Jun 6, 2023
Steady growth forecast for hardware market
The consumer hardware market (locks, fasteners, and gate and decorative hardware) is forecast to continue to grow this year before declining in 2025 and then recovering through 2027, says the Home Improvement Research Institute (HIRI). Its ‘2023 State of the Hardware Industry’ report says most of the products in this category are purchased for a planned repair/replace reason (39%) or a planned add (24%), while 12% of purchases are part of a larger remodeling project. Most installations are made by homeowners, but pros still make up about a quarter of installations. When it comes to installation, consumers value convenience (37%) and speed (28%) over cost (17%). Customers’ top priorities in choosing hardware were durability (53%), quality (45%), and price (29%). Three-quarters of customers say they are taking on home improvements because they want to make upgrades to their home to be able to age in place. As well, 70% want to get as much information as possible about a product before they buy it and 68% prefer one-stop shopping over going to several stores.
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