Thanks for Visiting!

Register for free to get the full story.

Sign Up
Already have a account? Log In

2023 First Look: Home Improvement Update

Ezra Carmel
February 15, 2023
2023 First Look: Home Improvement Update

During the pandemic years, a foot traffic boom was the major storyline in the home improvement retail category as many consumers were spending more time at home and investing in their spaces. But in 2022, macroeconomic headwinds and a pull-forward of demand contributed to a dip in home improvement visits when some non-essential projects were shifted to the back burner. We dove into the home improvement category and its market share leaders – The Home Depot and Lowe’s – for a final take on last year’s foot traffic and a first look at visit metrics for the space in 2023. 

Moving and Improving

Consumers stuck at home drove record foot traffic to the home improvement space in the early days of the pandemic. But surging home sales – of both new and existing units – also drove foot traffic to the category in 2020, since many homeowners took on projects related to fixing up before a sale or settling in after a move. Though fewer consumers bought new homes in 2021 than in 2020, overall home sales in 2021 (sales of both new and existing homes) reached all-time highs and provided a continued lift to home improvement foot traffic. 

In 2022, home improvement retail visits lagged behind previous years as home sales slowed, and with them, the need to complete as many projects. However, If mortgage rates and home prices continue to fall in 2023, as they did in the second half of 2022, home sales could heat up and once again drive significant foot traffic. 

Inflation, Less of a Consideration

The broader trend in the housing sector in 2022 – a home sales slowdown compared to 2021 – and subsequent pullback of demand in home improvement retail contributed to year-over-year (YoY) visit gaps in 2022. But even though home sales slowed significantly in the second half of the year, YoY visit gaps have remained relatively stable since the summer, even narrowing slightly towards the end of 2022. This is likely due to waning inflationary concerns that plagued the category early on in 2022 and a sign that discretionary spending, in terms of home improvement projects, continued to stabilize. 

Staying Put and Fixing Up

The relative stability in the home improvement space demonstrates the tremendous resilience of the category. Although the hot home-buying market is cooling off, year-over-three-year (Yo3Y) foot traffic remains close to pre-pandemic levels due to a shift towards projects aimed at sprucing up a current living space. Demand for projects associated with moving drove home improvement foot traffic when home sales were surging, but it appears that projects that enhance the prospect of staying in place also have the ability to drive visits. 

For a number of months, visits to Lowe’s and Home Depot remained relatively close to where they were pre-pandemic. After reaching 9.7% (Lowe’s) and 8.3% (Home Depot) Yo3Y visit gaps in September 2022, by January 2023, the Yo3Y visit gaps narrowed to just 3.7% and 3.6%, for Lowe’s and Home Depot, respectively. 

Strong Foundations

The home improvement sector looks to be able to capitalize on almost any retail climate. From a pandemic project boom to a home-buying slowdown, the leaders in home improvement retail continue to experience promising foot traffic. 

For updates and more data-driven foot traffic insights, visit

Get 3 brand & industry
breakdowns every week

Subscribe to the newsletter

Great! Prepare your inbox for data-driven insights...
Oops! Something went wrong while submitting the form.

Get a Demo

Please enter your first name
Please enter your last name
Please provide a valid email
Please enter your email
Please enter company name

Thanks for reaching out!

One of our experts will be in touch soon

Try Free
Oops! Something went wrong while submitting the form.
Text Link
Home Improvement
Text Link
Text Link
Home Depot
Black Friday 2023 Retail Recap
Starbucks’ 2023 Holiday Menu & Red Cup Day Performance
Turkey Wednesday 2023
Who Attended the 2023 Pickleball Championship? 
Three Surprising Holiday Shopping Trends
What’s in Store for Ulta Beauty This Holiday Season?
Best Buy and Department Stores: A Holiday Deep Dive
Discount & Dollar Stores: Strength Toward The End of the Year
The State of Off-Price Retail: Discounts Seal The Deal
Placer Mall Index Recap: October 2023 Office Index: October 2023 Recap
Retail Corridors Ahead of the 2023 Holiday Season
California, Here Gap Comes
Checking in With Home Improvement
Getting Into the Glasses Game: Warby Parker Takes Over
Fitness Positioned for a Strong 2023 Finish
White Paper Recap: October 2023
Coffee Giants Brewing Up Business
Popeyes and Burger King Lead the Way
Diving into Yum!
Looking Ahead to Black Friday 2023
Blockbusters Drive Movie Theater Comeback
Crocs and Boot Barn: Shoe-Ins for Success
McDonald’s and Chipotle's Winning Recipe
The State Of Steak: Checking in With Texas Roadhouse
Pleasant Pastimes: Pickleball Potential Proves Potent
Who’s Driving Downtown Manhattan’s Weekend Revival?
Diving into Downtown Manhattan Foot Traffic Trends
Rite Aid: Rightsizing Right
Major League Soccer: Its Die-Hard and Casual Fans
The Anchor Recap: September 2023 Office Index: September 2023 Recap
Placer Mall Index Recap: September 2023
September White Paper Recap
The Consumer Habits of College Students
JCPenney: Rightsizing and Revitalizing
Pent-Up Demand Ahead of October Sales Events
4 Strategies Retailers are Using to Drive Traffic to Their Venues
5 Key Regional Grocery Players Impressing in 2023
Upscale Kitchenware Trending Up
Costco Finds More Room for Growth
Four C-Store Chains Making an A-Grade
National Parks + Outdoor Summer Activities
Diving Into Darden: Summer 2023 Update
The Summer Event Effect
Messi: Massive in Miami
Looking Back on Back to School 2023
The Anchor Recap: August 2023 Office Index: August 2023 Recap Mall Index: August 2023 Recap White Paper Recap: August 2023
Starbucks Pumpkin Spice Latte Strikes Again
Big Scoop: We All Scream For Ice Cream
Sports Away: Lululemon & Nike’s Momentum Continues
Summer Visits Heat Up For Recreation and Outdoor Gear Chains
No CSS overwrite - July 2023 Office Index Recap
Staging - August 2023 Mall Indec
Mid-Atlantic Grocery Deep Dive
Experiential Chains Heating Up This Summer
Petco Goes Big by Going Small
Ulta Beauty: Leading the Discretionary Pack
Discount and Dollar Chains Continue to Thrive
Summer of Sports: DICK’s Sporting Goods and Hibbett Sports
Off-Price: Succeeding Into Summer
The Anchor Recap: July 2023
Superstores Maintaining Pandemic Gains Amidst Economic Headwinds
2023: Home Improvement at the Halfway Point
July 2023 Office Index Recap Mall Index: July 2023 Recap
The Taylor Swift Visit Lift
Southwestern Grocery Dive
July 2023 White Paper Recap: Halfway Point Review & Quarterly Index
Yum! Brands: Driving Dining Visits
Slurpees and Summer Movies Stimulate Consumer Foot Traffic
Cool Beans: Summer Coffee Update
Checking In on Back to School 2023
Crocs and New Balance Tip The Scales
Burger Bliss: Shake Shack and In-N-Out Stacking Visits
Chipotle & McDonald's Continue to Reign Supreme
Vibenomics and Partner to Enhance Retail Media In-Store Measurement
California Grocers Here We Come!
Marriott’s Different Audiences
Bonchon and Kura Sushi Thrive in the Fast-Casual Scene
A Shoe In: Footwear Climbs to the Top
Cheers! Raising a Glass to Beverage Retail Office Index: June 2023 Recap Mall Index June 2023 Recap – A Turn of the Tide and a Dive into Open-Air Lifestyle Centers
Local Kitchens: Redefining the Restaurant
Unlocking Urban Insights: The Value in Manhattan’s Employees
Ohio State Parks On The Rise
How is Inflation Impacting the High-Income Shoppers?
Five Fast-Growing Dining Chains
What To Expect From Prime Day and July Sales Events in 2023
The State Of Fashion: How Are Apparel Retailers Faring in 2023?
2023’s Latest Dining Success Story: GEN Korean BBQ House
The NBA Finals: A Location Intelligence Perspective
Moving the Market: The Impact of Domestic Migration on Housing Costs
Post-Pandemic Museum Update
The Darden-est Things
The Enduring Demand for Urban and Suburban Retail