$763 Billion Industry… and Growing
Home Improvement Industry Facts
The home improvement industry has been on the upswing and experts agree that trend will continue. Homeowners globally spent over $763 billion in 2020, with $440 billion in the U.S. alone. The global home improvement market is expected to reach $1,009 billion by 2027, with the U.S., Canada, and the rest of North America accounting for more than 53% of sales.
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, with 61% of homeowners opting to update rather than move.
Most Popular Home Improvements
Major changes such as kitchen and bath renovations, replacing flooring or doing major repairs drive the bulk of home improvement projects.
- Most home improvement projects are $5,000 or less.
- 25% of U.S. homeowners spend between $10,000 and $25,000.
- Almost 50% of Canadian homeowners say they’ll spend around $10,000 on home renovations in 2021.
A key indicator for the type of home improvements or updates many homeowners do is the overall global home decor market. Currently at $641.4 billion, the global home décor market is a good gauge of what homeowners are doing to improve their homes. Most homeowners include a décor change like window coverings to big ticket kitchen and bath remodeling, room additions and window or door replacements. Or they switch out blinds, drapes or shades as a stand-alone update.
Top Reasons for Home Improvement Projects
The Budget Blinds franchisee is perfectly positioned to take full advantage of the top reasons customers improve their homes.
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 most consumers say they do renovation or décor projects are:
- Improving design and functionality
- Keeping up with decor trends
- Upgrading a home before selling it to maximize value
- Make their home more appealing, more energy-efficient, comfortable
- Almost 50% of the renovation projects will include smart technology
Window Coverings Industry
Global window coverings were a $29.95 billion market in 2020 and projected to hit $36.75 billion by 2025. The vast majority of the market is in North America with the U.S. historically leading. Blinds and shades are the top drivers in the category with a 39.5% share.
Experts attribute this growth to a better economy and more disposable income. A major reason for the increase is that customers simply like to change out home decor often. Consumers see it as an affordable, quick, and easy way to get a new look. For example:
- 75% of Budget Blinds Customers purchase window coverings for more than one room
- 53% of Budget Blinds Customers spent over $1,500, with 20% spending over $2,000
- 91% of Budget Blinds Customers are satisfied with their experience
Another major growth factor in the window coverings market is the increasing demand for smart technology. 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.
Ready to Join the #1 Home Improvement Franchise?
For over 30 years, our proven, award-winning business model continues to make our franchisees a success.
- Extensive customer reach
- Depth and breadth of product assortment
- Unparalleled in-home customer experience
- Smarter, more convenient choice for window coverings
- A nationwide company to serve multiple locations
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