Mintel forecasts DIY sales slump over next 5 years
02 May '06
2 min read
Mintel is a global supplier of consumer, media and market research announces following a five-year boom, a recent Mintel report predicts home channel do-it-yourself (DIY) sales to slump over the next five years.
While housing sales and in-store how-to programs significantly boosted DIY sales over the last five years, this $460 billion industry prepares to overcome the challenges of a cooling market.
Lowe's and Home Depot have both increased mailings of their retail credit card offerings by almost 150 percent in an effort to bolster business, according to Mintel Comperemedia, a competitive intelligence service that analyzes direct mail and print media.
According to Mintel's exclusive research, 90 percent of consumers purchase home improvement products at home centers, but few shop at just one type of store. Retailers have placed their hope in three emerging DIY markets: women, Hispanics and baby boomers.
To appeal to women who are increasingly taking home improvement into their own hands, major retailers such as Lowe's and Home Depot are offering educational workshops, adapting product lines, and making store layouts more female-friendly.
Mintel research reports that close to 60 percent of women surveyed had undertaken a DIY project in the last year.
Do-it-yourself needs are also expected to grow in the Hispanic market over the next five years.
Retailers are expanding Hispanic and Spanish-speaking staff while continuing to introduce bilingual signage and packaging. The projected number of Hispanic homebuyers will also drive sales opportunities.
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