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…