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Industry & Trends

Which Three Retailers Did More Than Half of All Home Improvement Business in 2023?

Together they accounted for just over six out of every ten dollars in consumer spending on home improvement goods and services last year.

The retail business for the home improvement sector continues to get more and more concentrated but even those in the industry might be surprised to know exactly how concentrated. New numbers from the Numerator Home Improvement Tracker provide the answers.

Last year, just three retailers accounted for about 61 percent of all consumer spending in the home improvement space. The actual players may not be surprising but the market shares could be. Home Depot leads the business with 28.1 percent of all spending, followed by Lowe’s at 17.3 percent. Number three is Amazon, which garnered 15.8 percent of consumer expenditures in the category.

The study found that the top reasons for choosing a particular retailer to buy from were convenient location (44.2 percent), best prices (43.9 percent) and product options/availability (36.1 percent). Purchases were driven by several key factors: needed for a small DIY project, 33.5 percent; replacing a broken or damaged item, 14 percent; and just wanting the item, 13.5 percent.

Numerator’s report said that while most home improvement categories are still dominated by brand names, private label goods have their largest shares in hand tools (40.1 percent), lawn and garden (22.5 percent) and bathroom (22.5 percent).

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