(1888PressRelease)
March 24, 2008 - Demographic trends will also affect sales as baby boomers become empty-nest families and seek to organize their accumulated possessions in smaller homes, and the children of the baby boomers move into dorm rooms and first apartments. Also, a growing number of new homes do not have unfinished indoor storage spaces. Value gains will be driven by the ongoing introduction of products with a more decorative look or specialty features. Additionally, as sales of existing homes slow, a growing number of homeowners are investing in built-in organization systems to differentiate their homes from others on the market. Further advances will be restrained by the rising commoditization of many types of home organization products, and pricing pressure both from retailers and a growing number of low-cost importers.
Products for garage use to post strongest gains
Sales of home organization products for use in garages are expected to post the strongest gains through 2011. Advances will be boosted as more homes feature three-car or larger garages and consumers seek to better organize this large storage space, sometimes to make it suitable for hobbies, recreation or other uses. Sales of home organization products for use in closets are also projected to achieve strong growth with the rising number of more affordable and more user-friendly versions, also aided by the growing amount of space dedicated to closets.
Metal and wire material still largest, fastest growing
In 2006, metal and wire home organization products accounted for the largest share of sales by material type with 35 percent of the total. These products are also expected to post the strongest gains through 2011, benefitting from strong growth in sales of modular units for closets, pantries and garages, and cabinetry organization accessories. Other materials used to make home organization products include plastic; wood; wicker, rattan and other weaves; and canvas and other soft-sided materials. Among the various types of products, bins, baskets and totes accounted for the largest share of sales with 37 percent in 2006. These products, which can be decorative or purely functional, are widely used in most households to store and organize belongings of all sizes. However, sales of modular units are forecast to post the strongest growth through 2011.
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