Global DIY & Garden Equipment Industry
The worldwide gardening and outdoor living market is expected to reach almost $183 billion in 2014, representing 12% growth in five years, reports MarketLine.
Gardening and outdoor living market growth has been moderate over recent years, due to a decline in spending on leisure activities due to economic volatility and declining disposable income levels in some markets.
In established markets such as the US, competition at mass-market level has become more intense, but is lessening at the market’s premium level, reports Global Industry Analysts. Market growth is fuelled by consumers investing in their gardens as an extension of the home, with outdoor furnishings seen as a way to add value to the home. Television shows and lifestyle magazines promoting home makeovers are also contributing to market growth. Fashion trends dictate the market to a large extent, with neutral colors, an elegant, luxurious look and simple designs proving popular.
The DIY market has seen growth in recent years as consumers under pressure due to the economic crisis opt to carry out home improvements themselves rather than paying for professional home improvement help.