Turnover in the household and personal goods sector is over £70 billion.
Recent developments which present opportunities for the sector include technological advances, such as the move to digital systems, as well as consumer changes. The import and export market for household goods is substantial with competition from the Far East and Asia in particular adding extra incentives for the UK industry to cut costs without hindering efficiency or damaging product quality.
Leisure goods and services account for a large proportion of household spending, with the UK importing more goods and services than it exports. However, there are increasing opportunities for exports with the growing demand for luxury goods from India, China and South East Asia, while there are also emerging opportunities within the UK. The health and fitness subsector has been expanding, with social media changing the face of branding within the personal goods sector. Alongside this dynamic and youthful market, the industry will also have to capitalise on the opportunities provided by growing numbers of ‘time rich and cash rich’ members of the public as a result of the ageing UK population.
Technological advances will also continue to open up new market opportunities in a number of areas, for example in the video gaming sector. In order to ensure industry success, the industry will have to continue to engage with the Government to ensure an appropriate business environment.