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Amazon.com, Target Home Market Share Gains 3B Home Share Slips
Retail leaders are consolidating their market share in the home furnishings sector, according to a Bank of America survey released Tuesday.
The top 10 home brands accounted for 53 percent of the market share, up from 47 percent in 2016, Bank of America analysts said. Walmart $Walmart (WMT.US)$ , Amazon $Amazon (AMZN.US)$ , and Target $Target (TGT.US)$ are the largest retailers in the home sector, and they strengthened their market position during the epidemic.
Bank of America said that Amazon, Wayfair $Wayfair (W.US)$ and Target have seen the largest share gains since 2019, each increasing by more than 100 basis points, while 3B Home $Bed Bath & Beyond Inc (BBBY.US)$ has declined by about 400 basis points.
Bank of America also indicated that Williams-Sonoma $Williams-Sonoma (WSM.US)$ grew its market share by 1% compared to 2019 and continued its strong revenue growth momentum in 2022. However, Williams-Sonoma's growth momentum is likely to slow as Bank of America's survey shows the retailer is not a top shopping destination for consumers.
Among the locations where respondents plan to shop for furniture in 2023, Costco $Costco (COST.US)$, Macy's $Macy's (M.US)$ and Arhaus $Arhaus (ARHS.US)$ saw the largest increases, up 240, 150 and 140 basis points, respectively. Conversely, respondents' planned spending at Wal-Mart, Target, and 3B Home in the coming year decreased the most.
Bank of America said, "Given Arhaus' relatively low market share, its growth was the most significant. Compared to the last survey, Wayfair's trend improved." "As of the fourth quarter of 2022, Wayfair outperformed the market for the first time since the early days of the new crown epidemic."
Despite this, overall home spending is expected to decline in 2023 due to macroeconomic uncertainty. While higher-income respondents are still considering purchases, middle-income respondents report a significant decline in interest in home spending. According to the survey, 51% of middle-income consumers will buy less or no furniture in 2023, compared to 41% in the previous year's survey.
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