Home improvement product purchases in all categories are up across the board. Since the pandemic started, HIRI has observed a large jump in retail sales figures, indicating the considerable investment that homeowners have made in their homes.
Here’s a sneak peek at the data for 2022:
Most product categories have significantly increased in purchase rates, indicating widespread home renovation. The following provides an overview of the top five product categories purchased in 2022:
Lawn and Garden:
Paint and Sundries:
Electrical and Lighting:
According to HIRI data, reliability, trust, and usefulness are often most important to homeowners shopping for home improvement products. They want products to be useful to them and their household, easy to attain and trustworthy.
For every product category, the most cited reason for purchasing was for a planned repair or replacement, followed by a planned new product. Based on this, it can be inferred that home improvement shopping is an intentional process for many, with a desired product or project in mind with every trip to the store or online search.
The generational trends in purchasing can also reveal interesting insights. Although a higher percentage of households of younger generations are purchasing products across more categories, Baby Boomers still own the highest percentage of purchases overall. This is likely due to the homeownership rate difference between generations as younger groups have struggled to own homes at the same rate as their predecessors.
Why bother with home improvement data?
It’s helpful for home improvement industry firms and professionals to understand today’s trends, with an eye on how those trends fluctuate over time. That’s why HIRI releases purchasing data every two years, to give its members a broader perspective (and more data) on the industry over time.
Find out what kind of benefits HIRI offers its members, learn more about HIRI membership here.
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