Home improvement spending is the process of investing in renovation of one’s home. Usually, a professional handyman performs the improvements, however most of the improvement activities are done by homeowners on the basis of “DIY” (do it yourself). Several major retailers, including Lowe’s and Home Depot, host classes for educating consumers on how they can perform the renovation, or, remodeling work themselves.
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A sustained momentum will be witnessed in home improvement spending in the years to come. Elevation in home prices will continue to exhibit a healthy pace, encouraging home owners in making remodeling investments. Increasing home equity is playing an indispensable role, coupled with low mortgage rates, which in turn are enticing home owners in refinancing, and potentially pulling the cash out. “Nesting is investing” is becoming a new trend worldwide, as people are more eager to invest in home improvement and remodeling. With the rise in purchasing power of people across developed as well as developing economies, several owners are now capable of taking on renovation and repair work. Baby boomers and millennials are leading the charge, with baby boomers focusing on updating their residential spaces for accessibility, and millennials opting for integrated technology and personalization.
Demographic trends are expected to buoy the home improvement market in the near future, with the huge millennial generation expected to shape the future of spending. However, younger households are witnessing a slow pace in breaking into the remodeling and homeownership. In addition, some investors have started backing out from investing in home improvement sector, as they view the wheel of its expansion to be on the verge of breaking. This can be attributed to softening sales trends in bigger ticket categories, for example – home furnishings. The global market for home improvement spending is projected to expand at a steady CAGR throughout the forecast period 2017 to 2022, according to a new study by Fact.MR. Revenues from the global home improvement spending market are expected to reach nearly US$ 2,000,000 Mn by 2022-end.
Departmental Stores to Remain the Largest Distribution Channel in the Market
Accounting for over one-fourth revenue share of the market during 2017 to 2022, departmental stores will continue to be the largest distribution channel for home improvement spending products. Franchise stores, and Homeware stores will collectively account for nearly half revenue share of the market, with the former being more lucrative than the latter during the forecast period.
On the basis of product, roofing will remain dominant in the global home improvement spending market, in terms of revenues. Disaster repairs, and heating, ventilation & air conditioning product segments are estimated to reflect a parallel expansion at 5.7% CAGR through 2022. In addition, bathroom remodeling, and room additions segments are expected to exhibit the fastest expansion through 2022.
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In terms of revenues, Europe will remain the largest market for home improvement spending, with sales projected to surpass US$ 700,000 Mn in revenues by 2022-end. Asia-Pacific excluding Japan (APEJ) is anticipated to be the second most lucrative market for home improvement spending. The market in North America will register the fastest expansion over the forecast period.
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