While rising consumer interest in remodeling and renovation activities enabled home improvement companies to profit significantly amid the pandemic-led remote lifestyles, soaring inflation and declining home sales due to increasing mortgage rates have been affecting the industry lately.
Although pending home sales rose slightly in May, rising prices and higher mortgage rates are crimping the enthusiasm of buyers. Nonetheless, growing interest in DIY décor trends should help home improvement companies to stay afloat. The global do-it-yourself (DIY) home improvement retailing market is expected to grow at a 4.4% CAGR to $1.28 trillion by 2030.
