?
Decor has its own fashion, and retailers should adapt the assortment to change trends.
Calmness
Designers predict that in a post-pandemic time, the dominant aesthetic of home interiors can be summed up in one word – “soothing”. Calm, nature-inspired hues, cozy shapes and nods to bygone eras are designed to bring a sense of comfort, stability and protection not found elsewhere.
Interior veganism
Decor items should be pleasing to the eye and to the touch, therefore, in the color scheme, all shades of green and blue, terracotta and small bright accents are widespread. Grass, trees, fruits, spices are present both in color and in images.
Trendhunters even introduce the concept of “interior vegetarianism”. Wood, glass, metal, and various straw weaves predominate among the materials.
Nostalgia
In 2023, and for a long time, nostalgia has reigned in home decor design. In times of uncertainty, the well-known past is looked upon with love and longing. This also explains the growing value of vintages and antiques and the increasing number of professionals working with such artifacts.
According to our sales experience, the Fix Price “Home, sweet home” line is popular. This is an obvious reference to the “wonderland” and a manifestation of the very nostalgia that world experts are talking about.
call of the ancestors
To cope with a difficult period, consumers will pay more attention to the experience of distant ancestors, who successfully overcame more than one difficult stage in the fate of mankind. So various ethnic elements will come to the home interior.
Minimalism
When uncertainty rises, one tends towards simplicity.
The formation of an assortment matrix in the section of interior decor and household goods today is akin to collecting an art collection. Working with suppliers, launching your own brands, you need to focus on expert opinions. Five authoritative publications that provide comprehensive information about the latest trends in interior design – AD, Wallpaper, Elledecor, Interni and Abitare.
The house has ceased to be a place where we sleep off between working days. It again turned into a “fortress”, where a person feels safe and likes to spend time. Therefore, home decorations will not go out of fashion.
International analysts are confident that people will continue to invest in their “four walls”, despite the gradual recovery of the world from the pandemic. Retailers will increase sales if I can catch the fashion wave.
