Increasing Purchase of Housewares with Rising Number of Households

Increasing Purchase of Housewares with Rising Number of Households

The housewares market size was valued at US$ 321.40 billion in 2022 and is expected to reach US$ 442.51 billion by 2030; it is estimated to register a?CAGR of 4.1% from 2022 to 2030

Dynamic changes in lifestyle and the rising dual income families led to an upsurge in disposable incomes and improved living standards of households. With increasing disposable incomes, consumers spend significant amounts on housewares and other appliances supporting convenient living. They are often willing to purchase new products owing to their unique styles, which appeal to their individuality, resulting in a higher buying frequency. Moreover, a burgeoning number of single-person households triggers the need for home modifications, thereby driving the demand for housewares such as kitchen appliances, cookware, bakeware, tableware, and bathroom essentials.

Further, a rise in urbanization has been bolstering the demand for residential units and, ultimately, homewares products. As per the US Census Bureau and the US Department of Housing and Urban Development, the US completed construction of ~1,337,800 housing units in 2021, whereas construction of 1,702,000 housing units was in progress. Similarly, rising urbanization in European countries has created a huge demand for residential housing. For instance, according to the European Commission, between 2015 to 2021, residential building permits increased by 42.3%. In 2021, France, Germany, and Poland had the most residential construction starts in Europe. Thus, the increasing construction of housing units across various countries further boosts the demand for housewares.

Thus, the increasing purchase of housewares along with the rising number of households propels the housewares market growth.

Read More -?https://www.theinsightpartners.com/reports/housewares-market

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