Home improvement is a broad term that encompasses everything from fun DIY projects to extensive renovations. The industry is booming, with homeowners spending more on building products and tools to make their homes more functional and beautiful. It also includes services such as landscaping and cleaning, which are often performed by contractors or other professionals. In recent years, the concept of “home improvement” has expanded to include smarter devices that automate various household functions.
The home improvement market is highly sensitive to both the overall health of the housing sector and to basic indicators of consumer demand, such as real disposable income and relative prices. As such, different product categories tend to exhibit varying market performance over time, even within the same overall market trends.
For example, hardware sales have been growing steadily in recent years, but are expected to slow down considerably in 2024 due to the ongoing impact of currency depreciation. On the other hand, paints and preservatives, a category that’s popular among DIY homeowners, are expected to see solid growth in 2025 and beyond.
To help your business navigate this complex landscape, it’s important to understand the nuances of each customer base — individual consumers and professionals alike. That’s why HIRI offers member companies access to detailed research reports that explore both the overall home improvement market and specific product categories and segments, broken down by channel, customers, trade, and project type. Learn more about the HIRI home improvement market research portfolio and request a sample report today!