2022
9
US DIY Home Improvement Retailing Market Report 2022
2022-06-30T04:04:36+01:00
OX1101765
3695
152529
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Report
en_GB
“The pandemic has positively impacted the DIY home improvement category as consumers took on more projects. The connection to the home has strengthened and consumers continue to look for ways…

US DIY Home Improvement Retailing Market Report 2022

£ 3,695 (Excl.Tax)

Report Summary

“The pandemic has positively impacted the DIY home improvement category as consumers took on more projects. The connection to the home has strengthened and consumers continue to look for ways to improve their spaces. However, the category will be challenged moving forward due to current economic conditions. Brands and retailers must look for ways to adjust in order to keep consumers interested and engaged as economic uncertainty remains.”
– Vince DiGirolamo, Reports Director

This Report looks at the following areas

  • The continuing impact of COVID-19 and other key economic factors on consumer behavior and demand for future home improvements
  • How consumers feel about DIY home improvement and what projects they typically undertake
  • Retailers shopped and attributes
  • Key drivers of consumer inspiration and where they get information
  • Future offerings that most appeal to consumers

Table of Contents

  1. Overview

    • What you need to know
    • This Report looks at the following areas
    • Definition
    • Market context
  2. Executive Summary

    • Top takeaways
    • Market overview
      • Figure 1: Total revenues and fan chart forecast of US building material and supplies dealers, at current prices, 2016-26
      • Figure 2: DIY home improvement retailing outlook, 2022-27
    • Opportunities and challenges
    • Current economic conditions may impact consumers’ willingness and ability to spend
    • Rising mortgages and home prices may hinder how consumers invest in their homes
    • Alternative shopping options offer more cost-effective ways to shop
    • Key consumer insights
  3. Market Size

    • DIY continues to see strong growth in wake of pandemic and various economic impacts
      • Figure 3: Total revenues and fan chart forecast of US building material and supplies dealers, at current prices, 2016-26
      • Figure 4: Total revenues and forecast of US building material and supplies dealers, at current prices, 2016-26
      • Figure 5: Average annual household spending on DIY home improvement retailing, 2016-21
  4. Market Factors

    • Inflation will impact consumer behavior
      • Figure 6: Consumer Price Index change from previous period, 2007-22
      • Figure 7: Changes consumers would make due to inflation, 2021
    • Rising mortgage rates reduce home affordability
      • Figure 8: 30-year fixed rate mortgage average in the US, percentage change from year ago, monthly, not seasonally adjusted, 2000-22
    • Home prices rise 20% in March 2022
      • Figure 9: S&P/Case-Shiller US National Home Price Index, 2000-22
  5. Competitive Strategies and Market Opportunities

    • Gardening demand could slow post pandemic
    • Greater appreciation for home likely permanent
      • Figure 10: Change in appreciation for the home and lifestyle since the pandemic (any agree), 2022
      • Figure 11: Lowe’s highlights patio makeovers with blogger Sopha Rush, 2022
    • Opportunity to expand “Pro” benefits to enthusiasts
    • Lowe’s launched private label home décor brand Origin21
      • Figure 12: Lowe’s launches affordable home décor line Origin21, 2022
    • Lowe’s and The Home Depot partner with grocery delivery services
      • Figure 13: The Home Depot expands delivery offering with Walmart’s GoLocal, 2021
  6. The DIY Home Improvement Consumer – Fast Facts

  7. The DIY Consumer Overview

    • DIY enthusiasm slowly increases
      • Figure 14: Home improvement segments, 2019 vs 2022
    • Younger women enthusiastic about DIY projects
      • Figure 15: Home improvement segments, by gender and age, 2022
    • More urban enthusiasts
      • Figure 16: Home improvement segments, by area of residence, 2022
      • Figure 17: Ace Hardware provides DIY quick tips on social media, 2022
  8. DIY Projects Undertaken

    • Consumers have taken on various DIY projects, with many projects planned
      • Figure 18: DIY projects undertaken, 2022
    • Men do maintenance and repair, women interior décor
      • Figure 19: Select DIY projects undertaken, by gender, 2022
    • Younger generations most likely to take on variety of projects
      • Figure 20: DIY projects undertaken, by generation, 2022
    • Parents redecorating more often
      • Figure 21: Select DIY projects undertaken, by presence of children, 2022
  9. Impact of COVID-19

    • COVID-19 led to more DIY home improvement projects
      • Figure 22: Impact of COVID-19, 2022
    • DIY enthusiasts chipped away at backlog of projects during COVID
      • Figure 23: Impact of COVID-19, by DIY segment, 2022
    • Younger females completed projects they had been putting off
      • Figure 24: Impact of COVID-19, by gender & age, 2022
  10. Sources of Inspiration & Information

    • Instructional videos are most helpful
      • Figure 25: Sources of inspiration & information, 2022
    • Women need trust and confidence when tackling DIY projects
      • Figure 26: Sources of inspiration & information, by gender, 2022
      • Figure 27: Lowe’s Home Improvement aims to spark DIY ideas with female consumers, 2022
    • Spanish-language content needed
      • Figure 28: Select sources of inspiration & information, by Hispanic origin, 2022
  11. Retailers and Channels Shopped

    • The Home Depot is top retailer
      • Figure 29: Retailers and channels shopped, 2022
    • Amazon especially competitive among younger consumers
      • Figure 30: Retailers and channels shopped, by generation, 2022
    • Nonenthusiasts are shopping across retailers, highlighting the need for education resources
      • Figure 31: Select retailers shopped, by DIY segment, 2022
  12. Influential Factors

    • Shoppers want widest range of products
      • Figure 32: Influential factors, by DIY segment, 2022
    • Men, older consumers value in-store experience
      • Figure 33: Influential factors – In-store experience, by gender & age, 2022
  13. Retailer Attributes

    • Room for differentiation among category leaders
      • Figure 34: Retailer attributes, 2022
    • Opportunity for better online shopping experience
      • Figure 35: Select retailer attributes, 2022
  14. Desired Services

    • Interest in various offerings indicates desire for guidance and support
      • Figure 36: Desired services, 2022
    • Younger males and females interested in array of offerings
      • Figure 37: Desired services, by gender & age, 2022
    • Alternative shopping options can provide much needed affordability
      • Figure 38: Select desired services, by financial situation, 2022
  15. Appendix – Data Sources and Abbreviations

    • Data sources
    • Sales data
    • Forecast
    • Consumer survey data
    • Abbreviations and terms
    • Abbreviations
    • Terms
  16. Appendix – The Consumer

      • Figure 39: Attitude toward DIY home improvement projects, by gender and age, 2022
      • Figure 40: Home projects frequency, by gender, 2022
  17. Appendix – Market Size

      • Figure 41: Total revenues and forecast of US building material and supplies dealers, at inflation adjusted prices, 2016-26

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