The coronavirus crisis may have slowed down economic activities globally but this has not stopped buyers and sellers from moving forward, turning to eCommerce as an important source of products in today’s market.
Specifically, household products and related industries have been gaining utmost importance and popularity as consumers increasingly spend more time at home since the global virus outbreak. According to London-based research group Kantar, household products are seeing a 43 percent spike in US commercials alone since the pandemic. Meanwhile, Coresight Research’s data revealed that among the surveyed consumers, 71.6 percent are likely to buy household products online. The participants also showed interest in buying personal care and health products, electronics and appliances, sports and workout equipment, and entertainment items.
For a lot of buyers and suppliers, the shift in business trends and consumer behavior could open up new opportunities despite the challenging economy. For buyers, here are five top home trends currently gaining prominence in global markets, which can serve as guide in their sourcing journey:
1. Home offices
Amid stay-at-home orders by governments across the globe because of the pandemic, office employees and students have ditched commuting and have since started working and studying remotely from their living room, couch, dining room and bedroom. Ergonomically designed desks, computer chairs, organizers and shelves, and multifunction lights and fans are on the rise, as well as work-from-home office wear and face masks.
2. Home gardening
The lockdowns around the world have kept people from staying outdoors, leading them to find ways to keep themselves busy and productive while at home. Lockdowns have opened up new opportunities in home gardening as more people are turning to planting activities to cope with the anxiety and stress brought about by the pandemic, as well as to grow their own food because of disruptions in the supply chain.
3. Home cleaning
Home cleaning has never been as essential as it is ever since the pandemic. Household cleaning products, disinfectants and sterilizers are becoming more widely used nowadays. From robotic vacuums and UV-C sterilizers to air purifiers, buyers are prioritizing household products that keep the home sparkling clean, and free from bacteria and viruses.
4. Small kitchen appliances
As home buyers seek more space indoors, small kitchen appliances are becoming popular in the market. The current trends showcase the combination of form and functionality, which bring a diversity of conveniences to users, especially to those adopting a micro-living lifestyle. The market is expected to grow by 4.4 percent annually from 2020 to 2025. This 2020, revenue in the segment has already reached US$96.208 million.
5. Fitness and recreational spaces
As gyms and recreational facilities have been closed down in order to maintain physical distancing and avoid the spread of the coronavirus, people have turned to home gyms and D-I-Y recreational amenities. There has been a resurgence of desire for swimming pools, yoga and fitness equipment, and other sports products. Sales in fitness equipment and related accessories have surged as a result of the pandemic. In the US alone, orders for fitness equipment such as kettlebells, dumbbells, stationary bikes and treadmills) have seen 55 percent boosts in online sales according to a report from Adobe.
6. Smart home
Thanks to artificial intelligence and Internet of Things (IoT), life has become easier and more comfortable. The demand for smart home products such as security cameras, video doorphones, home automation systems, smart locks and alarms, smart appliances and smart thermostats are growing. Based on a study done by Alarms.org, the global smart home market is expected to reach a value of more than US$40 billion in 2020, with 81 percent of buyers surveyed indicating they’re more likely to buy a home if smart home products were already installed. It added that 47 percent of millennials already have smart home products in their homes. Savings, safety, convenience, control, comfort and peace of mind are among the reasons why more and more people are integrating smart home technologies in their houses.