As home improvement growth slows, consumers turn to e-commerce

YipitData industry report shows Amazon growing share, ranking second behind The Home Depot

NEW YORK, Aug. 17, 2023 /PRNewswire/ -- The home improvement industry has seen significant sales shifts towards online shopping, with generalist retailers such as Amazon making significant market share gains against specialty retail leaders such as The Home Depot. YipitData's State of the Home Improvement Industry Report provides visibility into the dynamics of the $220 billion home improvement market, covering industry trends and growth by channel, retailer and subcategory.

• Home improvement GMV sales growth at a modest 2-3% YoY in 1H 2023 vs 23.5% YoY in 2021.
• More than ⅓ of total home improvement sales in 2023 were made online. Generalist retailers, led by Amazon, are capitalizing on the shift to e-commerce.
• Various subcategory performance is evolving due to consumer preference changes, including hand & power tools, outdoor power equipment, and lawn & garden.

"Our goal is to help retailers and brands answer their key questions on evolving consumer behavior with actionable data," said Dan Pellegrinelli, VP of Research at YipitData. "The re-calibration of baseline consumer behavior is impacting each category differently in 2023. The home improvement sector deserves to be watched as pandemic spending grew the category significantly."

YipitData, a leading market research data provider, today announced the launch of the 1H23 State of the Home Improvement Industry Report, an analysis on the performance of the market over time. The report, compiled by YipitData's retail and ecommerce analysts, tracks trends and estimated sales using the company's trusted alternative data solutions.

To dive deeper into the data and find out what's driving these changes, contact [email protected]. The full report is available at yipitdata.com/resources/white-papers/1h23-hi-industry-report.

About YipitData
With over 205MM home improvement data points annually, YipitData has coverage across 8k distinct brands and key retailers, including Home Depot and Lowe's, giving you the visibility you need to make better business decisions. Our proprietary approach combines data (physical/email receipt, cc, web-scraped, etc) with predictive modeling to give you the most accurate and granular read on your market performance with only 7-10 days of lag. For more information, visit YipitData.com.

SOURCE YipitData

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