Description

This report provides comprehensive and current information and analysis of the US Improving the Home market including home improvement market size, anticipated market forecast, relevant market segmentation, and industry trends for the home improvement industry in the US.

Current market landscape

The pandemic changed consumer lifestyles more than any recent event; in part because people were forced to transform their homes into offices, classrooms, and gyms. This increased importance of home inspired an acceleration of home improvement activity to support the pandemic lifestyle.

While men are more likely to say they have a high level of participation, skill, and confidence related to household repairs and maintenance, that gender gap is much narrower among younger consumers. For example, 44% of men aged 55+ say they are always doing home improvement projects compared to 27% of women in this age group. By contrast the gap is only 2% among consumers aged 18-34 (53%/51%). Women overindex in taking up projects related to home décor, but they are less likely to participate in DIY home maintenance. Yet with a growing number of single-female homeowners, there is a growth opportunity in ensuring that women have the know-how and tools to fully care for their homes.

Future market trends in improving the home

The market is also influenced by the fact that the world is undergoing unprecedented inflation and supply chain bottlenecks. As home improvement costs grow, many consumers are forced to postpone projects until supply falls in sync with demand. What’s more, as the pandemic wanes and consumers return to work outside the home, they will have less time at home and accordingly, less time for DIY projects. This will drive a shift from DIY to use of professional contractors.

One of the category’s great opportunities comes from augmented reality tools that let consumers better visualize the outcome of their projects. What will make these tools even more powerful is the incorporation of project planning apps that provide an estimate of the materials needed, tools required, and overall costs. As brands help consumers eliminate uncertainty, more will take the plunge into DIY home improvement.

Read on to discover more about the US Home Improvement market, read our US Smart Homes Market Report 2021, or take a look at our other House and Home market research reports.

Quickly understand

  • The impact of COVID-19 on consumer behavior and the market for improving the home.
  • How a return to travel, followed by the rise of the Delta variant, changed consumer behavior and the market for improving the home.
  • Retailer and manufacturer brand strategies to reach new and existing consumers.
  • Drivers and attitudes toward improving the home.

Covered in this report

Brands include: Home Depot, Lowe’s, Ace Hardware, Green Building Supply, Sherwin-Williams, Augmented Reality Creations.

Expert analysis from a specialist in the field

This report, written by Jamie Rosenberg, a leading analyst in the Household and Personal Care sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

The pandemic economy has produced distinct winners and losers. The home renovation industry is decidedly in the winner column. While many professional projects came to a halt when COVID-19 hit, DIY projects surged. The flexibility of remote work, combined with the fact that people now require their homes to function as offices, gyms and schools, inspired more consumers to pick up a hammer or paint brush and test their DIY skills. While inflation and supply chain bottlenecks have made renovation costlier in 2021, Mintel believes that a society on edge about the next big public health threat will be slow to abandon its pandemic mindset. The home improvement market will remain robust for the foreseeable future.
Jamie Rosenberg, Senior Global Analyst, Household and Personal Care
Jamie Rosenberg
Associate Director, Global Household and Personal Care

Table of Contents

  1. Overview

    • What you need to know
    • This Report looks at the following areas
    • Definition
    • COVID-19: US context
  2. Executive Summary

    • Top takeaways
    • When home is more important, it gets a redo
    • Skill, enjoyment and spending are closely linked
    • Big box stores prepare for a return to the professionals
    • Consumers are looking for visualization and planning tools
    • Impact of COVID-19 on improving the home
      • Figure 1: Short-, medium- and long-term impact of COVID-19 on home improvement, 2021
    • Opportunities and challenges
    • Knowledge (about power tools) is power
    • Eco-friendly home improvement is still underdeveloped
    • Accelerate augmented reality
    • Transition from DIY to DIFM to DIWM
  3. Target Audience – Key Takeaways

    • Enjoyment is key to undertaking DIY
    • Impact of COVID-19 on improving the home
    • Cost of building materials are through the roof
  4. Target Audience by the Numbers

    • Enjoyment is key to undertaking DIY
      • Figure 2: Levels of DIY home improvement enjoyment
    • Brands that increase consumer skill will also drive engagement
      • Figure 3: Levels of home improvement DIY skill, 2021
    • Impact of COVID-19 on improving the home
      • Figure 4: Renovations due to COVID-19, by age, 2021
  5. Market Factors

    • Wage increases are offset by reduced unemployment benefits
      • Figure 5: Consumer confidence vs unemployment, 2000-21
    • Costs of building materials are through the roof
      • Figure 6: Consumer price index, 2007-21
    • Many would-be homeowners are priced out of the housing market
  6. Companies and Brands – Key Takeaways

    • A banner year for home improvement stores
    • Home Depot targets people on the move
    • Ace Hardware navigates the pandemic with sourcing flexibility and neighborhood focus
    • Consumer education pays dividends
    • The scope of augmented reality tools grow
    • As the pandemic wanes, retailers prepare for a return to professionals
  7. Competitive Strategies

    • A banner year for home improvement stores
    • Home Depot targets people on the move
      • Figure 7: Home Depot ads targeting new homeowners, 2021
    • Ace Hardware navigates the pandemic with sourcing flexibility and neighborhood focus
      • Figure 8: An Ace Hardware storefront
    • A new breed of eco-friendly home improvement retailer
      • Figure 9: Green Building Supply eco-friendly flooring example
    • TreeHouse closure is evidence of green home improvement’s growing pains
    • Consumer education pays dividends
      • Figure 10: Home Depot’s Future Doers kids workshops
      • Figure 11: Attitudes toward home improvement, 2021
    • The scope of augmented reality tools grows
      • Figure 12: Sherwin-Williams Color Snap Visualizer and Home Depot’s augmented reality app
    • Augmented Reality Creations ups the ante
      • Figure 13: Augmented Reality Creations Home Renovation tool
    • As the pandemic wanes, retailers prepare for a return to professionals
      • Figure 14: Consumers who used professionals in the past three years, by age and project type, 2021
      • Figure 15: Home Depot’s new flatbed distribution center
  8. Market Opportunities

    • Transition home improvement from chore to passion
    • Make DIY and professional services more complimentary
    • Advance the niche of eco-friendly home improvement
  9. The Consumer – Key Takeaways

    • Half of the population does home improvement work at least annually
    • There is a link between project frequency and skill
    • Interior home maintenance and décor top the list of DIY projects
    • The gender gap grows for outdoor tasks and interior repair
    • Consumers understand the importance of planning
    • DIY influencers will gain importance
    • Help busy parents solve for their lack of time
  10. DIY Participation, Enjoyment and Skills

    • Half of the population do home improvement work at least annually
      • Figure 16: Home improvement participation rates, 2021
    • Men and married couples are most involved
      • Figure 17: Consumers who engage frequently in home improvement, by age, gender and cohabitation status, 2021
    • There is a link between project frequency and skill
      • Figure 18: DIY frequency, by skill level, 2021
    • Enjoyment and skill are also related
      • Figure 19: DIY enjoyment, by skill level, 2021
  11. Use of Professionals vs DYI

    • Interior home maintenance and décor top the list of DIY projects
      • Figure 20: Types of DIY home improvement projects undertaken, 2021
    • The gender gap grows for outdoor tasks and interior repair
      • Figure 21: Types of DIY home improvement project undertaken, by gender, 2021
    • Consumers use pros for difficult and dangerous projects
      • Figure 22: Use of professionals, by home improvement task, 2021
    • Seniors are most likely to hire pros for interior repair
      • Figure 23: Use of professionals for repairs and maintenance, by age, 2021
  12. Reasons for Home Improvement

    • If it’s broke, fix it
      • Figure 24: Reasons for home improvement projects, 2021
    • Home improvement motivations differ sharply by age
      • Figure 25: Reasons for home improvement projects, 2021
  13. Home Improvement, Behaviors and Attitudes

    • Consumers understand the importance of planning
      • Figure 26: Pre-projects tasks, 2021
    • Consumers must know their limitations; retailers can help
    • Visualization tools will usher in a new era of project planning
      • Figure 27: Pre-projects tasks, by age, 2021
    • DIY influencers will gain importance
      • Figure 28: Attitudes toward home improvement, 2021
    • Help busy parents solve for their lack of time
      • Figure 29: Screen grab from chat about home improvement with kids in the house
      • Figure 30: Consumers limited by lack of time for DIY, 2021
  14. The Pandemic’s Influence on Home Improvement

    • Ease of care, entertainment and office space drive pandemic home improvement
      • Figure 31: Pandemic’s influence on home improvement, 2021
    • Growing families drive pandemic-inspired home improvement
      • Figure 32: Consumers limited by lack of time for DIY, by parental status, 2021
  15. Appendix – Data Sources and Abbreviations

    • Data sources
    • Consumer survey data
    • Abbreviations and terms
    • Abbreviations

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