For years, home improvement retailers and specialty paint stores have held top spots in the paint and primer market. Even though more people head to home improvement stores like Home Depot over specialty paint retailers these days, one specific specialty retailer is holding steady: Sherwin Williams. The 4Q end June 2020 found these two retailers battling for the top spot in dollar shares of the market.
A Closer Look at the Leading Retailers in the Paint & Primer Market
Even though Home Depot took a slight dip in outlet dollar share between 4Q end Jun 2020 and 4Q end June 2021 (-2.5%), the retailer still held the top spot among all outlets. Home Depot had a 6 percent lead over Sherwin Williams, which was the second leading retailer by dollar share. Menard’s, Ace Hardware, and Walmart held similar dollar shares, ranking at third, fourth, and fifth for dollar share, which has been the case over the last several years.
The Retailers with the Highest Price Points for Paint and Primer
The price points can have some bearing on why consumers buy paint at certain retailers, but also the dollar share any particular retailer holds. With that being said, Sherwin Williams did hold the highest price index in the industry for the 4Q end in June 2021 ($43 vs industry price of $33). The retailer has actually held the highest price index since 2014. Home Depot and Lowe’s lingered just under the industry average at $30 and $31 respectively.
Consumer Buying Behaviors in the Paint & Primer Market
Paint and primer are readily available at most home improvement stores and retailers. So, what purchase drivers influenced shoppers most? Let’s take a closer look.
How many stores did consumers shop?
Across the industry, around 73 percent of consumers shopped at just one outlet when looking for paint and primer—a percentage that was similar across pretty much all retailers. People who bought paint at Sherwin Williams were most likely to have shopped at four or more stores.
Why consumers picked one store over another?
The top reason for buying paint and primer has remained the same for some time: routine maintenance or minor repairs. However, surprisingly, there were more people buying paint at Ace Hardware than any other retailer when it came to shopping for paint for this reason (41.2%). A good selection of products and previous experience were major reasons for picking retailers, most specifically at Menard’s and Lowe’s. When it came to shopping at a certain store due to competitive prices, Wal-Mart was not so surprisingly the top choice (62.5%).
What about regional differences in the paint & primer market?
The most preferred retailer in the country was Home Depot with 33 percent of the market share, but the retailer also held a significant chunk of the market in all regions. In the West, Home Depot actually held 42 percent of the market—three times that of Sherwin Williams at 14 percent. Lowe’s was the only other retailer to give Home Depot a run for its money in any region. In the South, Lowe’s held 29 percent of the region share, while Home Depot held 31 percent.
Get a Closer Look at the Paint & Primer Market
As the retail market changes where home improvement is concerned, who knows whether those specialty stores like Sherwin Williams will remain relevant in the industry. To get a more in-depth look at the TraQline paint and primer market analysis, be sure to download our free infographic.