Despite multi-decade high inflation and recession fears, home spending was higher than in pre-pandemic years as people returned to more normal home spending patterns. Angi’s ‘State of Home Spending’ report stated that an average of $12,904 was spent on home improvement, home maintenance, and emergency repairs in 2022 across an average of 12.5 projects.
With a slight ease in inflation and the holiday season being around the corner, the industry is likely to benefit from the increased consumer spending. Moreover, adopting smart home technology, hybrid lifestyles, and rapid urbanization will likely bolster the industry’s growth prospects.
