Home Improvement Market Outlook Belgium: Ken Research
Key topics covered in
the Report
·
Current economic scenario of
Belgium
·
Detailed
insight into the operating environment for the home and garden
retail industryof Belgium
·
Major market players of the industry
·
Key
market trends and consumer behavior
·
Consumer
demographics, trends and behaviors
Ken Research
has announced its latest publication, “Home and
Garden Products Retailing in Belgium-Market Summary & Forecasts;
Comprehensive overview of the market, consumer, and competitive context, with
retail sales value and forecasts to 2020” which
aptly describes current consumer and market trends of home and garden products
retailing in Belgium market. It provides detailed insights of home and garden
markets by analyzing current market trends and thus forecasting information
about future trends to provide comparative advantage to the firm by using the
information provided in report. It investigates best opportunities in fastest
growing sectors and evaluate products and subsectors with highest revenue and
return. It provides comprehensive knowledge of domestic and international
market players and designs strategiesto provide maximum yield and minimize
risks.
Economic Environment of
Belgium
Belgium
is one of the nation in Europe which is heavily dependent upon manufacturing
and tertiary sector for growth. Mining, housing, steel production etc. are core
sectors of the economy which is promoting its growth. Due to extremely fertile
soil economy has performed amazingly in agriculture sector. Even though Belgium
experienced significant growth in first five years of twenty first century but
it faced serious economic tribulations during global financial crisis of 2007.
Growth rate started falling and economy experienced deteriorating investor
confidence. But economic stability was attained soon after crisis lost its
momentum. Growth rates are improving, unemployment rates are declining and
economy is progressing.
Brief Overview of home and garden products market
Home and garden products retail market in Belgium has
registered stable and positive growth in recent past and is expected to grow
further in future. The following consumer and market trends have been witnessed
in the home and garden retail market in Belgium:
·
The sector recorded a CAGR of 1% in
forecast period.
·
The sector witnessed sales of EUR3.8
billion in 2015 which is expected to grow further in forecast period.
·
Specialized retailors recorded highest
sales in the sector.
·
Home furniture has highest share in the
market and is expected to dominate the industry in future.
·
Total sales share of homeware was as
high as 49.6% in 2015.
·
Brico emerged as largest retailer in the
industry.
·
Citizens of Belgium prefer purchase of
furniture from physical local markets rather than purchasing it online. Low
priced and high quality products have recorded substantial increase in sales.
·
Demand for innovative products with
multipurpose uses is rising significantly in recent past.
·
People are now preferring eco-friendly
ad recycled products which are produced without any sort of damage to
environment.
·
Demand for antique and exquisite home
decor products has seen skyrocketing demand in recent past.
·
Considering garden market, foreign
flowers and shrubs are quite in vogue in Belgium.
·
People are preferring plants and shrubs
with medicinal properties as part of home décor.
Major market players
Brico,
Hubo, Krefel, Media Markt, Orga and Fnac are leading market retailers in
Belgium’s home and garden products market. Brico has largest market share in
Belgium home and garden market. Not only that export of Belgium’s domestically
produced products is rising and global market players are also entering the
domestic industry. This rapid globalization in the sector has led to stiff
competition between firms and provided wider variety to consumer to choose
from.
Conclusion
Thus,
we can say that home and garden retail market of Belgium is enlarging at a
swift pace in the country. Rise in demand is both from domestic and
international sources. However, obstacles like slow economic growth in recent
past, recession in Europe, declining investor confidence in Belgium market is
adversely affecting growth of sector.
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Contact:
Ken Research
Ankur Gupta, Head Marketing &
Communications
+91-124-4230204
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