After strong growth in 2018, the Home Improvement Research Institute (HIRI) projects the home improvement products market will grow 4.1% in 2019 to $405 billion in total sales. The professional segment of the products market is projected to grow 4.5% year over year (YOY) while the consumer market segment is projected to experience 3.9% YOY sales growth, according to HIRI's projections.
Growth in the home improvement products market appears to have plateaued recently and is poised to slow down in the coming years. We [HIRI] have revised our forecast for 2019 sales down compared with our March report, with total sales in nominal dollars now projected to increase 4.1% to $405 billion. Consumer Market sales are expected to increase by 3.9% in 2019 and professional market sales by 4.5%.
We expect the growth of home improvement product sales to slow slightly over the following three years, with growth averaging 2.6% in 2021 to 2023. Consumer market growth will be stronger compared to professional market growth.
HIRI projects product sales will grow at a decreasing rate over the next four years, averaging growth of 2.7% from 2019 through 2022. During this period, HIRI predicts the professional segment sales will grow by an average of 0.6% annually while consumer market sales will grow 3.6% annually during the four-year period.
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