Market Trends of Home Shopping Industry
This section covers the major market trends shaping the Home Shopping Market according to our research experts:
Growth of Internet Users and Improved Internet Connections Driving Market Growth
- The Internet is increasingly becoming a key tool for merchants trying to expand their services in the virtual market, driven by the rapid growth of internet users, improved internet connections, and advances in security and encryption. This has primarily increased consumer confidence and dependence on home shopping and, in turn, inflated the market's growth.
- Globally, 5.3 billion people, 66% of the world's population, will be using the Internet in 2022. This represents an increase of 24% since 2019, according to the International Telecommunication Union (ITU). Additionally, the increased affordability of the Internet and increased mobile phone ownership have also driven sales in the home shopping market.
- Most Internet users consider mobile the primary device for accessing the Internet, primarily driven by the availability and affordability of smartphones. Thus, the growth potential for e-commerce in the market is directly correlated to internet and smartphone penetration, as mobile apps have emerged as a major gateway for customer purchases.
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Asia-Pacific Dominates the Market
- The home shopping market is highly dominated by Asia-Pacific, with China being the most prominent country in the region. Other countries, including South Korea, Singapore, Japan, and India, have accelerated the market's growth. Asia-Pacific is a rapidly growing region with increases in the inclination of consumers toward home shopping and a large number of imports from various countries.
- China's online shopping market has grown strongly in recent years, becoming the new economic development engine. The number of internet users in China has been increasing exponentially. The number of internet users in China in 2022 was 1051.14 million, per the China Internet Network Information Center (CNNIC), thereby enabling this enormous growth in China's e-commerce sector.
- China accounts for more than one-fourth of imports from other countries (excluding Asian countries), according to Eurostat. Accessories, books, and music dominate the home shopping market in China.
- Asia-Pacific holds the largest share of the home shopping market in the personal care and cosmetics segments. Players like Taobao, Alibaba, and Amazon hold the majority of the market share in China and India among countries in the Asia-Pacific region.
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