Market Opportunity
The April 2005 issue of Hearth and Home magazine included a comprehensive study on the current “Housing Explosion.” According to the article, “U.S. homeowners will spend in excess of $200 billion on remodeling and renovation, a third of it for outdoor renovation. Total revenues in 2005 from grill and accessories are expected to exceed $3 billion. Almost 60 million new housing units will be needed by 2030. ”The article concluded “For those selling home-related products, the next 25 years should be a period of rapid and steady growth.”
A recent article in Kiplinger’s Personal Finance dated July 14, 2006 contained the following: “designing and furnishing an outdoor room is the second most popular home remodeling project after remodeling kitchens.” The number of people who are complementing their patio with furniture and larger grills is growing (42% in 2005 versus 32% in 2003) according to a recent study by the Hearth, Patio and Barbecue Association.
The Kiplinger’s Personal Finance article goes on to state “Outdoor kitchens add value.” For anywhere from $15,000 to $100,000, you can have a refrigerator, grill and sink installed to cook and dine al fresco. “Why not have it all outside where cooking is part of the process of entertaining.”
