The NPD Group Reports Home Improvement Market Starting to Show Signs of Recovery
According to home improvement industry analysis by leading market research company, The NPD Group, Inc., home improvement market categories saw an overall dollar increase of four percent in the 12 months ending June 2010, compared to the same time last year.
Warehouse home centers were up two percent and hardware stores were up 21 percent in sales in the last 12 months ending June 2010, versus last year. Home improvement categories, such as garage storage/organization, kitchen/bathroom cabinets, vinyl tile, stain, and interior paint, generated the largest double-digit gains in retail dollar sales.
“While growth of new home improvement projects remain sluggish, due in large part to the overall weak housing market, we are seeing signs of growth in smaller, more repair-oriented projects,” said Mark Delaney, director of The NPD Group’s home division. “This is likely due to pent-up demand for repairs, but is also indicative of consumers, spending more time at home, wanting to make the most of their personal situations, and improving the look of their homes,” said Delaney.
More Research before Purchase
When it comes to purchasing home improvement products, NPD found that 60 percent of home improvement consumers researched the product in-store before buying it. Sixty-eight percent of these consumers researched the products in-store within 30 days of the actual purchase.
“This translates to multiple store visits for consumers and more opportunities for retailers to capture new shoppers. Now more than ever the focus has to be on creating the most pleasant shopping experience and helping younger consumers in particular who may be tackling home improvement projects for the first time. These efforts will build consumer loyalty as the economy continues to improve,” ended Delaney.
About The NPD Group, Inc.
The NPD Group is the leading provider of reliable and comprehensive consumer and retail information for a wide range of industries. Today, more than 1,800 manufacturers, retailers, and service companies rely on NPD to help them drive critical business decisions at the global, national, and local market levels. NPD helps our clients to identify new business opportunities and guide product development, marketing, sales, merchandising, and other functions. Information is available for the following industry sectors: automotive, beauty, commercial technology, consumer technology, entertainment, fashion, food and beverage, foodservice, home, office supplies, software, sports, toys, and wireless. For more information, contact us, visit http://www.npd.com/, or follow us Twitter at https://twitter.com/npdgroup.
http://www.prweb.com/releases/2010/08/prweb4354024.htm