DIY Market Headed for Slow-Down

Retailers Hope to Find Salvation in Emerging MarketsCHICAGO (May 1, 2006)- Following a five-year boom, a recent Mintel report predicts home channel do-it-yourself (DIY) sales to slump over the next five years. While housing sales and in-store how-to programs significantly boosted DIY sales over the last five years, this $460 billion industry prepares to overcome the challenges of a cooling market.Lowe’s and Home Depot have both increased mailings of their retail credit card offerings by almost 150 percent in an effort to bolster business, according to Mintel Comperemedia, a competitive intelligence service that analyzes direct mail and print media. According to Mintel’s exclusive research, 90 percent of consumers purchase home improvement products at home centers, but few shop at just one type of store. Retailers have placed their hope in three emerging DIY markets: women, Hispanics and baby boomers.