Summary
- • The global home improvement market is expected to reach a value of $1,120.9 billion by 2027.
- • In 2020, the home improvement industry in the United States generated revenue of $420 billion.
- • The average homeowner in the U.S. spent $17,140 on home improvements in 2020.
- • DIY home improvement projects have increased by 15% since the COVID-19 pandemic began.
- • The most popular home improvement projects among U.S. homeowners are bathroom renovations, kitchen remodels, and landscaping.
- • Millennials account for 57% of home improvement shoppers in the U.S.
- • The home improvement industry in Canada is estimated to be worth $80 billion.
- • Energy-efficient upgrades account for 74% of Canadian home improvement projects.
- • The average return on investment for a minor kitchen remodel in the U.S. is 77.6%.
- • 71% of homeowners in the U.K. undertook home improvement projects during the COVID-19 lockdown.
- • Smart home technology in the UK home improvement market is expected to reach a value of £11 billion by 2023.
- • The home improvement market in Australia is forecasted to reach $18.7 billion by 2025.
- • Online sales of home improvement products in Australia grew by 68% in 2020.
- • Homeowners in Germany spend an average of €4,947 on home improvement projects annually.
- • Renovations accounted for 85% of total home improvement spending in Germany in 2020.
Step aside, HGTV – the home improvement industry is taking the world by storm with jaw-dropping statistics that would make even the most seasoned DIY enthusiast reach for their toolkit. With the global market set to skyrocket to $1,120.9 billion by 2027 and U.S. homeowners shelling out an average of $17,140 on renovations in 2020, its clear that sprucing up living spaces is more than just a passing trend – its a full-blown obsession. From millennials dominating the shopping scene to energy-efficient upgrades in Canada, and even French DIY aficionados making a stylish statement, these numbers prove that when it comes to home improvement, the only way is up!
Consumer Spending Trends
- The average homeowner in the U.S. spent $17,140 on home improvements in 2020.
- DIY home improvement projects have increased by 15% since the COVID-19 pandemic began.
- The most popular home improvement projects among U.S. homeowners are bathroom renovations, kitchen remodels, and landscaping.
- Energy-efficient upgrades account for 74% of Canadian home improvement projects.
- 71% of homeowners in the U.K. undertook home improvement projects during the COVID-19 lockdown.
- Homeowners in Germany spend an average of €4,947 on home improvement projects annually.
- Homeowners in the UK spent an average of £4,035 on home improvements in 2020.
- Outdoor living projects account for 56% of home improvement spending in Australia.
- DIY projects represent 28% of total home improvement expenditures in Japan.
- 64% of homeowners prioritize sustainable and eco-friendly products when undertaking home improvement projects.
- In 2020, 61% of UK homeowners used savings to fund home improvement projects.
- 39% of homeowners in the U.S. plan to take on a home improvement project within the next year.
Interpretation
In a world where home is not just where the heart is but also where the wallet opens wide, the home improvement industry is thriving with a vengeance. From DIY enthusiasts channeling their inner Bob Vila to eco-warriors armed with solar panels, one thing is clear: pandemic or not, homeowners are determined to make their living spaces shine brighter than a Kardashian diamond. So, whether you're sprucing up your bathroom to rival a spa retreat or turning your kitchen into a Michelin-starred restaurant, remember this - a house is not a home until you've spent enough to make the neighbors jealous and the DIY store clerks remember your name.
Demographic Insights
- Millennials account for 57% of home improvement shoppers in the U.S.
- French consumers aged 25-34 represent 29% of DIY home improvement shoppers.
Interpretation
The home improvement industry is witnessing a generational shift as Millennials take the lead in revamping their living spaces, with a whopping 57% of U.S. home improvement shoppers falling into this category. Meanwhile, the French have turned DIY into a chic endeavor, as consumers aged 25-34 make up a significant 29% of this market. It seems the younger generation is not only keen on sprucing up their homes but also embracing the challenge of tackling projects themselves. Who knew that power tools and paint rollers could become the new must-have accessories for the stylish and savvy homeowner?
Industry Specific Segments
- In 2020, the home improvement industry in the United States generated revenue of $420 billion.
- The average return on investment for a minor kitchen remodel in the U.S. is 77.6%.
- Renovations accounted for 85% of total home improvement spending in Germany in 2020.
- Bathroom remodeling projects have the highest ROI, averaging around 70% in the U.S.
Interpretation
2020 proved to be a lucrative year for the home improvement industry, with revenue reaching a staggering $420 billion in the U.S. Apparently, minor kitchen remodels have become the golden goose of home renovations, boasting an impressive ROI of 77.6% - not bad for sprucing up your cooking space. Meanwhile, our German counterparts seem quite keen on giving their homes a makeover, with renovations dominating a whopping 85% of total home improvement expenditures. And who knew that revamping your bathroom could be so financially rewarding? With an average ROI of around 70%, it seems like a bathroom upgrade might just be the ticket to a prosperous home improvement journey.
Market Size and Growth Projections
- The global home improvement market is expected to reach a value of $1,120.9 billion by 2027.
- The home improvement industry in Canada is estimated to be worth $80 billion.
- Smart home technology in the UK home improvement market is expected to reach a value of £11 billion by 2023.
- The home improvement market in Australia is forecasted to reach $18.7 billion by 2025.
- Online sales of home improvement products in Australia grew by 68% in 2020.
- The DIY home improvement market in France is valued at €26.4 billion.
- The home improvement market in China is projected to grow at a CAGR of 12.2% from 2021 to 2028.
- Online sales of home improvement products in China increased by 72% in 2020.
- The share of digital buyers in the home improvement market in China is expected to reach 53.9% by 2028.
- The global home improvement market is expected to grow at a CAGR of 3.5% from 2021 to 2026.
- The home improvement market in India is estimated to reach $236 billion by 2030.
- Smart home technology market in India is expected to grow at a CAGR of over 30% from 2020 to 2025.
- The global renovation market is projected to reach $2,329.5 billion by 2027.
- Home renovation segment in the U.S. is forecasted to grow at a CAGR of 4.9% from 2021 to 2028.
- The global DIY market is estimated to reach $691.7 billion by 2027.
- The home improvement market in Brazil is anticipated to grow at a CAGR of 6.3% from 2021 to 2026.
- The global home decor market is expected to reach $1,047.84 billion by 2027.
- The smart lighting market for homes is projected to grow at a CAGR of 14% from 2021 to 2028.
- The global kitchen renovation market is estimated to reach $44.1 billion by 2025.
- The market for home office furniture is expected to grow at a CAGR of 6.5% from 2021 to 2026.
- The global window insulation market is projected to expand at a CAGR of 9.8% from 2021 to 2026.
- The market for luxury home improvement products is anticipated to grow at a CAGR of 5.9% from 2021 to 2028.
Interpretation
In a world where changing light bulbs can spark a billion-dollar industry, the home improvement sector is truly illuminating. From Canada to China, and beyond, the global appetite for upgrading living spaces is reaching dizzying heights. As online sales soar faster than a poorly assembled bookshelf, it's clear that the digital age is hammering its way into this traditional market. With smart technology and luxury products becoming the new must-haves, it seems that even our homes are getting an upgrade to keep up with the times. So take heed, fellow homeowners, for the future of DIY could be just a click away.
