Home Improvement Research Institute

01/28/2023

Infla­tion and reces­sion based purchase behaviors will affect how much home­own­ers spend on home improve­ment going forward.

Ana­lysts fore­cast total home improve­ment prod­ucts mar­ket growth to decel­er­ate from 7.2% in 2022 to 1.5% in 2023, with the con­sumer and pro­fes­sion­al mar­kets grow­ing by 0.6% and 3.6%, respectively.

We advise read­ers to not be scared at the thought of a poten­tial reces­sion and to con­tin­ue to take advan­tage of oppor­tu­ni­ties for grow­ing their busi­ness­es through­out the near future. The impacts are like­ly to reset cat­e­go­ry growth tra­jec­to­ries onto paths sim­i­lar to pre­vi­ous, 2019 forecasts.

We can lean on customer behaviors that began surfacing in 2022 to better respond to changes that will surface in more pronounced ways in 2023.

Read more:

While it’s impossible to know the exact outcome for the road ahead, we can take a look back on the path we’ve traveled so far. Here’s a quick recap of the events that defined 2022 for the home improvement industry:

01/08/2023

What projects are recent home­buy­ers jump­ing to under­take and why?

And how do those home improvement behaviors change among
- First-time homebuyers
- Experienced homebuyers
- New homebuyers
- Existing homebuyers

To bet­ter under­stand the moti­va­tions and desires of this con­sumer cat­e­go­ry, our team at the Home Improve­ment Research Insti­tute designed a sur­vey on behalf of our members in order to assess recent home­buy­ers’ behav­iors toward home improve­ment projects and how they change over time.

Here's what we found:

Wondering how to better position your home improvement brand among a particular type of home buyer? Here are some top takeaways covering the relationship between homebuyers and home improvement.

12/29/2022

If you're a contractor, then you likely understand the frustration that comes with business challenges. Some of the most common include product availability, the cost of materials and the lack of workers available. https://bit.ly/30qIdLM

Which of these three has impacted you the most?

12/25/2022

From everyone at HIRI, Happy Holidays!

12/22/2022

As we reach the end of 2022, it has become evident that kitchen remodels are a top priority when it comes to completing projects. Activities like painting, replacing flooring and installing new sinks are just a few updates that will be taking place.

What about you? Which of the following updates will you be making before 2023?
https://bit.ly/3Vmxnxd

12/19/2022

Although the overall attitude towards home improvement projects is lower than last year, over 30% of homeowners have still decided to start a DIY in the last month! https://bit.ly/3FGptpX

Tell us in the comments what DIY projects you have been working on lately.

12/14/2022

Dis­sect­ing pat­terns in con­sumer behav­ior can be tedious, which is why we collected data from over 500 general contractors and consolidated the data for you. Take a look at the greatest percentage of channel spending, preferences and more:

Do professional contractors follow a simpler customer journey? To explore this question, the Home Improvement Research Institute (HIRI) studied contractors’ preferred channels for home improvement purchases. Learn more ...

12/12/2022

Since 1981, our goal has been to provide companies of all sizes with actionable resources that can help shape their business decisions.

Learn more about the Home Improvement Research Institute and view our latest date here:

About Home Improvement Research Institute

12/08/2022

According to our recent survey of 2,000+ homeowners, we have determined five key takeaways when it comes to the projects that are taking place now. Check out the most planned and least expensive projects as well as their costs here:

Projects around the home are never finished (as any homeowner will tell you). In fact, many projects that require a certain type of product or supplies recur on a seasonal basis. Learn more about the results from HIRI's Quarterly Project Tracker.

11/29/2022

Over 78% of homeowners didn't hire a professional because it was too expensive. Can you relate?

View some of the other reasons DIY projects are becoming increasingly popular in the graph below! You can also view our full monthly tracker here: https://bit.ly/3FGptpX

11/24/2022

"Be thankful for what you have: You'll end up having more." - Oprah Winfrey

Happy Thanksgiving from all of us at HIRI.

11/21/2022

According to our latest survey, only 15% of contractors have been able to get materials in seven days or less. Some are waiting over a month!

View the data from our full monthly tracker here: https://bit.ly/30qIdLM