The housing market experienced a boom in 2021 leading to 1.5 million house moves (a 43% increase over 2020).
Lockdowns in 2020 and 2021 and continuing constraints on 2021 holidays and travel meant that funds previously apportioned to non-essential discretionary spending were diverted to home improvement projects, with savings boosting the affordability of in-home products and services. This had a visible impact in terms of demand in the first half of the year.
Total demand drivers for home improvement in 2021 exceeded the actual sales uplift experienced. The industry’s ability to service this inflated demand was constrained with non-essential retail closed for 14 weeks of the year, focused in Q1 and in relation to the emergence of the Alpha variant.
The increase in “DIYers” as a result of waiting lists for DIFM services is expected to continue through 2022 as the 6-12 month waiting lists show no signs of declining, with services still being filled as fast as the industry can clear appointments. This means an increasing number of younger consumers unable to secure DIFM services in 2022 will try DIY for the first time, and if this conforms to data evident in 2021, up to 55% of these novices will continue to make their own home improvements, therefore adding to the industry’s total size.
The UK housing market is expected to decline by 20% (Zoopla forecast) to 1.2 million house moves, with a direct impact on home improvement sales for 2022.
Product categories associated with implementing new home offices will take a more severe hit in 2022 before resuming pre-pandemic patterns. Now that home office penetration has saturated to the point of meeting the proportion of the workforce affected by remote working measures, a share of the offices that would historically have been created in 2022 will already have been installed the previous year.
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Understand the latest market trends and future growth opportunities for the Home Improvement industry in United Kingdom 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.
If you're in the Home Improvement industry in United Kingdom, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Includes: products purchased by consumers through retail channels.Excludes: commercial sales to professional builders / tradesmen / contractors etc. Home improvement refers to bathroom and sanitaryware, decorating sundries, floor covering, hand tools, hardware, home paint, kitchen sinks, power tools, wall covering and other home improvement.See All of Our Definitions
This report originates from Passport, our Home Improvement research and analysis database.
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