Home Improvement Spending Forecast To Stabilize

Spending on home improvement will increase 2.8 per cent in 2023 to $382.5 billion, forecasts the Home Improvement Research Institute (HIRI), a market research company in the home and building products industry. The organization says that consumer spending on home improvement products will steady after two years of extreme demand following the COVID-19 pandemic. Rising inflation, reduced real household income, and completed projects will also contribute to the slower increase. However, looking at growth over the last 10 years, the 2.8 per cent increase reflects a healthy market, says HIRI. In 2020 and 2021 alone, consumer spending on home improvement soared to 15 per cent and 13.3 per cent, respectively, as homeowners invested time and money into their spaces that served as homes, offices, schools, and gyms.