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 provides detailed insights of home and garden retail product industry in Belgium. It appropriately describes the current market scenario, consumer trends and behavior of the sector. Further, it explores the key subsectors of the industry that provide maximum yield and revenue in the industry. Further, it provides detailed information about leading market players and elucidates strategies they adopt to prevail their dominance in market.
Overview of Home and Garden Products Retailing in Belgium
Belgium is one the powerful nations of Europe which has strong economic position in the continent. Despiteof negative shocks which caused immense trouble in economy in the global financial crisis economy has evolved powerfully after the crisis. However, the country has never experienced high growth levels which used to prevail in the economy before the crisis but definitely Belgium is one the best performer in terms of economic growth in the entire Europe. This growth experienced by Belgium is primarily consumer led since with rising population consumer demand is also increasing.
Looking at the home and garden retail market, significant growth is experienced in recent past. Sector was growing at CAGR of 1% in 2015 with huge sales volume which is expected to expand further. Brico, Hubo, Krefel, Media Markt, Orga and Fnac are major retailers in the market with largest market share in terms of sales volume. International brands are also entering in the market laden to cut throat competition in the market. Consumer behavior and trends are changing and modifying everyday making market extremely sophisticated and refined.
Key drivers of demand
Various factors has led to substantial rise in demand for home and garden products retailing in Belgium which are listed below:
- Rising Belgium’s income
Since income and growth rate of Belgium is rising, this has led to substantial rise in standard of living of people and hence consumer demand for home and retailing products in Belgium.
- Rising population
Rise in population of Belgium is increasing residential property construction in Belgium. As a consequence, demand for home furnishing and décor is increasing laden to expansion of the sector. This is why household furniture has maximum share in the sector.
- Greater reliance on manufacturing and service sector
Since Belgium has greater reliance on manufacturing and service sector demand for commercial property like office buildings is rising. This is increasing demand for office furniture and décor.
- Rising demand for innovative products
Demand for innovative products like antique, eco-friendly and unique furniture and décor is increasing and this is aiding in enlargement of the sector.
Future of the industry
Substantial optimism is associated with the growth of industry in future. Industry has reached sales of EUR3.8 billion in 2015 which is expected to grow further in future. However, various challenges are associated with the industry:
- Slow economic growth
- Dismal investor’s confidence
- Recession in Europe
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Ankur Gupta, Head Marketing & Communications