As the economy improves, do-it-yourself consumers will flock to Home Depot and Lowe’s to renovate their homes and get started on projects that have been put on hold since the collapse of the housing market.
TechNavio, a leading research and advisory company, expects the global DIY market to rise at a CAGR of 3 percent from 2016 to 2020.
1. Digital media helps encourage home improvement projects.
From how-to videos on YouTube to inspiration boards on Pinterest, consumers can access a treasure trove of DIY information online. Television, websites, videos, and social media will all help propel the DIY market forward and drive interest.
2. Retailers feature new products with customizable features.
TechNavio’s market research analyst expects vendors to carry new products in order to keep up with the latest styles and differentiate their offerings. Customization is also predicted to be a big trend, allowing customers to add unique finishes to inexpensive products and kits.
3. Homeowners in Western countries are more likely to choose a DIY approach.
In the U.S., homeowners tend to enjoy DIY projects, but in other regions of the world, consumers would rather hire professional contractors to get the job done. According to TechNavio, “Acceptance of DIY culture is very low in the APAC regions; hence, the market is largely concentrated in Western countries.”
For more recent information, check out the article "DIY Home Improvement Booms During COVID-19."
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