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Home Improvement Spending Market: Snapshot

The home improvement spending market is estimated to observe promising growth during the forecast period of 2021-2031. The growing urbanization and the rising disposable income of many individuals around the world will bring good growth prospects for the home improvement spending market.

The growing adoption of the latest technologies across the home improvement spending market will bring substantial growth opportunities. Personalized and customized home improvement solutions are also gaining traction due to benefits such as flexibility in choosing the right combination for each corner and effective resource utilization. All these factors will invite exponential growth for the home improvement spending market.

On the basis of project, the home improvement spending market can be segmented into DIY (Do It Yourself) and DIFM (Do It for Me). These services are used in kitchen improvement and additions, exterior replacements, property improvements, other room additions and alterations, interior replacements, system upgrades, and disaster repairs.

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How is the Competitive Landscape of Home Improvement Spending Market?

The home improvement spending market is highly fragmented. A vast number of players are engaged in fierce competition for capturing a good customer base. The players indulge in research and development activities for upgrading their solutions and offering more options to the consumers. These activities help in expanding the growth trajectory of the home improvement spending market.

Strategic collaborations also form an important part of the home improvement spending market growth structure. The players are involved in mergers, acquisitions, joint ventures, and partnerships for strengthening their influence across the home improvement spending market. All these factors eventually contribute to the growth of the home improvement spending market.

Some well-entrenched players in the home improvement spending market are Steves and Sons Roxul, The Home Depot, Beacon Roofing Supply, Dreamstyle Remodeling, Boral Building Products, Owens Construction, Power Home Remodeling Group, DuPont de Nemours, Sherwin-Williams Company, and Neil Kelly Company.

What are Key Trends across Home Improvement Spending Market?

COVID-19 Pandemic increases Demand for Home Improvement Solutions

As the pandemic struck across the globe, many countries imposed strict lockdown and restricted the movement of the people. This aspect forced many people to stay at home for longer period. Earlier, it was thought that the restrictions will be uplifted soon and everything will be back to normal, but as soon as it was clear that the virus is here to stay for long and the lockdown enforcements will continue on an an and off basis, people started focusing on upgrading their homes. These factors will bring steady growth opportunities.

Smart Home Improvement Solutions Rule the Roost

Smart home improvement solutions have become a favorite among many consumers and it will set the stage for the growth of the home improvement spending market. Smart kitchens are growing popular, especially among the generation Z category. The ‘convenience’ quotient is playing a crucial role in the demand for smart kitchens. Thus, these factors will have a profound impact on the growth of the home improvement spending market.

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What are the Regional Dimensions of Home Improvement Spending Market?

North America’s home improvement spending market is expected to have the largest regional share. The growing disposable income and the rise in home ownership numbers in the region, especially in the U.S. will present promising growth opportunities for the home improvement spending market.

According to the American Community Survey, the home ownership rate declined to 65.4% after the Great Recession of 2010 in the U.S. It dropped further to 63% in 2015 but rose steadily to 64.1% in 2019. The improving rates will help in boosting the growth prospects of North America’s home improvement spending market. Europe will also display promising growth for the home improvement spending market between 2021 and 2031.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Home Improvement Spending Market

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