![]() ![]() Much of this growth occurred as a result of the response to Covid. ![]() In 2021, product purchase incidence of paint and sundries was the highest recorded in eight years at 61%, up from 53% in 2019.ĭuring this time, the average annual number of purchases in the category also increased from 4.9 in 2019 to 5.7 in 2021, while the average total spend increased from $165 to $263. The paint industry had a remarkable past two years. Here’s what you need to know about the state of paint. ![]() It’s now up to professionals in the paint and coatings industry to determine the best approach for how to respond to changing market conditions.Īt the Home Improvement Research Institute, we analyze past purchasing trends and future market outlooks. However, the collective of home improvement industry experts predict that growth in the category will slow in 2023. As a result, the demand for paint and coatings has steadily increased. The home improvement market has soared in recent years due to an increasing number of renovation and remodeling projects, rising disposable income, and a growing societal focus on home aesthetics. Whether it’s used to give a room a fresh look, update tired kitchen cabinets or protect a building’s exterior, paint plays a critical role in both the aesthetic and functional aspects of homes. Paint is used in countless construction, renovation and home improvement projects. ![]()
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