Spanners (Photo: Wikimedia Commons/ProjectManhattan) - Credit: Spanners (Photo: Wikimedia Commons/ProjectManhattan)
Monday, 26 October 2015 - 12:36
Younger people shy from DIY stores
Home improvement and hardware stores are under pressure in the Netherlands due to consumers spending less time on DIY projects, especially the younger generations. The younger generations find do-it-yourself projects inconvenient and not much fun. This is according to ABN Amro's report on this sector, which was published on Monday. The economic improvement and recovering housing market should have meant god things for DIY stores, but this has not been the case. "For the DIY stores, it is still crisis", the bank's economists write. Last year the sector did recover somewhat, but this year the turnover is down and the margins are under pressure. Early in 2007 there were 970 DIY stores in the Netherlands, by early 2014 that number dropped to 850 and currently there are 785. In addition to the un-handy younger generations, there are also a number of other factor pressuring the sector. This includes home buyers having less money for improvements because they have to put more of their own money into buying a home. And multinational corporations being able to sell products at more competitive prices because they can buy in bulk. ABN Amro does see some opportunities for these stores, now that the housing market is improving and consumer spending is up. According to the bank, stores should encourage expertise and a personal approach. A study done by the bank showed that 29 percent of consumers go to a DIY store due to the knowledge of the staff.