Sales of Home Organization Products Used in Closets to Grow 4.8% Annually Through 2023

Demand for home organization products used in closets is projected to advance 4.8% per year through 2023 to $3.4 billion. The use of home organization products in closets is well established, as storage is their primary purpose. As a result, closets are the rooms where the largest amount of home organization products are used. These and other trends are presented in Home Organization Products, a new study from The Freedonia Group, a Cleveland-based industry research firm.

Gains will be among the fastest rates posted for all rooms, benefiting from:

• a growing housing stock, increasing the number of bedrooms and attached closets
• continued trends toward larger closets, particularly in newer, higher end homes
• the added value that a closet with home organization products – particularly high end products – provides, promoting upgrades to consumers and builders
• desire for more closet space and organization, resulting in a heightened need to maximize the current space with organization products

Demand for home organization products for all rooms (Closets, Garages, Family Rooms, Bedrooms, Pantries and Kitchens, and Bathrooms and Utility Rooms) is projected to reach $12.7 billion in 2023 on gains of 3.8% per year. A healthy economy will support continued advances in this consumer-facing industry. Further demand growth will result from:

• increasing consumer interest in home organization products, resulting from lifestyle trends like downsizing, decluttering, and urban living, as well as from media coverage of organization trends and products
• the growing market for high-value products that are constructed of more aesthetically pleasing materials, offer customizable features, or meet specialty needs
• a strong construction and remodeling sector, which supports sales of professionally installed home organization products, particularly as these products are increasingly considered to add value to a home

Home Organization Products (published 02/2019, 226 pages) is available for $5300 from The Freedonia Group. Please link citations to https://www.freedoniagroup.com/Home-Organization-Products.html