Rising standard of living and the facility of offering sustainable loans for home improvement by the United States government is driving the United States Home Improvement market during the forecast period.
According to TechSci Research report, “United States Home Improvement Market By Product (Building and Remodeling, Home Décor, Outdoor Living, and Tools and Hardware), By Project (DIFM and DIY), By Sourcing (Homeware Stores, Franchised Stores, Specialty Stores, Online Sales Channel, and Others (Direct Sellers, General Merchandized Retailers, etc.)), By Region, By Top 10 Leading States, Competition Forecast & Opportunities, 2026”, the United States Home Improvement market had grown to approximately USD420 billion in the year 2020, and it is further anticipated to grow with the CAGR of 4.47% by 2026F.
The growth of the home improvement market is majorly driven by the rise in property costs and enhanced cost of living. Additional factors like the growing trend of home renovation rather than spending huge amounts on new houses also contribute to market growth. Moreover, the DIY culture where the idea of home décor has boomed with the assistance of YouTube videos, professional sources, and the availability of advanced tools in the market is also leading to the growth of the market.
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Due to COVID-19, the growth of various industries has been affected, however, the immediate impact varies from industry to industry. Some industries have faced havoc in creating the demand for their market, and many others continue to remain stable and show promising growth opportunities to their investors and market experts. COVID-19 does have a low impact on the home improvement market, where there was slowdown in 2020 but then slowly gained pace.
The United States home improvement market consists of the following segments, product, project, sourcing, region, top 10 leading states, and company. In terms of the project, the United States home improvement market is segmented into DIFM (Do-It-For-Me) and DIY (Do-It-Yourself). It is the DIFM segment, which contributes more to the home improvement market because of the building and remodeling of kitchen or bathroom which comes under the DIFM projects, and it is in trend now with an innovative addition of modular fittings.
The move towards the DIY sector was witnessed more during the lockdown. Landscaping the yard, repairing or purchasing new appliances, and painting the interior of the home was among the most popular home improvement tasks among US homeowners. The home building and improvement industry is being shaped by consumer demand for environment friendly items, as well as government-imposed environmental standards.
In terms of sourcing, the United States home improvement market is divided into homeware stores, franchised stores, specialty stores, online sales channel, and others (direct sellers, general merchandized retailers, etc.). Among these, homeware stores have dominated the United States home improvement market as they offer a wide choice of home improvement items in the local market, but online sales are expanding at the quickest rate due to the convenience and ease of purchasing.
These online sales provide companies with a unique chance to engage with customers at any time and from any location, allowing them to increase their client base and strengthen their relationships. In June 2020, Houzz, an online marketplace for home renovation, reported a 58% year-over-year rise in project leads for house experts.
The home improvement market in the United States is divided into four regions: the South, West, Mid-West, and North-East. Among them, the United States’ South region dominated the US Home Improvement market in 2020, with a market share of over 38%, and is likely to continue to do so in the forecast period as well.
Within the southern region, it is the Oklahoma state, which is the highest spender with house remodels costing an average of USD120,474. Louisiana came in second with average spending of USD112,977. Georgia comes in third with average spending of USD107,353. Hawaii came in fourth with average spending of USD102,890. And fifth, with average spending of USD97,401, is North Carolina.
To capture the majority of the consumer base across the country, home improvement firms in the United States are constantly releasing new goods, updating new technologies, and altering marketing methods (such as collaboration, company expansion, and acquisition).
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“People in the United States are increasingly seeking desirable features from the varieties of home décor or remodeling products available in the market, such as equipment for home gyms or offices, installed decks or pools. Moreover, owing to the post covid restrictions the homeowners shifted towards the concept of “Do it Yourself” which has further boosted the home improvement market in United States.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
United States Home Improvement Market By Product (Building and Remodeling, Home Décor, Outdoor Living, and Tools and Hardware), By Project (DIFM and DIY), By Sourcing (Homeware Stores, Franchised Stores, Specialty Stores, Online Sales Channel, and Others (Direct Sellers, General Merchandized Retailers, etc.)), By Region, By Top 10 Leading States, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of home improvement market in the United States and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the United States home improvement market.
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