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Customized home decor market
Hello! Thank you for your question about the DIY home decor market size. The short version is that the DIY home improvement market in the US is expected to grow at a CAGR of 6.01% between 2017-2021. The DIY wall decor market is a small portion of this wider home improvement market, but should experience a similar amount of growth. The demographic group driving this growth in the US is millennials. A Home Depot study shows that 57% of millennial renters see home ownership as an important goal, compared to 38% of Gen X and 34% of Boomers, and the share of millennial homeowners will rise to 35% this year. Additionally, almost half of millennial homeowners plan on doing DIY home improvement. Below is a deep dive of my findings.
METHODOLOGY
In this report, I focused on the demographics of the DIY market. There is very little data on the wall decor section of the DIY home improvement market, so instead of estimating this data, I looked on several industry news sites to construct an idea of the driving forces in the DIY home improvement market. I also include statistics on DIY market research from marketing research organizations such as Transparency Market Research.
DIY HOME IMPROVEMENT MARKET
The DIY home improvement market is growing quickly in the US. This market includes everything involved in home improvement projects such as lumber, appliances, and tools, and it also includes interior design and home decor. The key vendors in the DIY home improvement market includes stores like Ace Hardware, Home Depot, and Lowe's. As shown in our previous research, the wall decor market is growing at a faster rate than the DIY home improvement market, and assuming that the customized wall decor market is a cross section of the DIY home improvement market and the wall decor market, we can estimate that the DIY wall decor market will grow at a sizable CAGR of between 6-8% between now and 2021.
DIY DEMOGRAPHICS
The widespread popularity of HGTV shows, YouTube videos, and online resources has led to a rapid uptick in renovations and remodels. Millennials are leading this charge, with many millennial first-time home buyers looking for older homes that need remodeling rather than new constructions. Hitwise indicates that millennials are also the largest home-buying age group, with 57% of millennial renters seeking to buy a home compared to 38% of Gen X and 34% of Boomers. The 2017 Houzz and Home survey reports that spending is up for home renovations among millennials and first-time home buyers, and that 52% of homeowners plan to begin renovations in 2017. Many of the people who begin renovations are couples and parents, and much like with the wall decor industry, these projects are increasingly relying on online retailing.
In the wall decor market, the people who buy custom framing are increasingly younger, with 56% of consumers age 44 or less. Custom framing customers have a 15% higher income than overall wall decor buyers at $121,1000, which indicates that people who look for custom framing generally have more disposable income than people who buy off-the-shelves wall decor. However, if more and more millennials are looking for DIY solutions to home decor problems in their newly renovated homes, then custom wall decor at an affordable price point has the potential to sell well.
Millennials are considered people born in the US between 1980 and 1999. They are the largest age group in US currently, and there are an estimated 87 million millennials.
Conclusion
To wrap it up, the market for DIY home improvement will grow in the US at a CAGR of 6.01%. With the US wall decor market expected to grow as well, the custom wall decor market is also expected to grow somewhere between 6 and 8% between now and 2021 in the US. The largest and fastest-growing portion of DIY-ers is millennials, with more millennials looking to buy homes and renovate them than any other age demographic in the US. Targeting millennials online with custom wall decor perfect for tying together a renovation project could be a good strategy for marketing custom wall decor in the future.
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