Home improvement retail current value sales declined for the first time in more than a decade during 2020. The economic shock of the pandemic weighed on consumer confidence, leading some to postpone home improvement projects.
Ras Al Khaimah Ceramics PSC remains the leading player in home improvement during 2020. The company boasts the latest technology and an extensive distribution network.
Until 2020, the internet was largely used for browsing products in home improvement, but thanks to the pandemic, it is increasingly being utilised to make purchases too. The share of e-commerce in home improvement retail current value sales almost doubled during 2020 – albeit from a fairly low base.
Retail current value sales of home improvement will begin to expand again during 2021 but growth will not really take off until the following year. Although the threat posed by COVID-19 is set to diminish during 2021, many consumers are likely to remain cautious with regard to splashing out on home improvement projects.
Local consumers are likely to remain very price sensitive for much of the forecast period when it comes to home improvement. Durability is likely to become more important to them, and private label may also grow in popularity.
E-commerce will continue to grow in importance as a distribution channel for home improvement over the course of the forecast period. Local consumers, particularly younger ones, will become ever-more comfortable shopping online, while the advent of 5G mobile internet will make e-commerce more accessible and convenient than ever.
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This report originates from Passport, our Home Improvement research and analysis database.
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