May 27, 2020

The Size of the Home Remodeling Market in FY2019 was JPY6.6 Trillion (up 4.3%)




Yano Research Institute has announced its estimate that the size of the home remodeling market in FY2019 (April 2019 through March 2020) was JPY6.557 trillion (up 4.3% on the preceding year). In the first half of the year (April through September), the market grew 9.4% with a demand rush ahead of the consumption tax increase, and the rebound was slight, with only a 0.7% drop in the second half (October through March).

The state of emergency was declared in April, at the start of FY2020, with sales activities restricted, and general consumers tended to curtail their consumption. As such, a major contraction in market size is seen as highly likely in FY2020. If the impact is on a par with the Lehman Shock, or even worse, that indicates a forecast market size of JPY5.5 - 6.0 trillion.

On the other hand, new lifestyles and remodeling ideas could be offered that would be adapted to new ways of life, with people spending more time at home, and to diversified working practices, with more working from home. That could present a major opportunity for bringing out new remodeling demand that goes beyond the conventional types, centered on kitchen and sanitary facilities, leading to future growth in the remodeling market.

The home remodeling market includes furniture and interiors. While the novel coronavirus rages, Ionia Ltd., and importer and distributor, has begun domestic sales of Shield Plus antibacterial fabric from Panaz, an English fabric manufacturer. Shield Plus is suitable for use in curtains, upholstery, cushions, and the like. Other than the antibacterial function, it makes curtains dirt resistant and washable, and makes upholstery waterproof.