Throughout 2022 and 2023, consumer sentiments have been low and the result has been postponement of larger home improvement and remodeling projects. As we look towards 2024, with economic uncertainty easing, home improvement spend is also anticipated to resume.
Five iconic brands rose to the top when analysis was conducted by TraQline: Craftsman, Stanley, Black & Decker, Dewalt, and General Electric.
Here are eight of the most impactful demand drivers to account for in accurate demand forecasting for home improvement products and building materials:
In May a primary theme emerged in that a majority of homeowners prioritized cost-friendly home improvement options, whether that meant opting for smaller-scale projects or going the do-it-yourself route.
Learn more about HIRI's 2023 Insights Summit where manufacturers, retailers, marketers and more will gather in Chicago to craft smarter strategies, improve planning and head into the upcoming year with a better understanding of the industry landscape.
HIRI has analyzed recent market performance and consumer preferences to get a comprehensive picture of the state of the lumber and building materials market. The wood-based building materials market has experienced both positive and negative performance in recent years, and current HIRI size-of-market research points to a continuation of that pattern. Consider these figures:
Succeeding during product line reviews requires a solid understanding of the home improvement market and presenting a compelling marketing pitch backed by data and designed around the business interests of your retailers. To ensure your team is successful at product line reviews, be cognizant of the following:
The techniques used to gather, synthesize, and analyze market research will continue to evolve as new technologies and tools, such as generative AI, emerge and become available for public use. No matter what methodologies, techniques and processes you prefer, it’s important to utilize industry-specific data and insights around consumer behaviors, market trends, and product performance.