In a study titled “Home Retailing in Belgium, Market Shares, Summary, and Forecasts to 2022,” which was produced by Ken Research, market details on the home retail industry in Belgium are included. It offers a comprehensive analysis that takes into account all of the market elements, including customer preferences, demography, consumer trends, technological advancements, and the ever-changing economic considerations. In addition to that, the research includes an analysis that is based on the historical data of the market. Specifically, it provides details on the main shops who are currently operating within the category, as well as their product propositions, market positioning, and the most recent significant changes. Belgium, which has a population of around 11.3 million people, is distinguished as one of the most densely inhabited and highly industrialized countries in Europe. It is composed of three regions: Flanders, Wallonia, and Brussels, each of which boasts a distinct cultural identity in comparison to the other two. Belgium’s retail environment has been badly impacted in the past as a result of the volatility of the economy. However, over the course of the last several years, it has begun to recover and is exhibiting some positive development, which seems like it will continue to do so, according to the research. A compound annual growth rate of 2.2 percent is anticipated for the retail sector in Belgium between the years 2017 and 2022. The home retail category in particular is expected to have growth, although a moderate one, throughout the time that is being forecasted. By the year 2022, it is anticipated that the category, which had reached 8.1 billion euros in 2017, would have increased to 8.7 billion euros. The economy of Belgium has been one of the European countries that has recovered effectively from the economic crisis. The confidence of the market has improved, not only in terms of investment but also in terms of consumption, as a result of the economy’s successful progress toward recovery. The housing market has been seeing a rise that is fairly satisfactory. This will ultimately result in a rise in the demand for items for the house. In addition, the rise in demand might be attributed to the rise in the number of activities related to home remodeling. The home retailing industry has been driven by and will continue to be driven by increasing discretionary income and improved living standards, as well as the desire of customers to have access to their own amenities. When compared to all of the sub-categories, the homewares category has had the most rapid expansion. Over the course of the last few years, there has been a rise in the number of chain shops that have expanded their operations. Additionally, in addition to this, conventional stores as well as online merchants are coming out with fresh and unique product options for customers to choose from. Despite the fact that Belgium has a robust internet infrastructure, the country’s e-commerce sector has grown even if it has not yet been completely utilized. According to the survey, the online market share is anticipated to expand to 12.6 percent by the year 2022 when it comes to the personal retail category. Although it is making progress at the moment, it is still extremely modest. It has been shown that internet merchants and value stores are more appealing, mostly as a result of the substantial price reductions that are given on the items. The level of competition has also grown as a result of new competitors joining the market, regardless of whether they are online or physical retailers. Retailers strive to achieve a competitive advantage in which pricing, product, service, and experience all play key roles in the whole shopping experience. It is the worldwide retail giant Ikea that dominates the market in the home retail sector, making it the most important player among the key businesses in the nation. Hubo, brico, gamma, action, aveve, mr. bricolage, collishop, traffic, and plan-it are some of the other players that are discussed in the study. If you are interested in learning more, please visit the following website: https://www.kenresearch.com/consumer-products-and-retail/wholesale-and-retail/home-retailing-belgium-market/157386-95.html with the link. Get in touch with us: Ankur Gupta, head of marketing and communications at Ken Research, may be reached at ankur@kenresearch.com or by calling +91-9015378249.
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