Well, that was a great ride. After posting gains of 14.8 percent in 2020 and 7.9 percent in 2021, the Canadian home improvement retail industry plateaued in 2022. This was to be expected. The consumer frenzy for hardware and building supply products was dampened by multiple interest rate increases and declining commodity prices. Plus, the opening up of other places for customers to spend their money as pandemic restrictions lifted, slowed sales.
Hardlines estimates our industry grew 4.6 percent to $61.135 billion, while the Consumer Price Index was up nationally 6.8 percent. So, the industry experienced a 2.2 percent decline in real terms, after inflation.
(The final figures on the size and growth of the Canadian retail home improvement industry will be featured in our 2023 Hardlines Retail Report. This massive report, in a handy PowerPoint format, will be available in July. Click here for more details on this important body of research and to pre-order yours!)
