If you operate in the home improvement industry, chances are your business depends in part on homeowner activity to drive sales. The good news is, a home’s work is never finished (as any homeowner will tell you). In fact, many projects that require a certain type of product or supplies recur on a seasonal basis.
The Home Improvement Research Institute (HIRI) sees these patterns emerge through studies such as our Project Activity Tracker, in which we conduct a quarterly survey of 2,000 homeowners to follow their current and planned home improvement projects.
The data from the 2022, Q3 tracker is in. Here are five key takeaways that you may find interesting:
In Q3, more than 85% of homeowners had project activity as summer wrapped to a close. Less than a fifth (19%) of these projects qualified as major renovations.
Looking ahead, 77% of homeowners plan to undertake at least one activity in the next three months, but only 15% plan major renovations. Therefore, it can be assumed that many of the projects will be able to be completed DIY-style.
Q3 activities in the yard and garden were the most popular project, with 32% of respondents partaking. Adding or replacing landscaping or gardens topped the list of common yard and garden activities. As expected, fewer (13%) yard, garden and landscape projects are planned over the next three months.
For businesses operating in this category, be sure to stock products and offer deals for autumn gardeners, or you may be missing out on a significant portion of annual revenue.
At a $350 median cost, yard, garden and landscape work tended to be the least expensive home improvement activity for homeowners in Q3. Work on the exterior shell of the home (roofing, siding, windows, etc.) had the highest median cost at $3,000.
Homeowner activity is moving from the great outdoors to the cozy indoors as temperatures drop. Kitchen renovations are the most-planned project over the next three months, with 18% of homeowners partaking. This is a pattern HIRI studies show year after year, meaning manufacturers of kitchen cabinets, appliances and replacement parts may want to remember to stock up when winter rolls around.
Homeowners took a DIY approach for slightly less than half (47%) of Q3 projects, while roughly 22% shared the responsibility with a professional contractor. A hired professional handled the remaining 31% of projects in their entirety. This means that for most projects, the homeowner was likely in charge of some decision-making. Home improvement marketers should be attuned to DIY shopping behavior, such as online and social media browsing in the project planning stage. Understanding who these audiences are and how they shop is essential for reaching them more effectively.
Want to learn more about past and future homeowner activity trends? The full report is 170 pages of category by category data and insights. Join HIRI as a member for full access.
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