Want to stay ahead of the curve? If so, join us in Chicago September 18-19 for the HIRI Insights Conference — but don’t just take our word for it.
Want to stay ahead of the curve? If so, join us in Chicago September 18-19 for the HIRI Insights Conference — but don’t just take our word for it.
Total home improvement products sales are expected to increase 5.3% in 2018 to $387 billion in total sales. The Professional Market is expected to increase 4.4% in 2018 over 2017 and the Consumer Market will see a sales increase of 5.7%.
The National Economic Outlook
In 2017, HIRI examined the presence of home improvement topics on social media. The study employed social listening to identify key themes as hot topics for social media users, and to show how outside factors affect the prevalence of each topic.
A majority of home renovation mentions online are positive. In September 2017, most of these online conversations focused on new bathrooms and smaller bathroom upgrades. Twitter accounted for 42 percent of the social chatter, with Tumblr and Instagram occupying a combined 28 percent. As Tumblr and Instagram become more relevant, traditional forums and news sites are losing relevance as top bath remodeling sources. As such, bathroom remodeling manufacturers should seriously consider adding Tumblr and Instagram to their marketing mix.
Homeowners are still price-conscious, however. In fact, the median total spend on home improvement projects is just $500 to $590, and consumers are often paying out-of-pocket by cash or check.
These projects, while on the lower end of the cost spectrum, happen more frequently and thus contribute to a large portion of total spending. Price plays an important role in the decision-making and material selection process, and some homeowners will shop around to find the best price. They are also more likely to undertake a project rather than postpone it if they are offered financial incentives.
If you specialize in home and building products, the insights packed into short videos from economists, researchers and thought leaders may help drive your business. Videos feature experts from Houzz, Nielsen, Harvard University and many others featured as speakers at the Home Improvement Research Institute Insights Conference. WATCH NOW
Here are highlights from our recent Building the Future study.
Traditional life stage trajectories are changing. Today, businesses must think about consumers according to their life stage, rather than age. Life paths are increasingly becoming more flexible, especially when it comes to millennials. For example, millennials’ delayed movement to family formation is increasing the average age of first-time parents. And while nearly 15 percent of the U.S. population is more than 65 years old, age isn’t their only defining quality.
What effect will the administration elected into office in November 2016 have on the home improvement industry? Here are seven current and potential results:
HIRI surveyed more than 1,600 remodelers and specialists to track product category activities and purchase behaviors.
Research for this biennial study comes from HIRI in conjunction with The Farnsworth Group. To access primary research on contractor purchase behaviors, join HIRI.
Want to stay ahead of the curve in the home improvement industry? Sometimes, spending a few days with like-minded industry pros and peers is the best way to succeed.
Industry leaders from across the country gathered at the HIRI 2017 Insights Conference in Chicago. The event, hosted annually by the Home Improvement Research Institute (HIRI), featured speakers from Harvard University, HomeAdvisor, J.D. Power and Associates, Kantar Retail, Nielsen and more.
In this recent study, 75 percent of respondents, all over the age of 25, said they use social media every day. More than 60 percent said they use general social sites like YouTube, Facebook and Pinterest for their home improvement needs. Users are primarily looking for price comparisons, photos and instructions, how-to videos and project ideas. But home-specific social media platforms have a major gap to fill: only 32 percent reported using platforms like HomeAdvisor and Angie’s List.
Home-specific platforms have an opportunity to address the awareness problem and bridge the gap, especially during homeowners’ crucial planning stage.
After a second quarter drop in homeowner project planning, the third quarter of 2017 followed suit. Though normally a strong project planning season, this quarter is the lowest of the year to date. The lag is partly due to odd weather patterns, such as unusually significant rainfall, that have impacted homeowner projects. Exterior painting and exterior door and roof projects also experienced a major drop. Meanwhile, lawn, garden and landscape projects remained the top projects across the nation.
These findings are based on interviews with about 3,000 homeowners. Of those, 68 percent plan to undertake one or more home improvement projects within the next three months, down 5.6 percent from this time last year.
The Home Improvement Research Institute commissioned a study featuring insights from recent homebuyers on what home improvement projects they undertake and why. Of the more than 800 homebuyers interviewed, around 75 percent plan to make renovations to their home. Additionally, 56 percent plan to make improvements in the next six months.
For brands, this means an opportunity to offer guidance and navigate recent homebuyers, and especially first-time buyers, toward certain products.