The American housing sector boomed over the last five years as consumers took advantage of rising incomes, low interest rates and creative financing to purchase homes. Home ownership rates are at their highest level in history, with nearly 69% of Americans owning homes in 2006, up from about 64% in 1990. Housing takes the biggest bite out of consumer spending by far, accounting for about a third of the total. Spending on household furnishings in particular is greater than expenditures for personal care products and services, and education. It’s about equal to apparel and nearly as high as entertainment expenditures. Household furnishing expenditures grew at a higher rate than total housing costs, healthcare, and entertainment, and at about the same rate as personal care products and services. Increasingly, the garage and storage sheds have become the beneficiaries of this spending. According to this new SBI report, Garage and Storage Trends in the U.S., the market for garage and shed storage is robust, reaching $1.5 billion in 2006, representing an 11% CAGR since 2002. This second edition of the popular SBI report examines the trends to market growth fueling spending on garages and sheds - in particular, garages aren’t just for cars anymore. Home organization is big, and companies from GarageTek, California Closets, Newell Rubbermaid and Whirlpool to retailers such as Home Depot and Sears are getting into the act so that Americans can clean up their (garage) acts.
Scope and Methodology Simmons Market Research Bureau (SMRB) provided consumer behavior data.
What You’ll Get in this Report
Plus, you’ll benefit from extensive data, presented in easy-to-read and practical charts, tables and graphs.
How You Will Benefit from this Report This report will help:
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