In 2023, the global home improvement market faced a downturn, contracting by 3.9% to reach a value of €667 billion. This decline comes after a robust period of 35.4% growth from 2019 to 2022, equivalent to an annual growth rate of 10.6%.Regional variations influenced the overall market performance, with the Asia-Pacific region being the sole bright spot. This area, led by China, saw a growth of 4.1% in euro terms, adding €11.3 billion (+9.1%) to the market in 2023. However, other regions struggled. The Africa/Middle East and North America markets each saw significant declines of 12.6% and 8.4%, respectively, while Latin America and Europe also contracted by 4.8% and 3.5%."2023 was not a favorable year for the global home improvement industry," comments Michael Greiner, editor at Dähne Verlag, which published the latest Home Improvement Report. "Following an extraordinary global boom during and after the COVID crisis, we're now seeing the delayed impacts of multiple crises affecting DIY stores and the home improvement sector."The data originates from the Home Improvement Report Retail Worldwide, developed in collaboration with the Edra/Ghin and Hima trade associations and Dähne Verlag. "In turbulent times, reliable data is crucial," notes Reinhard Wolff, President of HIMA, while John Herbert, General Secretary of Edra/Ghin, extends gratitude to association partners and companies worldwide for their input.China's growth in 2023, which increased by 9.1%, is based on national statistics on direct sales from factories to end consumers and businesses, which rose 16.3% to €113.7 billion. However, retail sales in the sector saw a contrasting decline, falling by 17.4% to €21.6 billion.In North America, despite being the largest regional market at €308.7 billion, sales contracted by 8.4%. Only Mexico showed growth (+3.5%), while the U.S. and Canada saw declines of 9.9% and 7.4%, respectively, in real and local currency terms.The Asia-Pacific region, the second largest after North America, saw several key markets thrive, with substantial growth in Indonesia (+24.4%), China (+17.9%), and Thailand (+9.2%). China now ranks second globally, with a market volume of approximately €136 billion, following the U.S. at €278 billion.In Europe, Bulgaria, Portugal, and Russia achieved growth, but the largest markets in Germany, France, and the UK faced declines of 9.6%, 8.7%, and 7.8%, respectively. Germany's home improvement sector generated €28.9 billion, France €21.8 billion, and the UK €16.7 billion. Eastern Europe saw the steepest drops, notably in Belarus (-35.6%), Lithuania (-32.9%), and Finland (-23.7%).
This detailed data sheds light on the industry's challenges in 2023, highlighting a need for resilience amid global uncertainties.The
