1Q24 Home Goods Market Share Index: Pure Players
*Crate & Barrel does not include CB2
**Bed Bath & Beyond pre-Overstock purchase is not included in this iteration of the Home Goods Market Share Index given that the retailer closed its doors on July 31, 2023. The Bed Bath & Beyond listed on this index includes GMV for Overstock.com pre-July 31, 2023, and for its rebranded website BedBathAndBeyond.com post-July 31.
Note: This index includes retailers that were not included in previous indices as YipitData has expanded its data coverage of home retailers. It does not include Amazon, Walmart, Target as this index is focused on the pure play retailers.
Source: Transaction data
Published 05/09/24
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Key Takeaways
Quarterly Insights
The home goods industry continues to decline
The home market continues to shrink with sales declining -7% in 1Q24 YoY. Home retail sales have declined YoY since 1Q23
1Q24 Spotlight
Living Spaces
Living Spaces sees strong YoY sales growth
Living Spaces surpassed HomeGoods, Wayfair and Arhaus in quarterly sales growth with its sales growing nearly 12% YoY. Living Spaces’ sales growth indexed well above the overall Home Industry which is experiencing its 9th consecutive quarter of declining sales growth.
Living Spaces had the largest 1Q24 sales growth among all retailers on the index.
Living Spaces matches HomeGoods B&M sales growth
Living Spaces and HomeGoods matched in brick & mortar sales growth for 1Q24, with both retailers growing 7.5%. This growth over-indexed to the overall Home Industry, which saw brick & mortar sales down -4.9%.
While Arhaus once saw quarterly B&M sales growth averaging ~40% YoY, since 3Q23 it’s sales growth has gradually declined, reaching -20% in 1Q24.
Living Spaces leads in online sales growth
Although Living Spaces matched HomeGoods in B&M sales growth during 1Q24, its strong online sales growth was unmatched. Online sales made up more than 26% of Living Spaces 1Q24 sales and grew an impressive 25% YoY.
Note that HomeGoods announced it was ending online shopping at the end of 2023, explaining the decline of nearly 100%.
While Living Spaces is thriving in the online channel, other retailers, including e-comm retail giant Wayfair, lag behind. Wayfair’s sales have remained flat over the last few quarters, while the overall Home Industry’s online sales declined -13% YoY.
Living Spaces sees an uptick in customers in 1Q24
Living Spaces’ quarterly distinct customers have consistently under-indexed relative to the industry as a whole - however, this changed in 1Q24. In the first three months of 2024, Living Spaces attracted roughly the same number of customers as they did in 1Q22 - an anomaly for both the industry as a whole, and key competitors such as Wayfair.
Part of the slowdown for Arhaus has been a decline in customers coming through its doors. 29% fewer customers shopped at Arhaus in 1Q24 compared to 1Q22.
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