While other industries grappled with the impact of COVID-19 on the economy, the home improvement business is booming. In fact, the home improvement industry today is stronger than it has been in over ten years. The industry encompasses the sale of building materials, appliances, décor, and other home enhancements, along with the services offered by contractors, tradespeople, and other workers who help to build, install, modify, and upgrade homes.
The business of homeownership represents a significant portion of the world economy. Homeowners in western society place a high value on making their homes more attractive and functional. Self-expression and individuality are increasingly reflected in our physical environments, and cookie-cutter homes are very much out of style.
U.S. Market Leader
The Home Depot
U.S. Home Improvement Market Size
Most common home improvement project during COVID-19
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. Similarly, annual growth for this industry can be observed in Mexico, France, Germany, and many other countries.
Home decoration is a significant part of the home improvement industry, especially towards the end of each year. This is when the Christmas tree finds its way into people’s homes all over the world. The tree was traditionally decorated with edibles such as apples, nuts, or dates and was illuminated by candles. Today, a wide variety of traditional ornaments such as garland, tinsel, candy canes, and Christmas lights are used. People now turn more towards plastic trees for different reasons.
As COVID-19 put a strain on the event industry, tourism, and social activities, many homeowners found time to work on DIY and home improvement projects. Research shows that around a quarter of American homeowners engaged in garden landscaping or repainting indoors, while some also invested in high-speed internet and security cameras. Among the chief reasons for commencing these projects in 2020 was “finally having time for it."
The Home Depot has been a household name in the American home improvement landscape for decades. As one of the major retailers in the U.S., the DIY chain has been leading the home improvement market for years. Major competitors include Lowe’s, Ace Hardware, and Menards. In Europe, the French DIY chain Groupe Adeo and the British group Kingfisher are the market leaders.
The home improvement category offers insights into home improvement projects undertaken by homeowners around the world. This includes garden work, Do-It-Yourself projects, home decoration, and any other indoor or outdoor alterations. Whilst focusing mainly on consumer behavior, Statista also offers data on retailers and manufacturers of home decoration, tools, and garden equipment. This extensive dataset is complemented by relevant topic pages, dossiers, and various industry and brand reports.