Steady growth forecast for DIY retailing market

The do-it yourself (DIY) home improvement retailing market is forecast to grow by US$186.33 million from 2022 to 2027, at a CAGR of 4.41%, says a report by Technavio. It says in order for retailers to remain competitive, they must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. One of the key drivers of growth is the personalized interior design category. The home furnishings market is also expected to drive sales with growth in this category estimated to be 7.17% CAGR through 2027.  The market share growth by the offline segment will be significant during the forecast period. DIY home improvement products are mainly offered through offline distribution channels such as specialty stores, hypermarkets, department stores, and warehouse clubs. However, with the increase in the number of independent retailers around the globe, the sales of DIY home improvement products through this channel are expected to increase during the forecast period.