Younger generations are leading the push in home purchasing and remodeling projects. They are also leaders in online purchases of building materials. How does this behavior compare to millennials and older generations? See our infographic below to deep dive into the insights.
Since the start of the COVID-19 pandemic in 2020, “home,” for many, has doubled as an office, school, movie theater, gym and more. The bottom line? Homeowners are spending more time at home, undoubtedly changing how remodeling projects are prioritized.
The housing market is hot — and its reach is broad. Current homebuyers hail from four different generations, each of which follows different purchasing patterns. New research from the Home Improvement Research Institute explores these patterns and their drivers, creating a valuable resource that can help inform your decisions.
So, what are the homebuyer generations, and how do their unique characteristics affect the housing market?
2020 didn't just disrupt lives - it completely changed the way people lived. We all spent more time than ever before in our homes as school went online, companies transitioned to remote work and online shopping became the norm. This trend made people focus more on where they live.
How did COVID-19 change home buying? Find out what we learned from HIRI's Recent Home Buyer Study in the infographic below.
Recently, the Home Improvement Research Institute partnered with The Farnsworth Group to track the impact of COVID-19 on DIY home improvement activity.
Last week, partnered with The Farnsworth Group, we released the first data from our new weekly COVID-19 impact tracker. This tracker shows COVID-19’s impact on our industry.
We will be fielding a survey weekly to 1,000 DIYers and hundreds of Contractors to get a consistent pulse on the buying behaviors and project statuses broken down by region and generation.
Project planning is defined as any work homeowners are planning to do around the home in the three months following the quarter in which they are surveyed. There are 33 possible home improvement project areas (32 specific projects and “other”) that are covered in the study, ranging from room renovations to roofing, driveway or walkway installation or repair to plumbing or electrical projects to lawn and garden upgrades.
In 2019, the Home Improvement Research Institute (HIRI) partnered with The Farnsworth Group to survey 1,695 contractor professionals, including remodelers and specialty tradespeople, to gain insight into the contractor product market. Here are a few highlights:
Offered by the Home Improvement Research Institute (HIRI) in partnership with Kantar Futures, the Future of Home Improvement study aims to identify how consumer trends will influence products and services that homeowners will demand in the next two to five years.
In 2019, real GDP slowed from 3.1% in the first quarter to 1.9% at the end of Q3. Consumer spending is leading the United States expansion, supported by gains in employment, real wages and household wealth. Economic expansion is expected to continue through 2020, but clear negative forces have the potential to dampen this growth.
Homeowners are increasingly enthusiastic about investing labor, time and money into their homes for interior and exterior improvements.
More than 90% of home improvement consumers report researching online ahead of a home improvement purchase, with 40% citing online research as “extremely important” to their final decision. While online purchases are growing rapidly, there is still a clear divide between products consumers will likely buy online and those they consider unlikely to purchase online. Which products are shoppers buying online, and how can you increase your online sales? Check out this infographic for data to help you understand online purchasing habits and grow your business.
Each Fall, home improvement thought leaders and stakeholders come together in Chicago to dig into challenges facing the industry and pull out actionable insights. We walked away from the 2019 edition of the annual Home Improvement Insights Summit with three big ideas:
Whether you’re on a first-name basis with Siri, Alexa or Google, you’ve likely spoken to at least one smart home assistant device in your home or office. According to the 2019 State of the Smart Home report, the United States smart home devices market was worth $10.4 billion in 2018 and is forecasted to exceed $33 billion in 2022.
The U.S. Size of Market report, released by the Home Improvement Research Institute (HIRI) in September, is the home improvement industry’s only product-focused market size study. Complete with historical data and five-year forecasts of the consumer and professional markets, it contains both details and big-picture trends from the economic landscape. You’ll learn how current events and policy decisions are projected to affect the home improvement industry.
Online consumer purchasing habits can’t be evaluated without mentioning the mammoth in room: Amazon. The online retailer has fundamentally changed consumer expectations about how much shipping should cost (free) and how long it should take to arrive after purchase (less than one week). Perhaps most importantly, 33% of consumers indicate Amazon has better prices, helping the retailer hold onto its top spot in the online home improvement products market.
In 2019, the Home Improvement Research Institute (HIRI) partnered with The Farnsworth Group to survey 1,695 contractor professionals, including remodelers and specialty tradespeople, to gain insight into the contractor product market. Questions examined industry behaviors to reveal online purchasing trends. Here are a few highlights:
How do homeowners use the products they purchase? The answer sheds light on how they are planning to improve their home — and what they need and want from you.
The quarterly Project Sentiment Tracking Survey tracks project plans across 32 home improvement project areas. From planned project execution to planned budget, results from 3,000 homeowner responses shed light on motivations and where in the home your potential customers have planned or upcoming projects.
This guide is your single source for home improvement market trends.
