Making Decisions With Market Sizing Reports

The construction industry has seen monumental shifts and significant economic changes in recent years (not to mention the last few months). It’s an understatement to say that business hasn’t been predictable. 

It can help to get some perspective — or at least a way to navigate through the changes and trends. A HIRI membership offers its members a glimpse of just that: the bigger picture. 

When things are as uncertain as they are in today’s construction industry, the more data you have for your roadmap to success, the better. 

Understanding the Industry Landscape

One of HIRI’s most popular reports — available to members — is the U.S. Size of Home Improvement Products Market Report. As a product-focused study, the Market Sizing Report makes home improvement products purchase data, by both DIYers and Contractors, available to HIRI members.

The report includes historical data, current trends and forecasts of homeowner and professional spending in the U.S. home improvement products market.

The report breaks down product categories for retailers and home improvement organizations who need more granular data on specific home improvement market categories: everything from windows to cabinets to insulation and weatherization products. 

The market sizing report for insulation and weatherization products (below) gives retailers a breakdown of how both consumers and professionals have spent in that market on a yearly basis. HIRI’s report includes insights on how the product will perform in the years ahead, based on previous data and predictive modeling. 

A HIRI membership gives manufacturers and retailers access to insights on homeowner and remodeling professional purchases on product categories so retailers can make more informed decisions about how to market the products they want to sell.

The COVID-19 crisis played a large role in consumer behavior, and home improvement product purchases have trended better than originally expected in 2020. 

But it’s not all bad news: HIRI’s data indicates that home improvement and DIY activity hasn’t been as impacted as other industries during the worldwide crisis. While projects took a pause for some professionals, homeowners have tackled more DIY projects because they’re staying at home. 

“Having more time at home is the biggest impact COVID-19 has had on DIY projects,” according to research from Farnsworth. “This is the primary reason so many homeowners are starting projects.” 

Many DIYers, for instance, are looking for (and purchasing) more paint products online. The market sizing report for paint and preservatives (pictured below) breaks down how these consumers are spending and how that compares to what professionals are spending on products. 

The Benefits of Knowing Data Trends

With both historical and future purchase activity detailed in the market sizing report, a HIRI membership helps manufacturers and home improvement organizations plan ahead, even during uncertain economic times. 

“Without knowing their chosen industry as well as their chosen market, a construction business will not know how they can grow, as well as where they should focus their efforts for the greatest amount of growth,” according to Construction World.

HIRI members are able to learn how current events like the coronavirus or economic policy decisions directly affect the home improvement industry. And the research is available 24/7: Members have immediate access to product and market information. When they log in to their profile, they can instantly pull data and trends to include at a summary level for presentations outside your organization or more specific data for internal meetings. 

How Data Drives Business Results

When you have exclusive and up-to-date home improvement data, you’re better equipped for making better business decisions. 

HIRI members include leading manufacturers, retailers and organizations in the home improvement industry, like Home Depot, Lowes, 3M and Ace Hardware. Connecting with industry peers gives HIRI members more perspective in the industry, along with access to valuable information being used by competitors, partners and other retailers. 

Knowledge is power, and it’s given HIRI members the ability to project trends for their company results for upcoming quarters, make informed product decisions and grow in the right direction.

A Partner for Your Business

“To ensure the best results, a construction business needs to choose the segment of the construction market that is best-suited to their capabilities, which will also determine the ideal way of growing their business, as well as the extent of their potential growth,” according to Construction World

You can empower your home improvement business with better, data-driven decisions. HIRI members get exclusive access to full data reports on their specific markets, along with infographic breakdowns of data, interactive Tableau data and digestible economic charts. 

Contact HIRI for a consultation to see how becoming a member will impact your success. 

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