DIFM Trend Rises In Growing Home Improvement Market

The global home improvement market is expected to reach around US$1,975 billion by the end of 2026, growing at a compound annual growth rate (CAGR) of over 5.63 per cent during the forecast period, says a report from Research and Markets. One of the reasons for the surge in the home improvement market development is a combination of factors such as lower lending rates and rising land costs. Growing population, increasing employment, growing urbanization, internal and external migration, and innovative products offered by the company are some of the major factors in this market that are driving up the demand for home improvement. In terms of project, the global home improvement market is categorized into DIFM (do it for me), and DIY (do it yourself). Consumer preferences are shifting towards DIFM, which accounts for approximately 55 per cent of the global home improvement market, as consumers are not willing to do jobs themselves when they have a lack of technical expertise. As well, home improvement work performed by Millennials in developed countries is being outsourced in order to boost the market growth. The significant increase in DIFM projects has contributed to the consumer sentiment of ‘don't move, improve’ as a result of the steady rise in property prices and income tax costs. Furthermore, having access to a wide range of design and texture options in house restoration will help to propel business growth.