Home Renovation Market in Japan: Key Research Findings 2018
Yano Research Institute (the President, Takashi Mizukoshi) has conducted a survey on the domestic home renovation market and has found out the current status, the trends of market players, and the future outlook.
Size of the home renovation market in 2017 rose by 1.3% from that of the previous year to attain 6,273.8 billion yen. Refurbishment costs (of space both more than 10m2 and 10m2 or less) declined by 11.7%, “Facility repairing and maintenance costs” increased by 3.4%, and “Furniture and interior costs” rose by 1.6% from the previous year, respectively.
The renovation demands that sum up to be annually 6 trillion yen have been generated to benefit those companies taking renovation orders.
There are also negative factors in the long term, i.e., not only those structural factors including decreasing population, declining number of households and aging baby boomers who had driven the consumption, but also higher functions and improved qualities of new houses postponing the renovation demand, and suppressed expenditure to the residence anticipating residents to live longer.
Therefore, the housing renovation market cannot expect extremely large growth. However, when supposing there are no large changes in economic status and stock prices, the market is sure to be blessed with annual 6-trillion-yen level renovation demands.
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