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How is the Market for Retail Home Improvement? A Comprehensive Review

The retail home improvement market is a vital sector that caters to the needs of homeowners looking to enhance their living spaces. Understanding the current state of this market is crucial for both consumers and businesses alike. In this review, we will explore the positive aspects of the market for retail home improvement, highlighting its benefits and conditions under which it can be advantageous.

I. Positive Aspects of the Market for Retail Home Improvement:

  1. Growing Demand:
  • Increasing interest in home improvement projects: The market is witnessing a surge in demand as more homeowners are investing in improving their living spaces.
  • Rising consumer awareness: Homeowners are becoming more informed about the benefits of home improvement, leading to increased interest in retail products and services.
  1. Wide Range of Products and Services:
  • Variety of options: The market offers an extensive selection of retail products and services, including building materials, furniture, appliances, decor, and more.
  • Diverse price ranges: Products are available to suit various budgets, ensuring accessibility for consumers with different financial capabilities.
  1. Advancements in Technology:
  • Smart home solutions: The market incorporates advanced technologies, such as smart home automation systems, energy-efficient appliances, and eco-friendly construction materials

The demand for home improvement services decreased year-over-year from 2021 to 2022, and 2023 will likely see a further decrease in demand. This means more competition over fewer potential customers.

What is the outlook for the home improvement market?

The global DIY Home Improvement market size was valued at USD 102260.87 million in 2022 and is expected to expand at a CAGR of 3.92% during the forecast period, reaching USD 128759.68 million by 2028. Home improvement, home renovation, or remodelling is the process of renovating or making additions to one's home.

What is the demand for the home improvement industry?

As a result, rising demand for home remodelling services is driving growth in the home improvement services market. The global home improvement services market size is expected to grow from $324.8 billion in 2022 to $343.8 billion in 2023 at a compound annual growth rate (CAGR) of more than 5%.

What is the future of the home improvement industry?

The home improvement industry has been increasing annually in most parts of the world. In the United States, the market value is forecast to exceed 600 billion dollars by 2025, which is more than double the value reached in 2008.

What is the outlook for home renovations in 2023?

In 2023, home improvement projects are expected to decline due to housing market issues, such as stalled home sales and mortgage refinancing. Rising labor costs and continuing supply chain issues plague the home improvement industry.

How big is the home improvement retail industry?

The market size, measured by revenue, of the Home Improvement Stores industry was $260.5bn in 2022. What was the growth rate of the Home Improvement Stores industry in the US in 2022? The market size of the Home Improvement Stores industry declined -0.2% in 2022.

Is the home improvement industry growing?

Home improvement sales in the U.S. still growing

The industry raked in about $538 billion in 2021. By 2025, some groups expect home improvement sales could total more than $620 billion, though we anticipate that figure will be lower than projected.

Frequently Asked Questions

What is the market size of the home improvement industry?

Home Improvement Market Outlook (2022-2030)

The global home improvement market in 2022 is valued at US$ 342 billion and is predicted to exhibit expansion at a CAGR of 6.7% over the next eight years.

What is the largest home improvement company?

The Home Depot

Today, The Home Depot is the world's largest home improvement retailer with approximately 475,000 orange-blooded associates and more than 2,300 stores in the U.S., Canada and Mexico.

How much does the US spend on home improvement?

Americans spent a record $567 billion improving their homes in 2022. At least 3 million homeowners and 4 million renters live in inadequate homes with inoperable systems, such as heating or plumbing.

FAQ

Who is the largest home improvement retailer us?

The Home Depot

NORTH AMERICAN PRESENCE

Today, The Home Depot is the world's largest home improvement retailer with approximately 500,000 orange-blooded associates and more than 2,300 stores in the U.S., Canada and Mexico.

What is Lowe's market share in home improvement?

The US home improvement market is about $1 trillion, according to a July report on the home improvement industry from Bank of America Global Research, with Home Depot commanding 17% of market share, Lowe's, by comparison, has 10%, in what remains a relatively fragmented industry.

What is the outlook for the remodeling market?

Report Overview

The U.S. residential remodeling market size was estimated at USD 512.01 billion in 2022 and is expected to grow at a compounded annual growth rate (CAGR) of 4.4% from 2023 to 2030.

How is the market for retail home improvement

What is the remodeling market index?

The overall Remodeling Market Index is calculated by averaging the Current Conditions Index and the Future Indicators Index. A separate index is created for the final question in the survey: How does the overall market for remodeling in the area where you operate compare to three months ago?

What is the market cap of home improvement?

The Home Improvement Retail industry has a total of 10 stocks, with a combined market cap of $415.4 billion, total revenue of $257.92 billion and a weighted average PE ratio of 18.26.

How much does the average American spend on home improvement?

Average Home Renovation Budgets

Home improvement budgets have also increased over the last few years. According to the 2022 U.S. Houzz and Home Study, homeowners' median spending increased 20% from $15,000 in 2020 to $18,000 in 2021.

  • How big is the US home improvement industry?
    • Around 538 billion U.S. dollars

      In 2021, home improvement sales in the United States amounted to around 538 billion U.S. dollars. By 2025, this amount is expected to reach over 620 billion U.S. dollars.

  • How big is the home improvement industry?
    • The market size, measured by revenue, of the Home Improvement Stores industry was $260.5bn in 2022. What was the growth rate of the Home Improvement Stores industry in the US in 2022? The market size of the Home Improvement Stores industry declined -0.2% in 2022.

  • How big is the global home improvement market?
    • The worldwide home improvement market was valued at 763 billion U.S. dollars in 2020. With a compound annual growth rate (CAGR) of more than four percent, the home improvement market value was expected to surpass the trillion dollar mark by 2027.

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