Millennials’ Focus on Home Improvement Products is Growing
Thursday, July 21, 2016
Posted by: Pam Heidel
Each quarter, HIRI surveys more than 3,000 homeowners online during the second week of the quarter for its Project Sentiment Tracking Survey.
The survey asks homeowners which of 29 different home improvement project areas (if any) they are planning in the next three months. Homeowners are also asked to what extent they agree with statements about their homes and home improvement. Beginning with the first quarter of 2016, the survey includes a new question about life events that may influence home improvement decisions, such as the birth of a child or a new job.
The survey shares insights such as:
· Project planning incidence by region
· Average planned project areas
· Homeowner project motivators
New survey results emphasize the millennial generation’s growing focus on home improvement projects. Consider:
· The rate of projects among millennials has increased in the last five quarters.
· Aesthetics are important to millennials. Modernizing/redecorating is the top motivator for starting a project, and nearly half of millennials strongly believe that having an attractive home is important.
· Three of the top five and six of the top 10 projects for millennials in Q2 2016 are outdoor projects.
· The majority of millennials strongly believe that owning your own home is an important part of having a good life.
HIRI contracts with Toluna™ to conduct the survey, and Trifecta Research analyzes the results.
Join HIRI now to gain access to the complete study and all current and historical research.