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2023 Midyear Market Health Report Yields Surprising Results

White Paper
Less than 1 min read Minute Read
May 27, 2024
2023 Midyear Market Health Report Yields Surprising Results

The custom installation market mirrored the overall U.S. economy through the first six months of 2023, feeling the effects of wage inflation and consumer doubt.

Specifically, the smart home market started the year slow, likely due to the effects of high inflation on products and labor, as well as the supply chain woes that were still lingering as the year began. But as those macroeconomic headwinds subsided, the market improved heading into spring. Despite an uptick in project sizes that started in March, overall there was a slight 5.2% decline for the first half of the year in the average revenue per project as budget-conscious consumers looked for value in their smart home solutions.

Demand remains strong compared to the same timeframe last year, with the average number of proposals and project installations per integrator remaining steady. Finally, the consequences of the tight labor pool continue to exacerbate wage inflation, which was reflected in a 9.5% uptick in the percentage of project revenue derived from labor versus from equipment.

Those are just a few of the key results from the first-ever Data by D-Tools 2023 Midyear Market Health Report compiled using exclusive aggregate actual data from users of D-Tools Cloud, the industry’s leading Software as a Service (SaaS) solution. The data is drawn from nearly 100,000 proposals produced by integrators within D-Tools Cloud for the first six months of 2022 and the first six months of 2023 combined.

Among the other key data points included in the report are number of proposals, number of projects, closing rates, average proposal price, average installation price, as well as the top product categories that were installed during the first six months of 2023. Based on nearly 100,000 proposals in D-Tools Cloud, the first-ever Data by D-Tools 2023 Midyear Market Health Report offers a glimpse at the state of the market and sets the stage for anticipating what lies ahead. Download now! 

 

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