What influences project planner purchases when choosing products and brands? The answers might be different than you think.
See HIRI's infographic on what project planners told us about how they make decisions on products and brands.
The Home Improvement Research Institute (HIRI) partners with IHS Markit to develop an annual U.S. Size of Market Report. The current report is based on the most recent IHS economics forecast of the U.S. economy and looks at what to expect in the market through 2025.
Due to rapidly falling COVID-19 infection rates and states’ widespread relaxation of containment measures, as well as an accelerated vaccination campaign, an update to this macroeconomic forecast has been published. Some of the upward movement reflects major elements of a $1.9 trillion stimulus package passed by Congress including the third round of stimulus checks, an extension of emergency unemployment programs and benefits, major funding for COVID-19 mitigation efforts, and significant aid to state and local governments, and schools.
Each quarter, the Home Improvement Research Institute (HIRI) partners with The Farnsworth Group to survey contractors on a rotating list of topics, as well as their industry and business sentiment. The most recent Contractor Survey covered topics such as contractors’ role in home improvement, how projects are financed, and the relationship between contractors and customers.
Data was collected from an online survey administered to more than 500 respondents across five industry segments from February 3 to February 25, 2021. Respondents included remodelers and general contractors from various trades whose work was at least 50% residential. All respondents were also required to do most of their work in the remodeling space, regardless of trade.
Through the COVID-19 pandemic, consumers spent a great deal of time planning home improvement projects. We saw evidence of this in 2020 and planning activity continues to be strong through the 1st quarter of 2021.
See some of the highlights from HIRI's Quarterly Consumer Project Planning Survey in the infographic below.
During the past 10 months of COVID19 lockdowns, homeowners have changed the way they think about their homes and have made many changes to improve them in ways that better serve their needs.
In a qualitative study conducted by The Caney Group in partnership with HIRI, we identified five major themes about homeowner remodeling attitudes, behaviors, and future remodeling plans.
Each quarter since 2012, Home Improvement Research Institute (HIRI) has surveyed approximately 3,000 homeowners for its Home Improvement Project Intent Tracking Survey. The survey asks homeowners which of 32 different home improvement project areas (if any) they are planning in the next three months. It also explores to what extent they agree with statements about their homes and home improvement. The goal of these surveys is to better understand consumer project sentiment.
To provide manufacturers and retailers with consistent updates regarding the impact of COVID-19 on the home improvement industry, Home Improvement Research Institute (HIRI) partnered with The Farnsworth Group to develop the COVID-19 Impact Tracker. Since March 2020, our team has conducted regular research to understand the pandemic’s effect on purchasing behaviors of home improvement professionals and DIYers.
The February 2021 results reflect survey responses from 1,000 DIYers and hundreds of contractors.
Here’s what we learned...
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:
