Home Improvement Retailing Market - Major Technology Giants in Buzz Again | Travis Perkins, Kesko corporation, Lowe's Companies

Market Overview:

Home improvement retailing involves sale of building materials, tools, home furnishings, home décor items, hardware, lawn and garden equipment etc. used in construction and maintenance of residential and commercial properties.

Market Dynamics:

Rising home ownership rates along with growing consumer spending on home renovation and remodeling projects are driving the growth of the home improvement retailing market. According to U.S. Census Bureau, the home ownership rate in United States increased to 65.4% in 2020 from 63.9% in 2019. Further, Covid-19 pandemic has also increased consumer focus towards home renovations as people spent more time indoors, which boosted demand for products sold by home improvement retailers. Consumers are more focused on upgrading and modifying existing homes rather than moving to new homes. This is another factor supplementing market growth.

Inflationary pressures due to rising raw material costs and supply chain disruptions are factors challenging market growth. However, increasing investments by market players in omnichannel retailing and focus towards sustainable products is expected to provide opportunities for market growth over the forecast period.

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Market Drivers: Increasing Repair and Remodeling Expenditure Driving Home Improvement Retailing Growth :

Growth in consumer spending on home repair and remodeling projects has boosted sales for home improvement retailers in recent years. As existing homes age and require periodic maintenance and upgrades, homeowners are spending more on items like tools, kitchen appliances, plumbing fixtures and flooring materials. The average American household was estimated to spend around $8,000 on home improvements in 2020. Rising incomes have enabled more discretionary spending on home repairs and renovations to improve livability and property values.

Rise of DIY Culture Fueling Tool and Project Material Sales :

The expanding do-it-yourself trend has created robust demand for many products sold at home improvement stores. With more people tackling smaller repair jobs and upgrade projects themselves to save money, tool and materials sales have climbed. Homeowners are investing in drills, saws, lawn and garden equipment to complete tasks independently. Sales of flooring, paint, lighting and plumbing supplies have also grown sharply as DIY culture has taken off in popularity. Home improvement retailers have capitalized on this trend with expansive tool and project material selections.

Market Restrain: Supply Chain Disruptions Limiting Product Availability and Driving Up Costs :

Like many industries, the home improvement retail sector has faced substantial challenges from pandemic-related supply chain bottlenecks over the past two years. Shortages of raw materials, components and labor shortfalls have constrained the ability of manufacturers and distributors to keep stores adequately stocked with high-demand items. Inventory shortfalls have prevented home improvement retailers from fully capitalizing on strong consumer demand at times. Additionally, rising transportation and materials costs due to shortages have required some retailers to raise product prices, potentially dampening volume in the future if inflation persists. Addressing ongoing supply issues remains a top priority.

Market Opportunity: Growth in Pro Remodeling Services Presents Expansion Potential :

With rising interest in whole-home renovations and additions, home improvement retailers see an opportunity to expand their professional installation and project management services. Capitalizing on this pro segment could open up lucrative new revenue streams. Some major chains are ramping up pro offerings like design consultations, contractor referrals and package assembly/delivery for remodel jobs. There is growth potential in providing a one-stop solution for professional contractors and homeowners tackling more complex remodeling projects. Developing the expertise and infrastructure to better serve pros represents a logical avenue for market expansion.

Market Trends: Increasing Adoption of e-Commerce and Curbside Pickup Services Post-Pandemic:

The pandemic accelerated the implementation and growth of omni-channel services by home improvement retailers. Even as stores have reopened, many consumers appear to prefer the added convenience of options like buy online pickup in store (BOPIS), curbside pickup for large items and delivery. Chains are devoting greater resources to enhancing their mobile and web shopping experiences. Examples include added inventory search functions, project planning tools and augmented reality kitchen/bathroom design apps. Streamlined digital experiences aligned with robust fulfillment services will be crucial for home improvement retailers to capitalize on evolving consumer preferences.

Some of the Major Companies covered in this Research are:

✦ Travis Perkins
✦ Kesko corporation
✦ Lowe's Companies, Inc.
✦ Amazon.com, Inc.
✦ Walmart Inc.
✦ UBUY Inc.
✦ Toolstation
✦ Home Depot Product Authority, LLC
✦ flipkart.com
✦ UBYLD RETAIL PRIVATE LIMITED.

By Types:

✦ Building Materials
✦ Decor & Indoor Garden
✦ Lighting
✦ Electrical Work Materials
✦ Tools & Hardware
✦ Painting
✦ Wallpaper & Supplies
✦ Plumbing Materials & Equipment
✦ Flooring Repair & Replacement Materials
✦ Outdoor

By Applications:

✦ Offline
✦ Online

Key highlights of the report:

• Market drivers and barriers, Performance
• Market Analysis by Application
• Market Overview and Classification
• Market Outlook (2024-2031)
• Home Improvement Retailing Market Trends
• SWOT Analysis
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

Most Frequently Asked Questions:

1. How feasible is the Home Improvement Retailing market for long-term investment?
2. What are the influencing factors driving the demand for this market in the future?
3. What is the impact analysis of various factors in the global market growth?
4. What are the recent trends in the regional market and how successful they are?

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