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Learn how Good-Better-Best product offerings and brand reputation drive loyalty and satisfaction among home improvement pros in HIRI's 2024 report.

HIRI recently released its latest iteration of the U.S. Home Improvement Products Market Forecast, offering valuable insights into the state of the industry and the broader economic landscape. Here's what we know:

With the rise of millennials in homeownership and the workplace, it's crucial that home improvement brands focus on millennial homeowners. Learn more.

To better understand what your company can expect over the next 5 years, it is helpful to narrow in on specific product categories, and take a closer look at the nuances and changes projected to take place. Learn more.

While growth in the market slowed in 2023 compared to the boom of years prior, and retail sales were comparatively lower in January 2024 when compared year over year, HIRI’s latest Home Improvement Size of Market forecast is positive. Read more

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:

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.

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.

From HIRI’s Q2 2023 project activity report, we see 2 quarters of growth following a low in Q4 of 2022. Complementing this equity is historically low unemployment rate and above average wage growth.