The US home improvement market grew at a compound annual growth rate (CAGR) of 4% through 2011, to reach a market value of $57.2 billion.
Home improvement in the US is split between two large and diverse groups. On the one hand there is a large segment of DIY enthusiasts who relish the opportunity to work with their hands. On the other, there is a large group of consumers who have very little knowledge of or desire to complete DIY projects.
In all of the products included in home and garden, the US home improvement market was the most severely impacted by the economic downturn. In fact, from 2006 to 2009, retail value sales of US home improvement products fell by 21% as consumers cut back on non-essential purchases. However, consumers are now beginning to reinvest in home improvement projects which they put off during the recession.
Home paint was the most resilient category in the US home improvement market over the years since 2006. Retail value sales fell by only 9% from 2006 to 2011 (compared with a 17% decline for overall home improvement), and it was the fastest growth category in 2011 with a 6% increase. Relative to new sinks and floor coverings, fresh paint is an easy and inexpensive way to remodel.
Stanley Black & Decker (GBO) was the leader in the US home improvement market with a value share of 4% in 2011. The company's share stems from the Stanley brand, which ranked second in hand tools with a value share of 26%, and the Black and Decker and DeWalt brands, which held a combined share of 30% in power tools in 2011.
The US home improvement market is projected to increase by 13% in constant value terms through to 2016. Consumers who put off necessary renovations or repairs are likely to resume spending on these projects as the economy improves and consumer confidence grows.
For more information on the US home improvement market, see the latest research: US Home Improvement Market Report
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.