Hardware Retailing

JUN 2018

Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.

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HARDWARE RETAILING | June 2018 16 Trends U.S. Home Improvement Market Shows Growth The Home Improvement Research Institute (HIRI) has released its Home Improvement Products Market Forecast Update. The study provides updated estimates of the size and overall value of the home improvement market. It also sheds light on the growth of key categories and changes in consumer and professional home improvement trends. The annual growth rate of the U.S. home improvement products market rose from 5.5 percent in 2016 to 5.7 percent in 2017. HIRI predicts it will grow to $386.6 billion in 2018, reflecting a 5.3 percent growth rate. HIRI also estimates that, by 2022, sales could reach as much as $445.6 billion. Overall, the pace of growth of home improvement product sales is expected to rise by 5.3 percent in 2018. HIRI's study reveals that lumber and building materials saw the biggest year-over-year growth in 2017. Applied to Retail Though the rate of growth for home improvement product sales is expected to decline toward 2022, independent home improvement retailers should take note that HIRI estimates overall sales will continue to climb. Retailers should continue to cater to both professional and DIY customers, the data indicate. Sponsored by HIRI | HIRI.org Source: Home Improvement Products Market Forecast Update Source: Home Improvement Products Market Forecast Update Home Improvement Products Market Annual Growth Graph represents data from both consumers and professionals Home Improvement Product Sales by Category HIRI tracks several categories in its market forecast reports. Below are four that apply to hardware retailers and suppliers. For access to additional categories join HIRI at HIRI.org. Hardware 2017 sales: $14.6 billion 2018 expected sales: $15.3 billion Plumbing Supplies 2017 sales: $24 billion 2018 projected sales: $25.6 billion Tools 2017 sales: $18.5 billion 2018 projected sales: $19.5 billion Electrical Supplies 2017 sales: $25.4 billion 2018 projected sales: $27 billion 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 HIRI is a member-driven nonprofit dedicated to conducting home improvement research exclusively for its members. Covering contractors and professionals, categories and channels, HIRI's efforts help leading manufacturers and retailers evaluate market conditions to inform their businesses. To learn more about HIRI and to become a member, visit HIRI.org. -9.3% .5% 4.8% 3.5% 6.5% 6.2% 6.0% 5.5% 5.7% 5.3%

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