Embracing the Outdoor Living Trend: Investing in Outdoor Spaces and Equipment
- Vikas Kumar
- July 3, 2023
- BLOG, CONSUMER GOODS
- The Biggest Trends in Outdoor Living Spaces in 2022, The Biggest Trends in Outdoor Living Spaces in 2022 Size, The Biggest Trends in Outdoor Living Spaces in 2022 Trends
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Due to pandemic, there is a new trend that emerged. People are more willing to live outside and also more willing to invest in outdoor living spaces than before the pandemic. The pandemic made changes in the lifestyle of the people to the extent that now they don’t just want to go to the park, they want to cook outdoors, spend time friends and family outdoors and some people even want to work outdoors. Because of this growth in some outdoor recreational equipment is trending upward.
Outdoor Cooking Are Becoming Popular
In building outdoor setup in backyard, the major chunk of investment goes to kitchen. According to recent studies 41% budget is consumed in outdoor kitchen equipment 22% in patios, 14% in outdoor rooms, 14% in decks, 8% porches and 2% lounges.
As people are willing to spend more time in outdoor spaces, the outdoor kitchen and their equipment demand is increasing, and it makes sense that this type of feature would be added. Outdoor Kitchen contains different type of equipment’s such as grills, seats, refrigeration etc. Because of this people can spend longer time outside without any inconvenience.
Outdoor Fireplaces Are Popular Focal Point
Outdoor Fireplaces are newest trend that has seen sudden increased demand. According to recent studies people are willing to spend 30% in entertainment area, 31% in fire fit, 28% in cooking area and other as 12%. Experts felt that fire pits are more popular among homeowners followed closely by cooking areas. Fire pits are considered the part of entertainment area. People found it particularly useful as this provides place to gather and relax, and unlike fireplaces it can be very convenient to move from one place to another.
Furniture is one of the most important and decorative part of the outdoor. The requirements depend on customer to customer. In recent year customer preferences has changed and they are willing to improve outdoor spaces. Consumer are spending their disposable income in outdoor furniture that can improve aesthetics, expanding the product variety. It is projected, the outdoor furniture market size exceeds USD 15.7 billion in 2020 and is projected to grow at over 5.9% CAGR from 2021 to 2027.
Who is Investing?
Recent data shows that most likely homeowners to invest in these types of projects would be married couples with kids, followed distantly by married couples without kids. This type of homeowners may want to invest in things that can bring others to them; having an outdoor kitchen and entertainment area means that family and friends can gather at your place.
People are willing to explore more outdoor opportunities and pandemic has also played an important role. Similarly, growing number of nuclear family where both husband and wife are working has given major boost to this concept. Increase in inflation, long working hours and travel bans are also playing key supporter role. The concept of outdoor living has also given boost to different types of industry such as home and kitchen, furniture, and other equipment manufacturer. Because of this there is biased demand in real estate sector, as now more people are willing to buy home that has lawn. However, some restraints in this development are: It is now becoming costlier investment which do not provide enough value & it is also raising issue related to noise and fire.
Author: Samrat Singh