A sustained momentum will be witnessed in home improvement spending in the years to come. Elevation in home prices will continue to exhibit a healthy pace, encouraging home owners in making remodeling investments. Increasing home equity is playing an indispensable role, coupled with low mortgage rates, which in turn are enticing home owners in refinancing, and potentially pulling the cash out.

Rockville, WA -- (SBWire) -- 07/25/2018 --Home improvement spending typically entails renovating one's home. It is done with the help of a professional handyman. Homeowners also partake in many of the do-it-yourself (DIY) tasks. In fact, many of the prominent retailers such as Home Depot and Lowe's conduct crash courses for consumers in the field. With the training, the consumers can carry out the remodeling and renovation work on their own.

A research study on the home improvement spending market finds that it would pull in a staggering revenue to the tune of US$2,000 bn by the end of 2022.

Rising Home Prices Lowering New Home Sales Proves a Boon for Home Improvement Spending Market

Numerous factors are expected to positively impact the home improvement spending in the next couple of years. One of them is the rising home prices making it difficult for people to purchase new homes. This would egg them to renovate their existing nests. Increasing options for mortgage refinancing is also having a positive impact on home improvement spending. Other factors positively influencing the market are increasing spending capacity on people owing to the continued economic development in both developed and developing nations.

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Numerous options for renovation and remodeling leveraging latest technologies are playing a key role in promoting the market for home improvement spending. And baby boomers and millennials are at the forefront of driving uptake of such new methods of redoing their home spaces.

Posing a challenge to the home improvement spending market is the backing out of investors predicting a declining margin in the market. This is because of the sluggish sales in the big ticket categories, namely home furnishings.

Departmental Stores Provide Maximum Boost to Home Improvement Spending Market

The different distribution channels in the home improvement spending market are homeware stores, franchise stores, departmental stores, specialty stores, and online. Of them, the departmental stores are currently the biggest distribution channels for home improvement products. Going forward, the homeware stores and franchise stores will hold almost half the share in the home improvement spending market.

Products available in the home improvement spending market can be classified broadly under roofing, flooring, kitchen remodeling, heating, ventilation, and air conditioning, disaster repairs, room repairs, room additions, windows, and others. Of these, roofing products currently outpace others with respect to revenue generation. In the near term, in the forecast period, the product is expected to remain the top grosser with revenues increasing at a CAGR of 5.7%. Bathroom remodeling and room addition products, however, are expected to rise at the fastest pace.

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Increasing Disposable Incomes Catapults Europe Market to Fore

From a geographical perspective, Europe is a dominant home improvement spending market. Revenues in the region are expected to cross US$700 bn by the end of 2022. This is because of the increasing disposable incomes of the people in the region – it saw a 0.6% rise in January 2018 from the same time the previous year. This is considered the highest rise in three years. The findings by National Association of Homebuilders is a positive indication that the market in the region would expand further.

Meanwhile, North America is another lucrative market where people are expected to splurge almost US$340 bn in 2018 to upgrade their homes, as per a report by Reuters. Asia-Pacific excluding Japan (APEJ) is proving to be yet another attractive market for home improvement spending.

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