Closets & Organized Storage magazine released its 2022 State of the Industry survey findings. The survey provides insight into 2022 and 2023 trade forecasts. Respondents represented independent closet companies, franchises and retailers, with the top three products sold at the establishments being closet and organized storage (56%), residential and commercial cabinets (19%) and garage organization (10%).
Survey results showed the leading projects in 2022 were primary bedroom closets (83%), garages (45%) and pantries (38%), highlighting a shift from 2021’s top three: closet systems, home offices and garages. Drawers were the leading improvement for closets at 92% and cabinets were the primary update for garages at 83%. In 2022, new construction accounted for 42% of all projects, an increase of 5% compared to 2019. Conversely, remodeling decreased 5% with 58% of the projects for the year.
Participants reported that sales revenue for 2022 is estimated to improve; however, it will be lower than predicted back in 2021, even with 97% of participants raising prices this year. The anticipated sales revenue for 2023 will be lower than in 2021 and 2022, according to respondents. See Woodworking Network