Pros are expected to contribute to ongoing growth in the paint and paint supplies, flooring, and plumbing supplies markets due to continued market demand for repair and replace projects as homeowners update the aging housing stock. Among consumers, many of the primary markets pertaining to kitchen remodeling projects are expected to have decline in 2023 and 2024, with growth rebounding in 2025 through 2027. Here are further market trends to note:
Here's a look at the state by state forecasts for home improvement spending in 2024, separated by consumer and pro customer segments:
Among consumers, the primary markets pertaining to bathroom remodeling projects are expected to have declines in 2023 and 2024, with growth rebounding in 2025 through 2027. Pros are expected to contribute to ongoing growth in the plumbing supplies market due to continued market demand for repair and replace projects that are beyond a DIYer's typical skillset (i.e., plumbing and electrical projects). Here are further market trends to note:
Learn what brands and retailers are winning the consumer dollars in TraQline’s August 2023 Infographic on outdoor non-powered products for the US and Canada.
To understand the current state of this skilled labor shortage as it relates specifically to the residential home improvement industry, our researchers at The Home Improvement Research Institute have been monitoring the implications of the skilled labor shortage since 2017. Now, in 2023, here's where the situation stands:
Learn where consumers are buying windows and doors and what retailers are winning consumer dollars in TraQline’s Industry Infographic.
Learn what retail stores rise to the top for hand tool purchases, the top brands and how much people are spending in the US and Canadian TraQline infographics.
Home improvement continue to be top of mind for homeowners, but financial pressures are influencing how they are prioritizing which projects to complete, and how much to spend on each project in 2023. May 2023 data from HIRI's Home Improvement Quarterly Project Tracker and Homeowner Home Improvement Monthly Tracker tell the story of which kinds of projects are shrinking and expanding in importance to homeowners. Here's what homeowners are reporting in the data: