From 2013 to 2023, household expenditure on home hardware in Canada increased significantly from 5.13 billion to 9.61 billion Canadian dollars. The series expressed in value for 2023 stood at 9.61 billion Canadian dollars. Year-on-year variations show a generally increasing trend, with notable growth in 2020 (12.42%) and 2021 (13.91%). The compound annual growth rate (CAGR) over the last five years is 8.86%, indicating robust growth in this period.
In the forecasted data from 2024 onward, we see continued growth, with the expenditure reaching 12.57 billion by 2028. The forecasted CAGR for the next five years is lower at 4.24%, reflecting a potential slowdown compared to the recent past.
Future trends to watch for include:
- Impact of economic conditions on discretionary spending.
- Shifts in consumer preferences towards sustainable and smart home products.
- Influence of technological advancements on home hardware innovations.
