Which products are leading sales in the consumer and professional markets?
Consumer home improvement product sales represent two-thirds of a rapidly growing overall market. Professional home improvement products sales — which make up just under a third of the overall market — have also experienced significant growth but are expected to slow in 2019.
The Home Improvement Research Institute’s (HIRI) Size of Market Study offers the most in-depth research on home improvement products dating back nearly three decades. As the home improvement industry’s only product-focused size of market study, this research includes five-year forecasts for the consumer and professional markets.
1. Lumber and building materials have seen the most growth in the consumer market, contributing to the overall growth of 4.1% in the market from 2017 to 2018.
2. After reaching $274.8 billion in 2018, the consumer home improvement product industry is expected to grow at a rate of 5.3% in 2019 and continue to grow at an average rate of 3.5% through 2023.
3. In the professional market, home improvement product sales grew an impressive 11.1% from 2017 to 2018 but are expected to slow to an average growth rate of about 6% over the next five years.
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