Market Trends of Europe Home Organizers and Storage Industry
This section covers the major market trends shaping the Europe Home Organizers & Storage Market according to our research experts:
Rise in Home Ownership Rate is Driving the Market
With population numbers rising across Europe, the need for affordable housing continues. Across Europe, countries have built, in some cases, hundreds of thousands of homes annually to meet the growing demands. Additionally, increasing home renovation activities in the country may drive the demand for home organizers and storage market in the short term. The homeownership rate extended from 41.6% in Switzerland to as much as 96.1% in Romania. With a nationwide shortage of housing and record-high home prices, more homeowners prefer to stay in their properties versus move or upgrade to new ones in Europe. However, housing prices vary from country to country. But the number of houses in Europe continues to rise owing to an increase in urbanization and population growth. Moreover, researches indicate that during these renovation activities, consumers are most likely to upgrade their homes with new organizers and storage.
Rise in Urbanization in the Region is Driving the Mraket
Urbanization in Europe is an ongoing phenomenon, both in terms of urban land expansion and increasing population share. Key drivers of urbanization include demographic changes (net population change as well as rural-urban migration, immigration and changing age structures), economic growth (GDP, investment in research and development, employment and innovation), and socioeconomic factors (high quality of life and service provision in cities).The urbanization process in Europe took place rapidly since 1950, but in the 90s it moderated its pace, and it will likely be slower during the next ten years. Urbanization rates vary from about 50% (Luxembourg, Romania, Croatia) to beyond 80% (Italy, Netherlands, UK). Thus, the increase in urbanization will lead to a rise in the employment rate and provide an opportunity to get aware of the latest home trends in the market.
