2Q23 Home Goods Market Share Winners and Losers
The home goods industry has always been a dynamic and competitive space, with companies vying for market share and consumer attention. The 2Q23 Home Goods Market Share Index takes a closer look at some of the standout performances and challenges faced by key companies. Here were our top 3 takeaways:
1. Wayfair and HomeGoods Among Top Market Share Gainers
Wayfair continues to cement its position as a leader in the home goods market. With an impressive YoY market share increase of 2.5 pp, Wayfair now commands 17.8% of home goods market share. Securing the position of second largest market share growth was HomeGoods, with a YoY increase of 1.6 pp in market share, bringing its share to 11.5%. Finally, in a closely contested battle for the third-largest market share growth, Laz-Z-Boy emerged victorious over IKEA, boasting growth of 0.8 pp.
2Q23 Home Goods Market Share Index
United States | Online and B&M Sales | 2Q23 vs 2Q22
Does not include Amazon, Walmart, Target as this index is focused on the pure play retailers
2. Bed Bath & Beyond Market Share Losses Accelerate
However, it hasn't been smooth sailing for every company in the home goods market. After filing for bankruptcy on April 23, Bed Bath & Beyond’s (BBBY) market share suffered significantly, declining 3.0 pp YoY. Further, BBBY 2Q GMV declined -55.9% YoY.
Restoration Hardware had the second largest decrease in YoY market share (-0.9 pp) and saw 2Q GMV fall -27.1% YoY. The third largest decrease in YoY market share was Ashley Furniture, who’s Q2 market share fell 0.6 pp YoY.
Monthly GMV & YoY Growth, Top 30 Home Goods Pure Players
United States | Online and B&M Sales | Jan 2022 - Jun 2023
3. Home Goods Industry Continues to Face Challenges
Apart from individual company performance, the home goods industry has faced its fair share of challenges. In 2022 the home goods market posted negative YoY sales growth every quarter, ranging between -8% to -6%. The rate of decline accelerated in 2023, with GMV growth declining by -11% in 2Q23 YoY.
Interested in the key categories driving Wayfair’s growth?
Sources: Transaction Data
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