In 2023, companies like Design Holding, Italian Design Brands, and Cassina expanded into the U.S., while RH opened galleries in the U.K. and Germany. However, the success of these expansions remains uncertain. The French home and decor market suffered due to reduced consumer spending, with hopes that events like the 2024 Paris Summer Olympics could stimulate spending. The use of artificial intelligence by brands with an online presence is expected to increase, helping customers find complementary products and enhancing their shopping experience.
Key takeaways:
- The global geopolitical and economic scenario in 2023 has affected the furnishings, decor, and lighting companies, with sales falling from record highs after the COVID-19 pandemic.
- Issues such as the potential conflict in the Middle East, China's slowing real estate market, and rising interest rates are expected to impact these industries in the New Year.
- Consumer spending slowdown, particularly in the French home and decor market, is another concern, with companies hoping for events like the 2024 Paris Summer Olympics to boost spending.
- Artificial intelligence is seen as a key tool for brands with an online presence, helping customers find complementary products and enhancing their shopping experience.