Renovation Revival in Western Europe: Bathrooms and Kitchens the Top Priorities

Strategy Briefing

About This Report

Jun 2019

Falling interest rates, the levelling out of house prices and weak forecast construction activity are likely to boost renovation activity in future, representing good news for Western Europe’s DIY industry. Renovations of bathrooms and kitchens are the top priorities for consumers. The key to attracting time-poor urban millennials might be direct-to-consumer brands, whereas the store remains core for Generation X and Baby Boomers, who may live in suburban areas.

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Renovation Revival in Western Europe: Bathrooms and Kitchens the Top Priorities

Key takeaways for home improvement players

Falling interest rates, the levelling out of house prices and weak forecast construction activity are likely to boost renovation activity over 2018-2023, spelling good news for Western Europe’s DIY industry.

Renovation activity will create demand for home improvement products, such as bathroom and sanitaryware, floor covering, decorative paint and wall covering. At the same time, consumers will also be seeking out home furnishings.

DIY retailers and suppliers should be aware of their audience. Time-poor, urban millennials are more comfortable conducting research online, therefore, digital direct-to-consumer brands are more likely to resonate; however, city centre stores will also capture interest from this consumer segment. On the other hand, DIY retailers and suppliers should not forget the importance of store-based interactions. Generation X and Baby Boomers living in suburban areas may be more likely to visit physical stores, making omnichannel strategies a must.

Introduction

Scope

Housing Affordability Plummets in Europe

UK consumer confidence takes a dive as latest Brexit deal rejected
Housing affordability slumps in Western Europe
House prices level out as UK interest rates rise

Renovation: Demand or Dilemma?

Weak forecast construction activity may re-inflate house prices
Bathroom and sanitaryware to benefit from renovation demand
Aged dwellings dominate in Western Europe
Renovation dilemma: How to find a reliable tradesperson?
Direct-to-consumer brands disrupt the renovation space

How to Win Customers?

Targeting customers based on their life stage
Digitally native millennials becoming home buyers eventually
Attracting Baby Boomers and Generation X: the store is still core
Key takeaways for home improvement players