Homewares Market Research - Australia

Goals

To understand the consumers in the Australian homewares market in terms of who they are, why they buy homeware products, where they buy, and what other brands they purchase. The information will be used to inform a market strategy for a new target group (younger demographic).

Early Findings

  • About 1.6 million Australians over 14 years buy homewares in "an average four weeks, spending nearly $133 million between them (an average of $73 per person per four-week period)."
  • In 2016, top 10 homewares retailers in terms of market share were Kmart, IKEA, Myer, Target, Big W, House, Harris Scarfe, David Jones, Woodworths, and Bunnings.
  • "Although the homewares category in Australia has reached a certain level of maturity, consumers’ design and decorative preferences are ever evolving. In cutlery, alternative colours and finishes to the traditional silver aesthetic continued to be an innovation concept for many brand manufacturers."
  • Australian Consumers prefer shopping for their homewares in mass merchandisers, not in department stores, "due to their lower prices, individual unit ranges and on-trend designs."
  • Growth in online homewares & appliances continued to slowly increase in 2018.
  • "BNPL is an increasingly popular payment option for Homewares & Appliances, with 16.4% of BNPL purchases attributed to items from this category. When broken down further, 44% of these BNPL purchases are related to Homewares and 36% are Consumer Electronics."
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Proposed next steps:

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We recommend further research to build the demographic and psychographic profile of Australian homewares buyers. A demographic profile includes age, gender, location, income level, and education level. A psychographic profile includes a detailed description of where they buy their products (e.g., online or in-store), purchase behaviors, drivers/motivators/reasons why these consumers buy homewares products. Please check this box if we should proceed with this research.
Alternatively, we recommend finding the competitive landscape of the top 10 brands (found in our early findings). For each brand, we will provide a description of the brand, offerings, revenue from the homewares segment, and target market. Please check this box if we should proceed with this research.
We also recommend a psychographic analysis of the Australian younger demographics (millennials and Gen Zers) to understand their interests, likes, and dislikes, what they look for in homewares products, motivators, and media consumption habits, etc. Also, we could identify 2-3 consumer trends in the Australian homewares market. For each trend, we will provide an overview of the trend, why it is considered as a trend, how it is affecting both the industry and the consumer, and 1-2 examples of companies that are leaning into the trend. Please check this box if we should proceed with this research.