Home Improvement Industry Facts
Home Remodeling Industry
The home improvement industry has been on the upswing and experts agree that trend will continue. In 2023, the U.S. residential remodeling market was estimated at $527.36 billion and it is projected to grow at a compound annual growth rate of 4.6% from 2024 to 2030.
According to recent home improvement industry statistics, the average age of homes is key factor in the continued growth of the home improvement industry. The older the home, the more likely the customer will remodel, renovate, or redecorate. Over 50% of American homes were built before 1980, and 38% befoe 1970. with 61% of homeowners opting to update rather than move.
Most Popular Home Improvements
Home improvement projects can encompass anything as simple as repainting a room, changing the light fixutres, upgrading window treatments, all the way to major improvements, kitchen and bath renovations being among the most popular home improvement projects. “Smart” home enhancements represent a growing share of the most popular home improvements, with consumer spending increasing as much as 20% every year since 2016. Budget Blinds is capitalizing on this improvement trend with our Smart Home Collection of window coverings.
A key indicator for the type of home improvements or updates many homeowners do is the overall global home décor market. Reaching $749B in 2023, the global home décor market is a good gauge of what homeowners are doing to improve their homes.
Top Reasons for Home Improvement Projects
Decorating projects like changing paint colors, replacing hardware, or upgrading window treatments are a favorite go-to for consumers. They like the fact that these kinds of home improvement projects can happen relatively quickly. Consumers love how immediate the change is. The reasons for home improvement projects include:
- Improve design and functionality
- Keep up with current decor trends
- Upgrade a home before selling to maximize value
- Make their home more appealing, more energy-efficient, comfortable
- Adding convenience through smart home technology
Window Coverings Industry
Global window coverings were a $34.5 billion market in 2023 and projected to grow at a CAGR of 8.5%. The vast majority (39%) of the market is in North America, with the market size valued at over $13 billion.
Experts attribute this growth to a strong economy and more disposable income. A major reason for the increase is that customers simply like to change out home decor often, especially window coverings. Consumers see it as an affordable, quick, and easy way to get a new look.
Another major growth factor in the window coverings market is the increasing demand for smart technology. The automatic window covering market is expected to grow at a CAGR of 9.8% from 2024 - 2030. Consumers are looking for products that are easy to use and provide extra benefits such as energy efficiency. More and more, consumers are choosing window treatments with automatic weather sensors and remote controls.
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