Homeowner Purchases of Lawn & Garden, Electrical & Lighting Products Lead Growth in Home Improvement Industry

NEW YORK, July 23, 2014 /PRNewswire-USNewswire/ -- The Lawn & Garden and Electrical & Lighting categories led homeowner purchases in the home improvement products market last year, according to a new report by the Home Improvement Research Institute (HIRI, http://www.hiri.org), the primary authority for information on home improvement products and services in North America.

HIRI's 2014 Product Purchase & Project Activity Tracking Study is the industry's most comprehensive overview of how homeowners improve, repair and maintain their homes.  The biennial benchmarking study provides detailed data on home improvement projects completed, and products/services purchased, in 2013 as compared to prior years. 

"The home improvement market is on the rise.  Our Home Improvement Products Market Forecast Update, released in March 2014, values the 2013 market at $289.8 billion, up 4.2% over 2012, and we are projecting 6.5% growth for 2014 to $308.6 billion," said HIRI managing director Frederick Miller.  "As the market shows continued growth, our new Product Purchase Tracking study reveals its most active categories, key demographic groups buying, and where consumers make their purchases.  This is a major aid to building marketing strategies and identifying market opportunities. "

Among the study's findings:

• Homeowners continue to purchase more Lawn & Garden and Electrical & Lighting products than other product categories; 50% or more of homeowners have purchased each in 2013.
• The top home improvement projects completed by homeowners in 2013 were planting a garden, shampooing carpeting, and painting a room.
• The most frequently purchased home improvement services are lawn mowing, heating or air conditioner maintenance, and pest control.
• Over one-third of homeowners purchase the majority of products at one walk-in store, but a quarter shop around to find the best price.
• Home improvement TV/cable programs, led by HGTV's House Hunters, Love it or List it, and Property Brothers, are the third most common source of product and project information for homeowners, after online/Internet and friends/relatives.

Included with the study is a comprehensive segmentation analysis.  "By combining an examination of consumer passion for home improvement with their spending behavior, we get unique insights into market opportunities," said Miller.

The 2014 Product Purchase & Project Activity Tracking Study as well as updated industry forecasts will be presented at HIRI's Fall Conference, to be held October 16, 2014 in Chicago.  For more information and additional independent research on the home improvement industry, visit http://www.hiri.org/?page=Media.

About the Home Improvement Research Institute (HIRI)
Founded in 1981, HIRI is a membership-based, independent, nonprofit organization of 70+ manufacturers, retailers, wholesalers and allied organizations in the home improvement industry, including founding members Lowe's, Masco and Stanley Black & Decker.  HIRI is the leader in independent research on the industry.  For more information, visit https://www.hiri.org/.

SOURCE Home Improvement Research Institute