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The Home market saw its slowest growth for 35 years in 2004. Not only did Home - the sum of the DIY & gardening, electricals, furniture & floorcoverings and homewares sectors - suffer its worst performance since 1969 but this was only the second time in the last 10 years that the segment has underperformed the retail average. Two of the three core pillars of home market growth have crumbled. The pronounced slowdown home market demand can be attributed to a rapid weakening of two of three fundamental drivers of the market - affordability and the housing market. Meanwhile, the third key driver, media interest, needs constant reinvention to prevent consumers tiring of seemingly endless home improvement shows.

Table of Contents
KEY FINDINGS................................................................................................................ 1
MAIN CONCLUSIONS .................................................................................................... 2
MARKET ANALYSIS ...................................................................................................... 4
MARKET DEFINITIONS.......................................................................................................... 4
HOME MARKET ................................................................................................................... 5
MARKET DATA ANALYSIS ......................................................................................... 11
INFLATION/DEFLATION....................................................................................................... 12
ELECTRICALS.................................................................................................................... 13
FURNITURE & FLOORCOVERINGS ....................................................................................... 16
DIY & GARDENING............................................................................................................ 18
HOMEWARES.................................................................................................................... 20
CHANNELS OF DISTRIBUTION.................................................................................. 22
ELECTRICALS.................................................................................................................... 25
FURNITURE & FLOORCOVERINGS ....................................................................................... 28
DIY & GARDENING............................................................................................................ 31
HOMEWARES.................................................................................................................... 34
SPECIALISTS.................................................................................................................... 37
GENERAL MERCHANDISE RETAILERS.................................................................................. 38
DEPARTMENT STORES ...................................................................................................... 39
MAIL ORDER..................................................................................................................... 40
GROCERS........................................................................................................................ 41
RETAIL ECONOMY DRIVERS ..................................................................................... 42
GDP............................................................................................................................... 43
INTEREST RATES .............................................................................................................. 44
INFLATION ........................................................................................................................ 45
EMPLOYMENT ................................................................................................................... 46
DISPOSABLE INCOME......................................................................................................... 47
SAVINGS & DEBT .............................................................................................................. 48
MORTGAGE EQUITY WITHDRAWAL ..................................................................................... 49
HOUSING MARKET ............................................................................................................ 50
CONSUMER SPENDING ...................................................................................................... 51
HOME DEMAND DRIVERS...........................................................................................52
GROWTH IN HOUSEHOLD NUMBERS....................................................................................53
CHANGING HOUSING TENURE.............................................................................................55
AGEING POPULATION PROFILE ...........................................................................................56
HOUSING TRANSACTIONS...................................................................................................57
MORE INVESTMENT IN THE HOME........................................................................................58
SHIFTING WANTS AND NEEDS ............................................................................................59
CONTINUING MEDIA FOCUS ON THE HOME ..........................................................................60
CREATING ROOM IDENTITIES..............................................................................................61
BOOSTING ASPIRATIONAL APPEAL ......................................................................................62
LEADING HOME RETAILERS......................................................................................63
MARKET PERFORMANCE ANALYSIS.....................................................................................63
ARGOS .............................................................................................................................65
B&Q ...............................................................................................................................67
COMET .............................................................................................................................69
CURRYS...........................................................................................................................71
HOMEBASE .......................................................................................................................73
IKEA...............................................................................................................................75
JOHN LEWIS......................................................................................................................77
MFI.................................................................................................................................79
PC WORLD.......................................................................................................................81
TESCO.............................................................................................................................83
OUTLOOK......................................................................................................................85
END OF HOME MARKET OUTPERFORMANCE ........................................................................85
CORE GROWTH PILLARS....................................................................................................86
HOUSING MARKET EXPOSURE............................................................................................87
EXPOSURE BY SECTOR......................................................................................................88
DEFLATIONARY PRESSURE.................................................................................................89
ADAPTING TO A SLOWING HOME MARKET............................................................................90
TARGETING HIGH GROWTH PRODUCT CATEGORIES.............................................................91
DEVELOPING PRICE-LED ASSAULT ON MIDDLE MARKET .......................................................92
ARG TAKES HOME MARKET LEADERSHIP ...........................................................................94
ONGOING CONSOLIDATION IN HOME MARKET ......................................................................95
GLOSSARY....................................................................................................................96