New Consumer Goods research report from Euromonitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 11/17/2014 -- A key trend in home improvement is the increasing popularity of DIY among the South Korean population, along with a greater preference for environmentally-friendly products or eco-products. Do-It-Yourself (DIY) trends are now prevalent among South Korean consumers, as they have picked up skills and knowledge by watching various online channels. Additionally, in blogs or internet caf?s, for example, consumers share information on how to repair or make products themselves. Under this favourable DIY trend, retailers are selling small products for repair and maintenance purposes, such as decorative paint and power tools, more frequently, especially in internet retailing. As such, consumers can purchase any required products for their DIY more easily than before.
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Competitive Landscape
KCC Corp leads home improvement in 2013, with a 14% value share. The company sells the bulk of home improvement products, including home paint, floorings, and wall coverings, so it is easy for consumers to do a ?one-stop shopping? service, when purchasing their home improvement products. In 2007, the company launched its total improvement service, which is branded Home CC. In January 2014, it changed the brand name of this service to Home CC Interior, meaning Home and Creation Centre, in an effort to emphasise it as a total package, which implies the company?s brand strategy and direction. KCC Corp emphasises this new package in various themes, offering a one-stop service to maximise convenience for consumers. Furthermore, the company has spent time building strategic relationships with department stores and hypermarkets, offering a free customer masterclass, which demonstrates the latest interior trends while also promoting new home paint products.
Industry Prospects
Home improvement in South Korea is expected to grow by a 1% CAGR, at constant 2013 prices, over the forecast period. Its rate of growth is connected to South Korea?s real estate environment as home improvement projects usually take place when consumers move house. However, a recent trend in real estate is that fewer consumers are purchasing their own houses, due to tax or household debt burdens. It is becoming more common to see people renting long-term, which in turn will limit growth in home improvement.