Factors such as health and wellness, the environment, convenience, nostalgia and technology are playing an increasingly important role in the global home paint market. Many emerging market consumers now have more money to spend and are becoming increasingly urbanised and Westernised in their tastes, while the impact of the “Great Recession” lingers on in many developed economies, where value for money is a priority for many.
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In emerging markets, price remains the key factor in the purchasing decisions of the bulk of consumers, with value-added products of appeal to a small, but growing, segment of the market.
A return to heritage, tradition and craftsmanship has been a feature of the recession in many markets, and this is also having an impact in home paint, with some brands emphasising their heritage.
Smartphone apps are playing an increasingly important role in the marketing of home paint, as manufacturers seek to provide consumers with decorating advice and information about their brands “at their fingertips”.
Housing market turnover has a strong positive correlation with sales of home paint. In the US market, an incipient housing recovery is fuelling demand for paint and making consumers more receptive to value-added products.
With consumer confidence in Western Europe extremely weak, value is increasingly a top priority for many consumers. Private label and multifunctional offerings are benefiting from this.
Affluent consumers in emerging markets are exhibiting an increased interest in purchasing “green” products.