Sept 11, 2023
Inflation impacting outdoor living product market
US demand for outdoor living products is forecast to decline 5.1% to $41 billion in 2023, reflecting the elevated 2022 base, says a report from Research and Markets. Despite this decline, 2023 spending levels are still above 2020 – and certainly above pre-pandemic – levels due to the expansion of the customer base during the pandemic. Even in segments with limited additional growth (or even declines) into 2023, maintaining the high levels of 2020 is an achievement.
The report shows the inflationary environment is causing consumers to prioritize value over cost, so price sensitivity is now a key consideration. As well, a growing trend of US consumers preferring DIY (do-it-yourself) home improvement and landscaping, fueled by easy access to advice and inspiration from experts and social media influencers is driving market sales. However, despite this, the demand for DIFM (do-it-for-me) landscaping services has surged due to the return to pre-pandemic habits.
Other drivers include innovation. Innovative products in the market cater to sustainable products, indoor/outdoor integration, smart technology, and those that ease outdoor maintenance tasks. Environmental responsibility is a priority for consumers, leading to equipment innovations aimed at reducing emissions and noise pollution.
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