When does your house start to feel like home? For many, it's not when you put your final signature on the stack of paperwork that never seems to end. Rather, a house starts to feel like home when you put your own personal touches on it. The time spent around this is often filled with a flurry of activities around the house. HIRI’s newly released Recent Home Buyer Study examines those who have purchased a home within the last year and digs deep into what type of work they have done and plan to do to their house.

HIRI/IHS Markit forecast expects 6.3% growth in home improvement products market in 2018 after a strong 7.3% in 2017.

Consumers rely on the media for information and inspiration for home improvement projects. 

From traditional advertising in magazines and on the radio to modern social media channels, blogs, and websites, consumers turn to the media for many home improvement-related needs. Like many other aspects of society, media has changed over the years, transitioning from newspapers and radio to social media and the internet.

Word-of-mouth recommendations from friends and family were the top source for project planning information in 2011. Websites eclipsed friends and family sources with a subtle 3 percent growth between 2011 and 2017, making the internet the top source for project planning information. But when it comes time to gather inspiration for projects, nearly 30 percent of consumers are still more likely to visit a home improvement retailers’ store for ideas compared to 18 percent of consumers who would browse the website instead.

Todd Tomalak, Senior Vice President of Research at John Burns Real Estate Consulting took time out to talk about the future of smart home technology and tell us how builders are utilizing "smart home" products in their homes. Smart home tech features are changing at an incredible pace, and homebuilders are taking note.

John Burns Real Estate Consulting is the industry leader for housing research and is HIRI’s preferred partner for new construction insights and works hand-in-hand with most of the major builders, developers, product manufacturers, and investors as they plan for their future.

What’s stopping home improvement projects from getting done?

HIRI’s Barriers to Home Improvement research details the various factors that contribute to home improvement projects being put on the back burner. From lack of time and financial resources to indecision about the right products to buy or professionals to hire, around 32 percent of projects are postponed or completely disregarded — with bathroom and kitchen remodels at the top of the list.

The level of home improvement activity varies by life stage. Home improvement projects have been delayed for millennials who are entering marriage and homebuying later in life than their parents. However, the oldest millennials are now in their 30s and making moves. Now the largest generation, millennials are undertaking more home improvement projects today than they were two years ago, beating out their older counterparts by at least 19 percent.

But one thing millennials have in common with Generation X is the weight they place on self-expression. After moving out of the adolescent phase, they tend to let their independence and self-expression influence their decisions. This importance of self-expression can explain why almost 80 percent of people believe their home is a reflection of who they are, and 83 percent of recent homebuyers make improvements to their new home.

The home improvement industry is no stranger to change, and today it’s quickly evolving parallel to emerging social, technological and economic trends. These fast changes mean that more than ever, brands must carefully consider what’s happening now, next steps and the evolution of consumers’ motivations and marketplace expectations. 

Here are highlights from our recent Building the Future study.

The role of social factors in home improvement

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.