How much will the handyman market grow? Check out the market trends
Renovation and home improvement will stimulate the craft and craft sectors for the next five years, which is good news for new franchisees who can take advantage of the upswing when we recover from the lockdowns.
According to the analysis company IBISWorld, investments in our homes will increase by an annualized 3.5 percent through 2026.
Painters, fences, and general landscaping will be among the major services benefiting from the projected increase in spending with a surge in household income and increasingly positive consumer sentiment.
After the lockdown, more households will outsource maintenance to specialists, suggests IBISWorld.
“Household projects that require qualified input are likely to be left to craftsmen, whether franchisees or independent,” wrote the author of the report from Tradesman and Handyman Franchises in Australia, Anthony Kelly, back in December 2020.
IBISWorld points to an increased appetite for major renovations as the Aussies sell and move on.
“The solid growth in the number of households is also expected to boost demand for new housing
renovating or refurbishing existing properties to increase industry revenue, ”wrote Kelly.
Cameron Kusher, director of economic research at realestate.com.au, noted that just this week a record number of buyers searched for property online in August.
Australia’s closed borders have devastated immigration and stunted population growth. With the likely end of closed borders in early 2022, things will change. Kelly predicts the number of households will grow over the next five years with projected industry revenue growth of 2.2 percent on an annual basis through 2026 and valued at $ 1.1 billion.
In addition to more business from a growing population, a surge in home transfers, and improved consumer sentiment boosting overall renovations, maintenance such as property cleaning, gardening, and minor repairs to smaller non-residential properties like schools can create opportunities for franchisees.
IBISWorld points to a 0.5 percent decline in employment over the past five years, but this is slower than the decline in industry revenue (0.7 percent). And that’s because of the “tendency for
Franchisees to keep a full-time job and get out of the recession, ”said Kelly.
Take a look at some of the craftsmanship options here.