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.
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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Ankur Gupta, Head Marketing & Communications