Trend Alert: Tableware
Globally kitchenware was already witnessing a high degree of growth; in 2018 the global kitchenware market was valued at USD 56.8 billion and it is set to expand at a compound annual growth rate of 4.5% over the next few years. The UK market followed this trend because of things like increases in consumer purchasing power and an increase in the number of households and the number of occupants as well as homeownership rates. There is also a proliferation of new designs and availability and homeware and kitchenware items. All adding to the demand for kitchenware products in the UK.
Online sales in particular have also witnessed a rise in kitchenware sales; with more items available online at reasonable prices there are more people accessing online retail outlets to add to their homes. Kitchenware is showing the highest rise out of all household products. The recent pattern of spend correlates to a period of time when more of us are staying at home, cooking at home and taking pleasure in displaying what we have made. In the UK it is estimated that every day about 10 million households cook at home. and 21% of adults in the UK will spend more than normal for special occasions, adding to the demand for in particular tableware.
In the first quarter of 2014, UK households purchased approximately 1.4 billion British pounds worth of glassware, tableware and household utensils. Consumption has since increased, reaching 2.17 billion in the 3rd quarter of 2020 with a significant spike in spending in the third quarter. The spending pattern on tableware was showing increased growth before lockdown and it looks set to continue on the upwards trajectory. What this means for sellers is that stock levels should be maintained and those that want to enter the market should take note of the significant spike seen last year.
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