The new must

In recent years the DIY and home improvement sector has exhibited remarkable growth in Greece. It is not just the fact that consumers have come to realize that it can make their lives more pleasant and practical and so improve their daily reality. There are also compelling financial reasons that encourage a “do-it-yourself” mentality. Can these dynamics, however, be released in the environment of deep economic crisis that now prevails in this Mediterranean country? Data originating from the local market gives a positive answer to the above question. Besides the very significant “value for money” quality which characterizes this particular market there is one more element that is very negative, but simultaneously very positive for the sector: the construction industry. Prior to the crisis, DIY and building product manufacturers relied on construction activity, which absorbed the vast majority of the total sales volume. Inevitably, therefore, these companies saw DIY as an investment for the future. The crisis, however, has brought that future to the present. So the sharp drop in construction activity is serving to reinforce renovation, repairs and general DIY. Consequently both the underlying dynamics and the market outlook remain potentially unaffected and at a high standard. Consumers should feel both inspired about what they are attempting and certain that specialists will be by their side to provide help. This sector needs creative proposals based on in-store promotions, interactive contact with potential DIYers and advisory or even educational advertising in print. Τhe 6th Annual DIY and Home Improvement Conference, organized by Karydakis Publications in November 2011, presented some interesting figures. According to these, the parameters of a one per cent rise in consumers’ income result in an increase of 1.6 to 1.8 per cent in the amount available in the market. Significant potential for growth is evident in the product category of plaster board: the figure for its consumption in Greece amounts to one m² per capita, while for the rest of Europe the figure is seven m² per capita and twelve m² per capita in America. Additionally, the profile of the Greek consumers engaging in DIY activities that make up the target audience for big-box stores and neighbourhood hardware shops was illustrated by a recent survey conducted by GfK Hellas from a sample of 659 individuals on behalf of “Hardware Store”, a Greek magazine. The most important conclusion, perhaps…