DIY Industry: A Global Outlook
San Jose, California (PRWEB) September 10, 2008
DIY market, also called the Home Improvement market, is a multibillion-dollar industry. Increased availability of leisure time, and growing consumer interest in home renovation activities are among the major growth drivers for the DIY industry. Rising levels of disposable income, growing desire to keep pace with changing trends, affordability of products and equipment, and increased participation of women are propelling sales in the DIY market. With consumers inclined towards web-based purchases, online DIY market is making rapid strides, with players looking to expand product reach, and also benefiting from economical logistic costs.
United States is a major DIY market, attributed to the growing popularity of home makeovers and increased focus on remodeling activities. Growing spending capabilities of an aging baby boomer generation, and the growing need to acquire materialistic products among teenagers is anticipated to propel sales of DIY retailers. Rising preference for home décor products in line with changing fashion trends, popularity of high-tech hardware tools with latest features such as laser, and increasing focus on decorative outdoor living products are driving home improvement product sales. DIY retailers are also benefiting from the automotive sector, through accessories and personalized products that are primarily aimed at vehicle owners making impulse purchases.
Asia, with its large unexplored market, offers enormous growth opportunities for foreign DIY market participants. Fast-paced consumer lifestyle and growing influence of western culture are expected to act as growth boosters for the DIY market. Housing and house remodeling products such as lighting fixtures, building materials, and bathroom fittings are extremely popular in the region.
The DIY retail sector faces challenges in the form of increased raw material costs, sluggish growth of housing market, and rise in competition, which are expected to affect profitability of the market. Factors such as fewer new housing developments, growing interest rates, and rise in housing inventory have all contributed to the sluggish growth of the housing sector in recent years. Despite the challenges, demand for DIY products is expected from hardware market, as the sector is recession-proof and would therefore command a steady demand for DIY products for home remodeling.
The report titled "DIY Industry: A Global Outlook" provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers a brief, and rudimentary overview of the DIY industry with a special focus on the US market. Discussion on this largest regional market worldwide is laced with 31 market data tables, which numerically enumerate key research findings. The discussion identifies and ranks leading retailers by sales in product categories across market sectors, such as, Home Improvement, Auto Parts Retailers, and Home Center Retailers, among others. Also outlined are DIY retail trends (sales through distribution channels) in major product segments such as Patching Products, Barbecue Grills, and Corded and Cordless Drills, among others. Other markets briefly synopsized include Canada, Japan, and France, among others.
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