6 Oct 22 | CET: 06:40 PM - 6 Oct 22 | CET: 07:00 PM
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With US demand softening and domestic production inflation still a factor, the 2023-2024 bankruptcies and layoffs in the furniture sector are warning flags that geographic exposure to cost is strategically existential. Attention here is once again focusing on production locations, in the face of some harsh numbers.
Gardening is more popular than ever, experiencing a renaissance over the pandemic and becoming more interesting for investment and broader export opportunities. Three trends drive gardening spend priorities. Lawn space has been giving way to growing space. Compost sales indicate regional priority gaps between the rise of growing-your-own food versus decorative plants. Peat-free claims and innovation grow, because global compost leaders face strict UK regulation in their home market.
Sustained high inflation has hit sales of home and garden products across most of Western Europe, as well as in many countries in the Asia Pacific region. With consumer confidence shaken by rising prices, exerting downward pressure on people’s purchasing power, shoppers are postponing purchases of big-ticket items like furniture, as they prioritise spending on daily essentials.
Abnormal cost inflation has caused waves of pain for companies since late 2020, but our new Inflation Projection Tool launched in July 2023 strongly indicates that tools and hardware in home and garden stands out as a category where companies were harmed more than most (and brands more than retailers, so far). This sector is badly dislocated around its ability to pass on costs from production to end consumers.
The increase in hybrid work with more time spent at home made consumers value their personal space and perceive a greater need to refresh it by using efficient and value-added methods. This has made the paint sector more attractive, making expansion opportunities particularly more attractive geographically, and across channels, with increases in spending on both branded and private label innovation evident.
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