Sep. 10, 2020 - According to the forecast of renovation market scale released by Yano Research Institute on August 21, the renovation market scale in 2020 will be reduced by 9% compared with that in 2019. Although the market size will be reduced to 5.9 trillion yen due to the impact of the COVID - 19, the market size is expected to achieve positive growth by 2021 due to the strong growth of telecommuting.
In 2019, the scale of Japan's renovation market increased by 5.1% year-on-year, reaching 6.5351 trillion yen. Despite a 4.6% reduction in refurbishment, equipment repair and maintenance costs increased by 6.6%, and the furniture and interior market size increased by 3.5%. The main reason is the consumption tax which will come into effect in October 2019.
It is predicted that the market will drop by 9% to 5.9 trillion yen in 2020. The market scale of wading products such as kitchen and bathroom will decrease by 10% to 15% year on year. Previously, Japan's market size in 2009, hit by the 2008 financial crisis, fell 10% from a year earlier.
It is reported that the sales volume of renovation business of a reconstruction company in Japan was 780 million yen. The volume in April and may decreased by 30-40%, but increased by 20% in June and 50% in July. The number of online consultations has doubled.
The Yano Research Institute expects to recover 4.8% to 6.2 trillion yen by 2021. With the development of telecommuting, new demands will arise, such as the renovation of work life integration type, the establishment of self - study rooms, and the purchase and renovation of second-hand houses in the suburbs. In addition, the demand for energy-saving maintenance will also increase due to the longer stay at home.
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