IBISWorld predicts the demand for painters and decorators will continue to grow in the new housing construction market, despite the impact of rising mortgage interest rates.
“[This is] partly a flow on effect from the stimulus of the Commonwealth’s first homebuyer subsidy in 2009-10,” it says.
“[It’s] also supported by pent-up housing demand resulting from the escalation in Australia’s resident population over the past three years.”
According to IBISWorld, an anticipated upswing in office and retail store construction will offset the declining investment into the institutional building market, associated with the winding back of federal funding for construction in primary schools.
The sector is expected to grow by 193.7 million this year, or 6.8%.
Weddings represent a $4 billion industry in Australia, including ring design, wedding gowns, photography, flowers, car rental, the ceremony itself and the reception.
According to IBISWorld, revenue in this sector will be aided by solid growth in real disposable income and the strong Australian dollar, both of which will increase the perceived wealth of consumers, leading to higher expenditure by couples on their weddings.
“Rising consumer sentiment will also be beneficial. In years of poor consumer confidence, couples will put off their wedding due to the high cost,” it says.
“Therefore, the number of marriages is expected to rise in 2011 as the economy continues to gain strength, boosting revenue for the wedding industry.”
The wedding industry is tipped to grow by 6.6% or $256.6 million this year.
This sector will enjoy solid growth in 2011, helped along by the growing trend of people spending more on their pets, particularly as household disposable incomes increase.
“The industry’s efforts to educate the public on animal health issues and veterinary services will continue to have a beneficial impact on demand for veterinary services,” IBISWorld says.
“Additional pet care products and services will be introduced by veterinary practices, including nutraceuticals, premium pet food, parasite preventatives, grooming, geriatric care, and behaviour and training.”
“Emerging opportunities for veterinarians to diversify or add to services provided include acupuncture and canine dentistry.”
“Other specialist areas of growth in the small animal area include MRI scans, hip replacements, oncology, lens replacement for cataracts and cardiovascular surgery.”
As a result of increased consumer spending, the veterinary services sector will grow by 6.5% in 2011, equating to $149.2 million.
