In the Voice of the Industry series, Euromonitor connects with industry professionals to explore trends and innovations. This report focuses on the home and garden industry, drawing on a Voice of the Industry survey of 230 professionals spanning geographies.
This report comes in PPT.
COVID-19 has had a monumental impact on how consumers eat, live and shop. Officially-mandated shutdowns and restrictions on in-store non-essential shopping during the height of the pandemic severely restricted product access for the home and garden industry.
Officially-mandated shutdowns and subsequent shopping restrictions due to social distancing rules have highlighted the importance for home and garden manufacturers and retailers to build an online presence, beyond physical bricks-and-mortar sales points, for both product knowledge and final purchases. This also includes the adoption of AR capabilities to allow the visualisation of products in the home and to offer online product consultation services.
In the short-term, uncertainty about the future of the economy is making consumers more cautious about discretionary purchases, as well as the engagement of professional services; thus, giving rise to a shift from do-it-for-me to-do-it-yourself.
The real estate market has picked up in several key mature markets, aided further by cuts in stamp duties. This will boost demand on the back of renovation projects, although this is not expected to play out beyond the near-term.
As global businesses continue to embrace flexible work arrangements and less frequent out-of-home occasions (dining, shopping, etc.), the Home as a Hub concept will prompt continued expenditure on sprucing up the home for living and entertainment purposes.
This project has a strict focus on sales to consumers only. Trade and professional sales are excluded. Home and garden refers to gardening, home improvement, homewares and home furnishings.See All of Our Definitions
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