With so many different product categories, it can be difficult for merchants to know what to focus on. Here are our top reasons why the home security sector should be a key priority for branches looking to maximise sales opportunities throughout the year:
A £1.8bn annual market
The UK is the fifth most successful exporter of security products in a global market valued at £260bn, and the domestic market for security products is valued at £1.8bn annually. This figure highlights the potential of the home security sector, which offers a lucrative growth opportunity for merchants and their customers.
Strong growth in the security products sector has been fuelled by a boost in the housing market. This includes more new properties being built and an increase in the number of people moving home and subsequently changing the locks. Despite the fact that crime figures are down in the UK, there is also a growing interest in home security among householders looking to protect their homes and possessions, leading to rising sales of products such as alarms.
‘Do it for me’ versus DIY
Demographics highlight that many people prefer to use professionals to install security products rather than trying their hand at DIY. This represents a significant opportunity for skilled tradespeople and, by making customers aware of the demand for professional installation and stocking a range of the most popular products, merchants can make the most of opportunities in this area.
Nationwide initiatives are raising awareness of the importance of home security among consumers, helping to further drive demand for merchants and their customers. The first ever National Home Security Month took place in October 2013 and will be returning in October 2014 to highlight the importance of home security to end users as the nights get darker. In addition, there will be a further boost to the market on 26 May with the introduction of Home Security MayDay, promoting security products at a time when many property owners’ thoughts are turning to home improvement.
David Herbert is head of marketing at Yale.