At the end of last year, about 61% of homeowners were planning to undertake at least one home improvement activity in the next 90 days—or first quarter of 2024. Here's exactly what projects homeowners report they will complete:
According to HIRI’s U.S. Home Improvement Products Market Forecast, the market for doors and molding increased 10.7% from 2018 to 2022, before dropping to 9% in 2023. However, if you take into account inflation, the adjusted decrease was closer to 3%. Looking ahead to 2024 to 2027, the market is projected to recover slightly.
When it comes to consumers, the markets for several of the major product categories involved in kitchen remodels are expected to decline in 2023 and 2024, and then rebound from 2025 to 2027. This includes paint and preservatives; plumbing fixtures and supplies; kitchen cabinets and countertops; and doors and molding. On the other hand, the market for hard-surface floor coverings is projected to continue growing among homeowners and DIYers from roughly $7.6 billion in 2023 to $21.6 billion in 2027.
Even still, consumer spending for nursery stock and soil treatments, as well as lawn and garden equipment and supplies, continues to decrease in 2023—a trend that started in 2022. However, both of these market segments are expected to recover over the next few years. Watch for our upcoming 2023 Product Decision Study, which will be released to HIRI members by November 2023.
HIRI research shows that, for DIY homeowners, the markets pertaining to bathroom remodeling projects—plumbing fixtures and supplies, as well as bath cabinetry and countertops—are expected to decline in 2023 and 2024, with growth rebounding 2025 through 2027.
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.
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:
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.