Home improvement companies benefited significantly from surging consumer interest in renovation and remodeling activities amid the pandemic-led remote lifestyles. However, sowing home sales this year with soaring mortgage rates amid the multi-decade high inflation is hurting the industry’s growth. Many home improvement companies have witnessed sales declines lately.
However, since many economists believe inflation has peaked, the demand for homes and home improvement should rebound soon with declining mortgage rates. Moreover, soaring 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. The global home improvement market is expected to grow at a 6.4% CAGR to reach $514.90 billion by 2028.
