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Euromonitor International expects rebound

Stefano Botter from Euromonitor International (l.) was interviewed by Ken Hughes (who was very proud of his festive outfit).

Stefano Botter from Euromonitor International (l.) was interviewed by Ken Hughes (who was very proud of his festive outfit).

A rebound after the crash caused by Covid-19 is expected by the market research company Euromonitor International for the home improvement industry around the world. This was made clear by Stefano Botter, project manager with a focus on home and technology, in his presentation "Home improvement: challenges and opportunities in light of Covid-19," which he held in the Global DIY-Network by Edra/Ghin and Hima. According to this forecast, next year the global home improvement market will grow by 6.4 per cent to a volume of USD 289.2 bn, after the market dropped by 4.3 per cent to USD 271.9 bn in 2020. In particular hand tools, power tools and hardware will profit from the expected boom, says Botter.

However he also draws a mixed picture from the current situation. While the development in Australasia, Eastern and Western Europe and also North America is more positive, he says that it is somewhat worse for the home improvement industry in Asia Pacific, Latin America and the Middle East and Africa. But there will also be a rebound there, says Botter.

Generally speaking, according to his analysis, Covid-19 has had two main impacts: Botter speaks, on the one hand, of a "home as a hub" - "Covid brought back the DIY approach," which resulted in the do-it-for-me trend collapsing. "We think that this is going to slow down," says Botter.

The second major impact of Covid-19 is the strengthening of the digital channel. The home improvement industry has always been somewhat behind in this sense, he explains. Botter sees the pressure to now follow suit as an opportunity. "It is not an option, it is essential," is his assessment.

| 9 December 2020 | 12:47


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