Market Trends of Vietnam Home Improvement Industry
This section covers the major market trends shaping the Vietnam Home Improvement Market according to our research experts:
Growing Urbanization is Driving the Market
Rapid urbanization accompanied by increasing disposable incomes in the country is propelling the home improvement market. Growing housing prices in populated cities due to rapid urbanization will be fuelling the home improvement market in the forecast period. Moreover, a rise in investment in the construction sector, specifically in the residential and commercial sector, growing population, and urbanization, these factors will increase the growth of the home improvement market. The rapid rise in the urbanization rate coupled with an increase in the penetration on e-commerce channels offering huge discounts will contribute significantly towards the market expansion. Rising levels of urbanization have resulted in an increasing number of new households being setup. The growing population level in urban areas is expected to increase further in the coming years, creating a positive impact on the demand for home improvement products.
DIY Segment in Home Improvement Market
The DIY segment dominated the home improvement market. Aspects such as increasing count of DIY stores along with the easy availability of DIY equipment, appliances, and tool over the online platform will contribute towards the growth of the segment, thereby fueling the product demand. It has been speculated that various industry giants are actively investing in R&D activities with an intent to increase the product assortment and innovation levels whilst adding value to the products. The presence of necessary skills in consumers for carrying out the home improvement work is among the key factors propelling the market growth. Also, manufacturers offer smart home improvement kits to assist DIY consumers. Additionally, the presence of large manufacturers and retailers has led to an increase in the number of DIY projects across the country.
