These Generational Insights Can Boost Your Home Improvement Business
How prevalent is homeownership from generation to generation? Will this be the year millennials close the gap? What are the biggest motivators for home improvement projects? How long do homeowners from different generations think about a project before taking the plunge? These are just some of the generational insights you can glean from the newest Generational Age Group Analysis. This original, proprietary research provides a comprehensive picture of generational attitudes and behaviors, from millennials to matures.
The study results are packed with deep insights that can help you boost your home improvement business, whether you’re a manufacturer or retailer. Here are a few highlights.
Generational Analysis Highlights
- Incidence of homeownership: Boomers, at 71 percent, boast the highest rate of homeownership. Millennial ownership remains low (36.8 percent), as they wait longer than their elders to purchase their first home.
- Changing tides: Millennials, however, are gaining speed: despite a low overall rate of ownership, they accounted for more than one-third of all recent home purchases.
- Online real estate: The internet is now the predominant search tool for prospective buyers. However, older buyers also still lean on traditional media such as print newspapers.
- It’s an Amazon world: Gen X and millennial homeowners are more likely to turn to a non-storefront retailer, such as Amazon, for their home improvement purchases. However, matures are still more likely to shop at specialty stores.
- Trusted advice: Compared to older generations, millennials are much more likely to reach out to friends and family for homebuying advice.
- Home improvement spending: From 2016 to 2018, spending on home improvement projects increased for more than 20 percent of homeowners. This is most true for millennials (57 percent are spending more).
- Older homes: All generations are purchasing homes with a median year built of 1998 or earlier. Aging housing stock should correlate with increased home improvement projects, whether for maintenance and repair or cosmetic upgrades.
- Landscaping is king: Of projects completed recently, lawn and landscaping is the most common, followed by interior painting.
- Older homeowners trust the pros: Matures and boomers are quick to hire a professional, likely due to more disposable income and greater savings. Almost half say they hire a pro because the job is too big for them to complete on their own.
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