Blog

Spending on lawn and garden equipment and supplies experienced modest growth of about 4.9% in 2023, and is projected to grow another 4.7% from 2024 to 2027. However, when you take into account inflation, the growth over the next couple of years is adjusted to about 3.2%, according to findings in our latest U.S. Home Improvement Products Market Forecast. Read more:

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.

There have been shifts in contractor shopping and purchase behaviors and attitudes, notably in terms of how loyal contractors are to specific brands or suppliers. Heading into 2024, study results show a stabilization in contractor loyalty. That being said, contractors continue to be price sensitive, while maintaining high expectations for reliability, availability, and quality. Here's what we know:

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.

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.

Let’s dive into the key takeaways from each speaker at this year's Summit and explore how those takeaways can shape the 2024 go-to-market strategies of home improvement suppliers and manufacturers.

Hometown Impact: How Local Housing Markets are Impacting Home Improvement Activity

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.