The American housing sector boomed over the last five years as consumers took advantage of rising incomes, low interest rates and creative financing to purchase homes. Home ownership rates are at their highest level in history, with nearly 69% of Americans owning homes in 2006, up from about 64% in 1990.
Housing takes the biggest bite out of consumer spending by far, accounting for about a third of the total. Spending on household furnishings in particular is greater than expenditures for personal care products and services, and education. It’s about equal to apparel and nearly as high as entertainment expenditures. Household furnishing expenditures grew at a higher rate than total housing costs, healthcare, and entertainment, and at about the same rate as personal care products and services.
Increasingly, the garage and storage sheds have become the beneficiaries of this spending. According to this new SBI report, Garage and Storage Trends in the U.S., the market for garage and shed storage is robust, reaching $1.5 billion in 2006, representing an 11% CAGR since 2002.
This second edition of the popular SBI report examines the trends to market growth fueling spending on garages and sheds - in particular, garages aren’t just for cars anymore. Home organization is big, and companies from GarageTek, California Closets, Newell Rubbermaid and Whirlpool to retailers such as Home Depot and Sears are getting into the act so that Americans can clean up their (garage) acts.
Scope and Methodology
The information contained in this report was obtained primarily from secondary research. Research on companies, distributors and retailers was conducted to obtain information on new product trends, marketing programs, distribution methods, and consumer trends related to the garage and shed storage market. Secondary research entailed data gathering from relevant sources, including consumer and industry publications, newspapers, government reports, trade association reports, financial reports, company literature, and corporate annual reports.
Simmons Market Research Bureau (SMRB) provided consumer behavior data.
What You’ll Get in this Report
Garage and Storage Shed Trends in the U.S. makes important predictions and recommendations regarding the future of this market, and pinpoints ways current and prospective marketers can capitalize on current trends and spearhead new ones. No other market research report provides both the comprehensive analysis and extensive data that Garage and Storage Shed Trends in the U.S. offers. The report addresses the following segments:
Plus, you’ll benefit from extensive data, presented in easy-to-read and practical charts, tables and graphs.
How You Will Benefit from this Report
If your company is already competing in the garage and storage shed industry, or uses these products, you will find this report invaluable, as it provides a comprehensive package of information and insight not offered in any other single source. You will gain a thorough understanding of the current market demand for garages, storage systems and sheds, as well as projected market demand and trends through 2011.
This report will help:
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