The outdoor living products industry is expected to grow in the years to come despite a slight dip in revenue this year, according to a new study by The Freedonia Group.
The sales in 2023, which will slightly dip due to the very high base year of 2020, will still be above pre-pandemic levels, reflecting homeowners’ continued interest in outdoor living and their willingness to invest in their outdoor spaces at home.
Potential growth areas for outdoor living businesses include:
• Focusing on value, not just a low price
• Use of sustainable products
• Integrating indoor and outdoor spaces
• Using smart technology and automation
• Making outdoor maintenance work easier and more convenient
Despite the projection of growth, businesses will face the following challenges:
• Rising inflation – The rising cost of goods and services is leading to higher prices for consumers, which could affect demand.
• Return to pre-pandemic Habits – The return to dining out and traveling could limit consumers’ available disposable income for outdoor living projects.
• Shortage of professional landscape workers – It is making it hard for businesses to complete and maintain outdoor living projects.
The report concludes, however, that an increase in customers, the positive influence on the industry from TikTok and Instagram influencers, and a growing popularity of outdoor living will help to offset these challenges.