Research and Markets sees ASEAN home improvement market growing

The home improvement market in five southeast Asian economies will grow 9.24 per cent on an annualized basis over the next five years, according to Research and Markets.

In a statement on a report called the “ASEAN Home Improvement Market (Indonesia, Singapore, Philippines, Thailand & Malaysia)”, the research company said that home improvement in the five countries will be a USD 14.20 bn (EUR 13.27 bn) market by 2028.

The growth will be driven by a growing population, more expensive houses, urbanisation, and favourable demographics. “Rising e-commerce penetration and increase in work from home and freelancing jobs is likely to have a positive impact on the ASEAN home improvement market, it added. But it also said that labour shortage and economic slowdown would limit market growth.

The report includes the following categories as part of the home improvement market: bathroom and sanitary ware, home paint, hardware, kitchen sinks, power tools, wall coverings, and hand tools.

"Computations based on the figures from the Research and Markets statement indicate that the study assumes that the home improvement market of the five countries will have been valued at around EUR 8.63 bn in 2024."

Meanwhile, data from the recently released Home Improvement Report Retail Worldwide 2024, which is published by Dähne Verlag in collaboration with Edra/Ghin and Hima, indicate that four of the five countries covered by the Research and Markets report - Indonesia, Thailand, the Philippines and Malaysia - had a combined market size of EUR 8.2 bn in 2023, broken down as follows: Thailand, EUR 5.4 bn; the Philippines, EUR 1.5 bn; Indonesia, EUR 700 mio; and Malaysia, EUR 500 mio.

The flagship publication places DIY stores/home centers, hardware stores, building materials stores and home furnishings stores - but not pure furniture stores - under home improvement.