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Hardware industry trends
Source: | Author:Anonymity | Published time: 2023-08-01 | 370 Views | Share:

 The main marketing trends of the hardware retail industry

    According to the Home Improvement Institute, the home improvement industry is worth about $220 billion a year, and that number is expected to rise. The industry's products alone are estimated to be worth $120 billion.

    While many retail industries experienced sales declines in 2020, hardware retail was not one of them. Unlike their peers, many hardware retailers are benefiting from an increased focus on home living Spaces in 2020 and 2021. As consumers' world shrinks to the four walls of their home, they find time and a renewed interest in learning to tackle home improvement projects, leading hardware retailers achieved the second-fastest growth among retailers in the first half of 2021.


Covid-19 and its impact on brick-and-mortar retail

     In the run-up to 2020, retail is increasingly digital, but many brick-and-mortar retailers have not only survived but thrived without providing an online shopping experience. However, the Covid-19 pandemic has caused rapid and significant disruption to the retail sector, with many retailers having to adapt their businesses to the online marketplace and find new ways to reach existing customers and attract new ones.

     However, the hardware retail landscape is unlikely to return to what it was before the pandemic. Customers who have adopted new search and shopping methods in the past year are unlikely to fully revert to old habits. Therefore, experts in the hardware retail industry and digital marketing need to create and implement data-driven physical and digital marketing strategies to continue to improve the customer experience and drive business in the years to come.


Hardware Store and Retail Market Research Report

    High-quality market research can provide retailers with data about the products consumers want and the types of content they find attractive. It can also reveal emerging trends, enabling businesses to target new avenues for growth or better personalize the shopping experience.



How do hardware store owners adapt to the changing market?

    To remain competitive in a rapidly changing market, hardware retailers must combine solid data and market research with robust and adaptable digital marketing strategies. While independent local hardware retailers may not have the in-house data analysts or marketing teams of large retailers, they can stay competitive by listening to the market, monitoring trends, and executing strategies.


Revenue


Analyst Opinion

    Despite global supply chain issues and a raging epidemic, major players in the DIY and hardware store market experienced double-digit year-over-year growth. These numbers are the result of COVID-19 restrictions, which require many people to stay at home and provide them with opportunities for home improvement activities.

    Over the past two years, these restrictions have led to a decrease in spending on activities such as travel outings and restaurant meals, as well as an increase in household spending, such as shopping for groceries and do-it-yourself (DIY) projects. The DIY and hardware store markets have benefited greatly from this shift in behaviour; However, many are starting to question whether this growing interest in DIY activities will continue as countries begin to lift COVID-19 restrictions.

    There is evidence that the growth seen during the pandemic may now be slowing. The top DIY and home improvement retailers posted single-digit growth in the fourth quarter of 2021, well below the double-digit growth in the same period last year. As more discretionary spending shifts from the home to the outdoors, we will continue to see DIY and hardware store market growth return to pre-pandemic levels. While this may sound like bad news to some, we view it as positive and expect steady growth between 2023 and 2027 due to growing demand for housing and the continued desire for home renovations.