During economic uncertainty, one can’t guarantee that any job is safe. However, some industries are quite resilient and can withstand tough economic times. Others aren’t so strong and experience a decline in revenue because they aren’t considered essential. The same principle applies in the home improvement market, where some industries are more stable. Take a look at this breakdown of the most and least stable industries within the home improvement market.
Some industries are still likely to do well despite hard times. That’s because people no longer see home improvement as a luxury but a basic need. This could explain why, according to Statista, in 2020, the U.S. home improvement expenditure added up to about $457 billion. With that said, here is a list of the most stable industries.
Home repair and maintenance play a huge role in preserving a home and making it safe. If your toilet leaks, you can’t ignore the issue because of a lack of money. You have to make compromises to find money to fix it. The same applies to most repairs to the house. They have to be fixed immediately, or they make your home unsafe or uninhabitable. Because of this, general home maintenance and repair tend to have stable demand even in tough times.
One of the easiest and most common home improvement projects is painting. It’s an affordable project with a significant impact. When a homeowner plans to sell or renovate their home, they’ll first consider repainting the house. It makes both the interior and exterior space appear new. Because of the impact it creates, the painting industry remains among the most stable industries in the home improvement market.
Everywhere you turn, the world is talking about the advantages of sustainability or energy efficiency. This has motivated homeowners to adopt eco-friendly practices. Such a move puts industries related to producing sustainable and energy-efficient materials at an advantage. The more attention is placed on environmental responsibility, the more the demand for these goods increases.
Another industry that’s considered stable is the roofing industry. A roof plays a huge role in any property, which is why this industry is likely to remain stable. In addition, roofs are considered long-term investments. For example, an asphalt shingle roof can last between 15 and 30 years. Aside from occasional repair and maintenance, once you install a roof, you don’t have to think much about it. Because of this, a business that does roofing repairs and replacement is still likely to go on despite hard economic times.
Now take a look at the least stable home improvement industries.
Home design and decor depend on changing trends. Window treatments, wallpapers, and furniture all depend on consumers’ ever-changing needs and preferences. A business that doesn’t keep up with evolving trends can experience less stability. In addition, keeping up with trending designs and decor isn’t always a basic need for consumers. They may decide to maintain outdated decor in their home because of financial constraints.
Outdoor landscaping and gardening are seasonal projects, which explains why businesses in this industry can experience some instability. For example, homeowners don’t use their swimming pools or gardens the entire year, reducing the need for these services. In addition, some materials used in landscaping are quite costly, including natural stone. According to Norway’s Geological Survey, as a general rule, only about 5-20% of what is mined from natural stone outcrop can be marketed. That drives up the cost of natural stone, reduces the demand, and leads to unstable businesses.
If you’re an entrepreneur thinking of getting into the home improvement business, these are the most and least stable industries you can get into. It’s also important to understand factors like market conditions and location can also affect the stability of a business when choosing which niche to venture into.
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