The Home Improvement Research Institute (HIRI) and The Farnsworth Group partnered up for the past three months to conduct essential research regarding project requests and closures, homeowner DIY purchases, contractor business, and materials supply trends in the wake of COVID-19.
The home improvement industry has seen significant shifts this year, especially with the rise of DIY projects due to stay-at-home orders. Keeping up with how homeowners and construction professionals make their purchasing decisions is a challenge.
In May 2020, the Home Improvement Research Institute (HIRI) partnered with IHS Markit to provide a Size of Market forecast update. Here are a couple of highlights
Like nearly every aspect of the US economy, home improvement product purchases have had a significant downturn in the tail end of the first quarter and all throughout the second quarter. A few silver-linings: home improvement has not been hit as hard as other industries.
Research is a form of scientific investigation that uses empirical methods to collect data through various methodologies, is topical and always begins with an industry question. The data gathered and/or disseminated is then used to inform industry professionals, such as those in the home improvement industry, so they can make appropriate decisions that are relevant to their own goals.
Not all home improvement research is conducted the same, however. While there are multiple methodologies used in research, the two main research types are primary and secondary research. It’s important for home improvement industry professionals to know the difference between them and what benefits each research type can bring to their knowledge and project execution.
Offered by the Home Improvement Research Institute (HIRI) in partnership with Kantar Futures, the Future of Home Improvement study aims to identify how consumer trends will influence products and services that homeowners will demand in the next two to five years.
After posting strong market growth last year, the home improvement products market is expected to grow by an additional 5.3 percent in 2018. Housing starts are also projected to grow due to rising demand, lean inventories and rising prices.
The Home Improvement Research Institute (HIRI) partnered with IHS Markit to develop the U.S. Size of Market Report. This report delves into the recent IHS Economics forecast and looks at the forecast for the U.S. market through 2022.
