Softer trends in the housing market have created ripple effects for the home renovation industry, as most American consumers are eagerly awaiting a decline in mortgage rates prior to making a purchase. This lull in the housing market is prompting paint brands to pull back on digital advertising, as spend across Sensor Tower's cohort of paint brands fell -8% YoY in 2023. ST data also shows that paint brands may have shifted advertising efforts towards retail media networks.