The analysts forecast DIY home improvement market in Europe to grow at a CAGR of 1.71% during the period 2017-2021. The latest trend gaining momentum in the market is Customization in DIY home improvement products.
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Customization of products enjoys dynamic demand and is a commonly practiced approach in the region.
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Hence, it plays a vital role in the growth of the DIY home improvement business. With the DIY trend largely influencing the home improvement segment, the opportunities for homeowners to customize their homes with innovative and new features have also increased.
Currently, a certain number of home improvement physical retail stores offer a wide variety of inexpensive pieces and finishes, which enables consumers to customize them as per their needs.
Major key players provided in the DIY home improvement market in Europe: ADEO, BAUHAUS, HORNBACH Baumarkt, Kingfisher, Travis Perkins, Bauvista, EUROBAUSTOFF, Intergamma, K-GROUP, Les Mousquetaires, The Sherwin-Williams Company, Toolstation, and WESFARMERS.
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According to the DIY home improvement market report, one of the major drivers for this market is Low cost of operation. In Europe, DIY home improvement is considered an affordable substitute of do-it-for-me (DIFM).
Fully assembled products, such as furniture, are often expensive, which attributes to the increase in production costs, raw materials costs, metallic components, assembling, and labor wages. As most of these products are bulky and large in shape and designs, their shipping charges are also paid by customers, which in turn raises the price of finished products and consequently the cost of operation.
DIY is an activity that eliminates additional costs of operation, making it more economical for market players and consumers. The selection of raw materials and designs can also be customized by consumers themselves to ensure a low price of assembled products.
Prominent DIY home improvement vendors allow the flexibility of customization in terms of raw materials and pricing of products, which are not offered on standard ready-made products. The growing rivalry through both online and offline distribution channel has led to a decline in the prices of DIY home improvement products, thereby increasing their demand.
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Further, the DIY home improvement market report states that one of the major factors hindering the growth of this market is Increase in aging population and low DIY expertise of consumers. Aged consumers above 50 years tend to refrain from participating in DIY home improvement projects and purchasing DIY home improvement tools.
This is especially prominent in countries such as Italy and Germany, where per The World Bank Group, in 2016, the number of people aged 65 years and above was 22.70% and 21.47% of the total population, respectively. In such economies, consumers prefer to get hire labor or get their work done from other third-party service organizations, which offer home decor, product installation, and assembling services.
Complete report on DIY Home Improvement Market spread across 82 pages, analyzing 13 major companies and providing 34 data exhibits now available at www.reportsnreports.com/reports/12…e-2017-2021.html.
Major Table of Contents:
1: Executive Summary
2: Scope of The Report
3: Research Methodology
5: Market Landscape
6: Market Segmentation By Distribution Channel
7: Market Segmentation By Product
8: Regional Landscape
9: Decision Framework
10: Drivers and Challenges
11: Market Trends
12: Vendor Landscape
13: Key Vendor Analysis