Bunnings has expanded its push into products for aged care and disability support

Sturdy toilet seats are just the beginning as the hardware behemoth bets on us getting older and sicker.

Bunnings believes the assisted living and disability products category will grow from $1.6bn to as much as $2.1bn by 2030.

Bunnings predicts assisted living and disability could be a $2.1bn market for the retailer, as the need for toilet safety handles, anti-slip mats and mobility scooters is underwritten by an ageing population, rising disability rates and the National Disability Insurance Scheme.

The category is also showing resilience through the economic cycle as cost-of-living pressures chip away at more vulnerable retail segments such as fashion.

The hardware giant owned by Perth-based conglomerate Wesfarmers has launched an expanded assisted-living range offering more than 2500 products across 16 key categories.

But it is not just the nation’s greying demographics bolstering its fortunes – although 5.5m Australians living with a disability and more than one in six aged over 65 are robust fundamentals. More older Australians are simply wanting to stay at home and preferring not just functional but stylish items for their bathrooms, kitchens and living areas.

“In a market that’s often fragmented, the category will provide a one-stop shopping experience for customers looking to upgrade their homes at an affordable price,” Bunnings chief operating officer Ryan Baker said.

“The range is focused on safety, style and current trends as well as functionality because we know our customers want choice when it comes to their homes.”

Bunnings is radically expanding its assisted living products.

Bunnings push into assisted living gels with the mantra from its chief executive Mike Schneider of the hardware chain evolving into a retailer that sells everything from “the front gate to the back fence”. This has seen it recently break into the $5bn home-cleaning market and the fast-growing pet care sector worth about $10bn.

The assisted-living category, spread throughout the store rather than located in just one aisle, will sell items from bathroom handles to mobile ramps.

Bunnings sees the addressable market at about $1.6bn, growing to $2.1bn by the end of the decade.

The $44bn NDIS is one of the fastest-growing cost centres of the federal budget and expected to hit $60bn as the government strives to slow its cost growth down to 8 per cent from current levels of 13 per cent.

Not surprisingly then to maximise the opportunity for Bunnings and to attract NDIS clients, its assisted-living products will come with special pro-forma invoicing that are key to make claims with the NDIS.

Mr Baker said: “Like other retailers in this space we will be offering pro forma invoicing, which is the key to be able to claim back and access government support … 5.5 million Australians are now living with a disability and more than one in six Australians are now aged over 65, so that shows you the scale and size of the market. It’s a growing market but you can really see there is a market opportunity for us to be in this space.

“It is definitely growing at a double-digit pace.”

Bunnings believes it can offer the best one-stop shop for assisted living and disability products.

The assisted-living category is less sensitive to interest rates, housing construction and joblessness.

“I think it will be resilient in the way it is such a fast-growing category because of the ageing population … and we do see some strong growth opportunities regardless of what the economic cycle might bring.”

Mr Baker said it was a very fragmented market too, with Bunnings using its size, leverage and economies of scale to offer a bigger range of products than anyone else.

It will leverage its international buying network to source stock at competitive prices.

“It is something we believe we can bring to the market, really strongly priced products which I think everyone is looking for in this space. Considering the market size, we see huge potential in applying our proven strategy of combining lowest prices, wide range and best customer experience to a growing category.”

And customers shopping this category were as much as interested in design and style than anyone else, especially as older Australians demonstrated a preference for maintaining their homes instead of transitioning to aged care.

“It has got to look good too,” Mr Baker said. “So that design and trend element is definitely a big part of this. Our customers are definitely looking for something that’s going to be safe and secure but also look good and fit in with the aesthetics that they have in their home.”

To make space in the standard Bunnings store, the retailer has reviewed how it uses its current store format and what products it can offer on the shelf or sweep across to being online only.

“We have been able to identify opportunities to consolidate some ranges and the space in which that’s taken up, and that’s allowed us to open up on this range and bring a whole new category and products to the community,” Mr Baker said.