Following good growth in 2014, market conditions have since been more challenging. Demand is dependent on both the domestic and non-domestic sectors, although the former accounts for the largest share of the market, and levels of housebuilding and home improvements are key to market development.
Key market drivers of demand are the housing market, consumer confidence, levels of DIY & home improvements, interior design trends, non-residential construction activity and outdoor products requiring painting and/or treating. There has been a continued tendency for homeowners to ‘improve, not move’. Decorating activities are generally perceived as being easier DIY jobs than bathroom and kitchen refurbishments for example. However, the use of professionals and tradespeople to undertake painting and decorating tasks continues.
Market prospects post-2020 remain positive, although forecasting at this time is difficult as consumer & business confidence levels influence product demand and it is currently unclear how the spread of the COVID-19 virus in the UK and globally will impact both the UK and global economies.