Home improvement industry sales in Canada 2010-2023
The statistics show that home improvement industry sales reached approximately 52.5 billion Canadian dollars in 2020. This was a big increase in comparison to the figure in 2019. The sales value was projected to continue growing in the coming years. Canada is home to many home improvement retailers include two U.S. big retailers The Home Depot and Lowe’s, with the largest number of stores being located in Ontario.
Competition for sales
Both building centers and big box stores have been the two main types of stores where consumers spend their money on home improvement products for a long time. They hold a share of around 46% and 26% of the whole market, respectively. When it came to retailers, in 2020 Home Depot is the industry leader in terms of annual sales, as Home Depot Canada brought in approximately 10.4 billion Canadian dollars in sales. Lowe’s Canada and Home Hardware Stores followed in second and third place, with sales of roughly 8 and 7.7 billion Canadian dollars respectively. From the history sales data we can see the Canada market is attractive for home improvement supplies because of its current consumption habits. More and more Canadians prefer to go to home improvement stores for sourcing products to improve their living house, and it has become a trend that people like to do DIY projects once they are free.
According to a survey did in 2019, Home Depot is Canadian consumers’ favorite DIY and home improvement retailer to shop at by a large margin. There were totally 182 Home Depot stores nationwide in 2020.
What is the Canadian home improvement industry worth?
Before the Covid-19 happens, the Canadian home improvement industry generated approximately $50 billion in sales. Consumers in Canada were most likely to spend their money in building centers and big box stores with a market share of 46% and 26% respectively. Between 2015 and 2020, the average home improvement industry growth in Canada was at 1.3%.
The market value of Canadian home improvement stores is $25 billion. According to the statistics, there are 2,269 home improvement companies and they employ 88,879 people in Canada. This means there are a large number of people in this industry, and the market requirements for the products from home improvement stores are huge, in the meanwhile, the actual sales revenue is related to the economic status of the year.
Post time: Jul-18-2023