DIYWEEK.net

UK consumers spent £38.7bn on the home and garden in 2010, according to new data from the Mintel British Lifestyles 2011 report.
While the recession hit the home and garden market hard, last year saw a gradual recovery, with value sales up 3.3% (against a 2.5% decline in 2009) and all segments experiencing growth except floorcoverings, which continued to decline.

Looking forward, Mintel expects growth in this market to slow this year, with value sales rising 1.2%, as most economic indicators move against spending. The slow housing market has also done little to help the home and garden sector, with householders reluctant to invest in major improvements to their homes.

A further dip is forecast for 2012, with value sales expected to grow by 0.8%, but Mintel says it expects a gradual recovery thereafter, with sales set to rise 2.3% in 2013.

Consumer spending remains under pressure as government cuts impact on incomes, job security and living costs. And according to Mintel's findings, brand loyalty is the first thing to be bypassed when times are tough, with more than half of people switching from their preferred brand for a better deal on another.

Senior consumer and lifestyles analyst Alexandra Richmond said: "There is no doubt about it the cost of living is rising and we are changing the way we shop as a result. Forced to evaluate our spending, we are increasingly becoming savvy shoppers with half of us no longer wanting to pay full price for anything. Brand loyalty is one of the biggest victims of the current economic climate with more than half of people switching from their preferred brand if they see a better deal elsewhere. As uncertainty in the job and property market prevails, shopping around for the best price and best value is likely to colour the way in which we purchase products and services."