Home improvement

Double-digit growth rates in Malaysia

The Malaysian home improvement marktet was valued at MYR 6.9 bn in 2018. Photo: Pixabay/jorono
The Malaysian home improvement marktet was valued at MYR 6.9 bn in 2018. Photo: Pixabay/jorono
26.02.2020

The Malaysian home improvement sector is likely to grow by 10.9 per cent annually between 2018 and 2023, even as buyers gravitate towards cheap but high-value goods, according to Frost & Sullivan, a consultancy firm . In market research released as part of the public listing prospectus submitted by Mr. DIY to Bursa Malaysia - the Malaysian stock exchange - Frost & Sullivan estimates that the country's home improvement retail sector, which was valued at MYR 6.9 bn (Malaysian ringgit; EUR 1.5 bn) in 2018, will grow into an MYR 11.6 bn (EUR 2.6 bn) market in 2023. The market researchers categorise the sector into two: hardware and electrical items, and household and furnishings.
When it comes to sales channels, traditional, single-product, family-owned home improvement businesses are still dominant, but they are giving way to multi-product, omnichannel retail chains.
Frost & Sullivan attributes the low share of home improvement in total retail sales (only 2.9 per cent) to easy access to cheap labour. Malaysia, like other Southeast Asian markets, has a do-it-for-me rather than a do-it-yourself culture, the research company notes.
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