Closets and home storage industry trends, opportunities
Posted by Karen M. Koenig
Photo by Closet America
With remodeling still a big business, sales of home organization products are expected to continue to flourish, with projections showing a 3.8% rise annually through 2023 to $12.7 billion, according to research by The Freedonia Group. The study, Home Organization Products, likewise projects closet home organization products to reach $3.4 billion in 2023 with a CAGR at 4.8%.
The continued trend for decluttering and downsizing by young and aging homeowners is one of the many factors spurring the market value. The popularity and proliferation of renovation shows, which often include closet and garage makeovers, is also providing a boost to the business. According to a recent National Association of Realtors’ Home Preferences study, the majority of buyers wanted more or larger closets and more storage space, with a walk-in closet in the master bedroom the second most important feature considered when purchasing a home.
Click to enlarge the infographic, plus find more market data in the December 2019 FDMC Wood Industry Almanac.
Quick Stats
Soft-close hardware, accent light, full-extension drawers, shelf racks/shoe cubbies, islands and jewelry tray inserts are among the most requested upgrades for closets, according to a 2019 study by Closets & Organized Storage. In the garage, homeowners requested cabinets, workbenches, shelves, slotwall and countertops.
Revenue in the closets, nightstands and dressers segment is estimated at $20.771 billion for 2019, according to a report by Statista. The market is expected to grow annually by 0.3% (CAGR 2019-2023).
According to a recent National Association of Realtors’ Home Preferences study, the majority of buyers wanted more or larger closets and more storage space, with a walk-in closet in the master bedroom the second most important feature considered when purchasing a home
Survey information from Closet Factory finds the average person spends at least 15 minutes a day in front of the closet.
Two-thirds of American adults claim they could use more home organization products in their home, according to Home Organization in the U.S.: General Purpose, Closets, Garages, and Storage Sheds, 4th Edition, a report by market research firm Packaged Facts.
A recent Closet Clutter-Organization Survey from ClosetMaid found over half of the 2,000 Americans surveyed admitted they had a clutter issue, with about 23 miscellaneous and unnecessary items in their home; 57% said they keep items for sentimental reasons, while a third procrastinate throwing things away.
Market Data Sources: The Freedonia Group, Statista, Woodworking Network/Closets & Organized Storage, National Association of Realtors, Harvard Joint Center for Housing Studies, Houzz, Statista, Closet Factory, Packaged Facts.
Category: Closets & home organization includes: walk-in and reach-in closets, garages, mudrooms, pantries, laundry rooms and related products.
