Home Improvement in Russia: New research report available at Fast Market Research
New Consumer Goods market report from Euromonitor International: "Home Improvement in Russia"
[UKPRwire, Tue Dec 16 2014] Investment in repairs of existing and newly purchased dwellings traditionally ranks first in the annual expenditure of Russian citizens. According to a VCIOM (Russia Public Opinion Research Centre) survey, approximately 11% of expenditure was spent on home improvement in 2013. The majority of newly erected residential buildings require further improvements, such as wall and floor coverings, plumbing and electrical work. The overwhelming majority of Russians are inclined to refurbish their accommodation themselves, although the proportion of DIY repairs varies depending on the region of the country. Over most of Russia approximately 3-5% of owners hire a building team, while in Moscow, 30% of citizens tend to require the assistance of specialists. Building teams are typically operated by private persons or unregistered maintenance crews, mostly immigrants from CIS countries. Other operators work for small building companies typically consisting of 5-7 workers, which neither own nor rent warehouses. Thus, in most cases, construction materials are purchased from retail outlets by real estate owners independent of hiring professionals. High-end architectural or interior designer companies, providing turnkey services, are very rare and operate mostly in Moscow and St Petersburg.
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Tarkett ZAO remained the leader in home improvement in 2013, accounting for a 5% retail value share. The company leads in position floor coverings, with a 17% value share. The competitive advantage of Tarkett ZAO in Russia originates from strong brand awareness and its “glo-cal” business approach. The company benefits from its Russia-based production facilities and distribution strategy. Two up-to-date factories provide customers with a diverse range of flooring products, which is renewed annually. The company’s ecological approach led to its being awarded the international environmental label “Leaf of Life” in May 2013.
In the forecast period, the market for home improvement is predicted to be under pressure from continuing economic stagnation or even possible recession. Its dependence on the housing construction industry, which is not anticipated to boom in the near future, will hamper growth. Consumers are likely to limit their expenditure on home repairs. Price sensitivity will cause cheap imported products and private labels to perform well. Nevertheless, the efforts of major international players to provide consumers with health-safe and high quality products will attract wealthier consumers, contributing to value growth in the category.
Home Improvement Market ResearchAnalyse key trends and developments in Russia for all product categories, competitors and channels.
Evaluate the market position and financial performance of the leading national and international market players.
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