Statistics and Market Data on Home Improvement
Home improvement and gardening
market growth has been moderate over recent years, due to the state of the economy and declining disposable income levels in some markets. Home renovation projects
also encompass the remodeling of external structures such as gardens, garages, and lawns. Homeowners undertake home improvement to make residential properties more comfortable, upgrade air conditioning and heating systems, waterproof roofs and basements, soundproof rooms, and to extend their homes and boost energy savings. Market growth is fuelled by consumers investing in their gardens as an extension of the home, with outdoor furnishings seen as a way to add value to the home. Television shows and lifestyle magazines promoting home makeovers are also contributing to market growth. Fashion trends dictate the market to a large extent, with neutral colors, an elegant, luxurious look and simple designs proving popular.
Over the coming years, the global outdoor furniture market is expected to see vast product innovation, driven by consumer demand for more sophisticated styles linked to current fashion trends. Meanwhile, affluent households will continue to show preference for high-end products. Technology and material innovations will remain key to successful expansion. Environmentally friendly products are shaping the home building and improvement market. Consumers are opting for greener options such as photovoltaic roofing and vegetative roofs. Homeowners are also motivated to renovate their properties to cut utility costs by replacing windows and opting for energy-efficient thermal insulation.