The Lawn & Garden segment experienced rapid growth in 2020 and reached peak revenue numbers in 2021 because of COVID-19 lockdown restrictions. Many vacation plans for 2020 and 2021 were scrapped as flights were canceled and many cities were closed off from tourists for protection against the COVID-19 virus. That beach trip to Mallorca became a short trip to the backyard, the only place one could escape to. In an attempt to make the best out of an unfortunate situation, many people invested in their outdoor space to make it feel as comfortable as possible during lockdown.
As lockdown restrictions lifted in the latter half of 2021, there was a shift in consumer spending behavior as people gravitated back to taking part in activities outside of the home. In 2022, this shift in consumer spending behavior, together with increased inflationary pressure, affected the Lawn & Garden segment. This change resulted in a significant decrease in retail sales. Falling consumer prices and the lifting of COVID-19 restrictions in China are expected to have a positive effect on this segment in 2023.
Data coverage:
Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.Modeling approach / Market size:
Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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