In what it describes as the first edition of its Home Goods Market Share Index, market research firm YipitData released a ranked list of the top 30 specialist retailers.
According to YipitData, Wayfair leads the sector overall, with 16.7% market share in the first quarter of this year. The e-commerce operator won over consumers during the pandemic but has been losing its gains in home retail market share, which was at 18.33% a year earlier and has since edged back down to pre-pandemic levels. Still, the market research firm added, Wayfair commands nearly twice the market share of its closest competitors, HomeGoods and Bed Bath & Beyond.
The TJX Cos. HomeGoods operation has become an incredible comeback story, YipitData asserted. The banner’s strong performance in the first quarter of 2022 is consistent with other discount retailers in the home goods industry. HomeGoods saw the second largest percentage point increase in market share, at 0.66% reaching 8.08%, second only to Pottery Barn, at 1.1% reaching 5.9%.
As the marketplace faces new challenges even as it deals with the lesser effects of the COVID-19 pandemic Average Order Frequency and Customer Retention Rates have fallen for most Top 10 retailers from the first quarter of 2021 through the first quarter of 2022. The trend could reflect a decline in consumer demand for home goods, industry challenges with supply chain disruption, and/or a resurgence of smaller players such as Ethan Allen, Arhaus and Room & Board, Yipit Data noted.
The top 10 retailers by gross merchandise volume collectively accounted for over 70% of total GMV from the top 30 specialist retailers in April 2020. However, as smaller players recapture more of the market, the share of GMV from the top 10 brands has steadily declined.
Designed to provide a current snapshot of the home goods retail landscape, the Top 30 Home Goods Pure Players Index ranks in descending order of share:
- Wayfair 16.70%
- Bed Bath & Beyond 8.59%
- HomeGoods 8.08%
- IKEA 7.19%
- Big Lots 6.67%
- Pottery Barn, including Kids & Teen 5.90%
- Ashley Furniture 5.87%
- Restoration Hardware 4.88%
- Overstock 3.53%
- La-Z-Boy 3.10%
- At Home 2.82%
- Crate & Barrel, including CB2 2.78%
- West Elm 2.77%
- Rooms To Go 2.12%
- Raymour & Flanigan 2.07%
- Living Spaces 2.02%
- Nebraska Furniture Mart 1.75%
- The Container Store 1.74%
- Williams Sonoma 1.59%
- Bob’s Discount Furniture 1.27%
- Badcock Home Furniture 1.23%
- Havertys 1.22%
- Ethan Allen 1.19%
- Arhaus 1.12%
- Room & Board 0.88%
- Bassett Furniture 0.63%
- Furniture Row 0.60%
- Houzz 0.58%
- City Furniture 0.57%
- Mathis Brothers 0.53%
“Our goal for this index is to highlight trends in the industry using alternative data, including our proprietary datasets to paint a better picture of how the competition is stacking up,” said Ariane Turley, senior research analyst at YipitData in introducing the index. “The retail sector, specifically home goods, deserves to be watched especially in the wake of the pandemic as shopping habits revert to old patterns.”
