Among consumers, the window market is predicted to continue momentum through 2023, peaking at $7.2 billion for the consumer market before declining by 2-5% per year between 2024-2027. Among Professional installers, 2023 through 2025 continue to look like solid years for segment growth, with upwards of $9 billion anticipated each year for the professional market before cooling in 2026 and 2027.
It is important to remember that as society evolves, what matters in consumers homes evolves as well. Here’s a high-level breakdown of emerging trends and insights that may impact your business as we look ahead.
Shoplifting is a persistent problem for home improvement retailers across the country, from big-box and specialty supply stores to independent hardware shops. To help reduce shrink due to theft, here are a few strategies to employ:
We analyzed the most recent data from the last three months of 2022 to create a clear picture of home improvement project focus areas, homeowners’ cost considerations and more. Here's what we found:
There are no hard and fast rules about how many people to include on your insights team or how they should operate within your organization. Different companies may take different approaches, based on their capacity, needs, and research objectives. However, there are certain things you can do when building or leading an internal customer insights team to set them up for success.
Looking ahead to the remainder of 2023, demand is expected to cool slightly for consumers, but the market will continue to grow among professionals and overall.
For those who missed the presentations at NAHB's IBS/KBIS/NHS Shows in 2023, here are the top 5 themes that will impact the home improvement industry in the short and long term:
The smart home is growing with 37% of all internet connected homes having at least one smart home device. Adoption is predicted to continue to rise as purchase intentions are at an all-time high. However, this increase in popularity has not come without some setbacks for consumers, retailers, and suppliers alike, which pose challenges for brands attempting to emerge in the space.