Review of key hardware trends
The crucial question at the heart of every store, hardware or otherwise, is "what do people want and need?"
The Farnsworth Group, which conducts extensive research in the hardware and building materials markets, offers a slew of insights into what consumers are increasingly seeking (and buying). Here's a look at top trends owners should consider to finish 2024 strong and plan for a healthy 2025.
The outlook for 2025 looks positive.
This year bas been down, but thing could be looking up. Farnsworth writes: "According to the August Size of Market release by The Home Improvement Research Institute, the hardware market is anticipated to rebound into positive territory in 2025. After rapid growth of 7.8 percent in 2019-2022, and -1.0 percent forecasted for 2024, 2025 looks bright with a 2.5 percent growth rate."
Physical stores still matter.
According to Farnsworth, in-store purchases still make up three out of four transactions for hardware products.
Smaller projects are rising.
The pandemic boom of heavy-hitting home projects has tapered down considerably. Now, repair and remodel is the name of the game. Farnsworth explains: "About one in four hardware purchases are for planned additions in residential spaces. Meanwhile, purchases made during larger remodeling projects account for only about one in 10 hardware purchases. This means consumers are more often influenced by the need for specific items to accomplish a particular repair or project, rather than purchasing generic products for more comprehensive home remodels."
Have plenty of nails, screws and anchors on hand.
These are the most common purchase in the hardware market, per Farnsworth, followed by door knobs and locksets. Kick plates, door knockers, house numbers and mail slots also remain popular.
Outdoor living projects continue to rise.
"Outdoor structure hardware purchases increased by approximately 280 percent between 2017 and 2021," per Farnsworth, and the latest data still shows strong demand for pergolas and other products designed to maximize backyard enjoyment.
Durability often outstrips price.
"This data suggests that consumers are willing to pay a little more if they believe a product will last longer and make it so they don’t have to do maintenance as frequently," according to Farnsworth.
"Smart" locks still haven't taken off.
Consumers still "overwhelmingly" prefer old-school keyed exterior door knob and lock sets rather than remote or keyless features, according to Farnsworth.
Consider small-dollar features, flair and flourishes.
Farnsworth explains: "Interior hardware—from cabinet hinges and handles to shelving brackets and hanging devices—offer a cost-effective and simple way for homeowners to personalize their space while doing repairs or small renovations."
Think about items that might enable consumers to spruce up their space without making major overhauls.
