Several home improvement retailers saw a sharp increase in business last year. This was attributed to the emergence of private labels and new players.
The major vendors in the home improvement industry compete on premiumization, pricing, and product portfolio. In addition, some of these vendors offer affordable options for traditional services.
The home improvement market is estimated to reach $510 billion by 2024. The Harvard Joint Center for Housing Studies predicts that home improvement spending will rise to a peak at the start of this year and then decelerate to a sustainable growth rate.
Home improvement spending rose at a 4 percent rate in the past year. That’s the highest rate since Angi began tracking home improvement spending seven years ago.
The majority of homeowners plan to hire a contractor for some of their projects. However, more than half of respondents plan to do all or part of a project themselves.
Home improvement stores provide quality products and know-how for remodeling projects. They also offer customers a comfortable environment.
Home improvement retailers can help refresh a home with new floors and flooring, furniture, and other essentials. They also offer affordable products, such as paint, carpeting, and fixtures.
The market for home improvement projects has been growing steadily, and many homeowners are planning to invest in a major project in the coming years. In fact, 72% of homeowners have a home improvement project on their to-do list in 2022.
A survey by Axiom, a Minneapolis marketing firm, asked consumers about their home improvement plans for 2021. In addition, the survey asked about their recent projects.