Consumer Spending on Home Improvement Products to Slow

The Home Improvement Research Institute, the nation’s leading resource for market research concerning the home and building products industry, has forecasted consumer spending on home improvement products will steady after two years of extreme demand following the COVID-19 pandemic. Rising inflation, reduced real household income and completed projects led HIRI to forecast that overall consumer market sales will increase by 2.8% in 2023 to $382.5 billion. This research was conducted in partnership with IHS Markit and released to HIRI members at the end of Q1 in the biannual Home Improvement Products Market Forecast.  

Looking at growth over the last 10 years, the 2.8% increase reflects a healthy market. In 2020 and 2021 alone, consumer spending on home improvement soared to 15% and 13.3%, respectively, as homeowners invested time and money into their spaces that served as homes, offices, schools, gyms and more.