The rate of growth in retail current value sales of home improvement rose at its fastest rate in a decade during 2020. Locked-down consumers had more time to spend on DIY projects, with more consumers becoming involved in DIY for the first time.
Home improvement and gardening stores dominate retail current value sales of home improvement, but they were forced to close their doors for a significant part of the year due to COVID-19 restrictions. Moreover, even after these lockdown measures were lifted, home improvements retailers were only allowed to reopen part of their stores.
Home improvement continues to be led by US brands Stanley Black & Decker Inc and Behr Process Corp. Stanley Black & Decker Inc’s DeWalt brand is the clear leader in power tools, where it well known and highly regarded by local consumers, while Behr Process Corp enjoys a strong leadership position in home paint.
The rate of growth in retail current value sales of home improvement will slow significantly during 2021. As more Canadians are vaccinated, the threat posed by the pandemic will begin to fade, and daily life will normalise.
E-commerce will continue to grow in importance in home improvement over the course of the forecast period. A growing number of local consumers are becoming more comfortable with online shopping, and younger consumers who are ‘digital natives’ will become more significant purchasers of these products.
In response to tighter regulation and demand for more environmentally friendly products, manufacturers of home paint have been adjusting their formulations and launching new painting tools. A shift to water-based and acrylic formulations is underway, and this will accelerate during the forecast period, as manufacturers seek to offer consumers products with a reduced level of volatile organic compounds.
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Understand the latest market trends and future growth opportunities for the Home Improvement industry in Canada with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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This report originates from Passport, our Home Improvement research and analysis database.
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