The home is a complicated place. For most consumers, it’s a relaxing place. Yet, half of employed Canadians regularly do work at home, over a third exercise and two thirds say they enjoy home maintenance. The home is a busy, multifunctional place that adapts to consumer needs throughout the day.
That multifunctional usage of the home will likely increase due to broader market trends. Housing construction has shifted to denser, multi-unit dwellings while the trend of young adults living with their parents longer puts more people under one roof. Less space in those homes will make it more necessary to optimize every square foot, rather than having single-use areas that sit empty for most of the day.
The opportunities and threats in this market stem from those evolutions in the modern home. Companies that proactively anticipate this shift and adapt their strategies stand to benefit, while there is a threat for those that don’t move to keep pace with the way the Canadian home is changing.
Homes are a constant in consumers’ lives, but the home is in the midst of an evolution. Adapting to those changes will be pivotal for stakeholders.
Scott Stewart, Associate Director, Lifestyles & Retail
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