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.
Homeowners and DIYers make their home improvement purchases for any number of reasons. Understanding the mindset around their purchases can help home improvement companies gain insight into their DIY customers and the decisions they’re making in order to market more effectively.
Having data on home improvement and insights on customer behavior can help professionals navigate a shifting and unpredictable economy.
The Home Improvement Research Institute (HIRI) gives its members research, survey results and insights on the home improvement industry so that retailers, manufacturers and other organizations can better understand the consumers that they serve.
The 2020 HIRI Product Purchase Track Survey (PPTS) is now available to members. The survey looks at trends in home improvement product and service purchases based on data provided biennially from homeowners across the United States.
COVID-19 has changed the way we all do business, from manufacturers to contractors. In a year where we’ve all had to adapt, both to huge swings in demand and in terms of how our services are provided, contractors especially are adjusting to the new realities.
2020 has been a challenging year across all industries, and home improvement has been no exception. With so many homeowners at home, the demand for home improvement products and services exploded, while the supply chain struggled to keep up with that demand.
Let’s look at the top findings from HIRI’s home improvement industry research this year.
A Year of Home Buying
Home sales have been a hot topic throughout much of the year. Aside from the short drop due to COVID-19 lockdowns this spring, home purchasing has exploded, showing growth rates more than 20% in recent months compared to last year. While this explosive growth has larger implications overall, like increasing home prices and homeownership rates and decreasing housing inventory, it also has a longer tail for those within the home improvement and remodeling industry. As shown in HIRI’s Consumer Project Planning survey and echoed by MetroSight’s Issi Romem at HIRI’s recent Virtual Summit, the time period following a home purchase is filled with a flurry of renovation activity by the new home owners.
There isn’t one way to define “normal” in 2020, especially when it comes to home improvement industry trends.
This year’s HIRI Summit was, like most conferences and events in 2020, held a little differently — though that didn’t take away from the wealth of knowledge the panel of experts imparted.
The HIRI Virtual Summit 2020 event provided attendees access to valuable data and market research on home improvement over a three-day span. The best part was, this year, registrants could attend from wherever they were, at no cost.
The construction industry has seen monumental shifts and significant economic changes in recent years (not to mention the last few months). It’s an understatement to say that business hasn’t been predictable.
It can help to get some perspective — or at least a way to navigate through the changes and trends. A HIRI membership offers its members a glimpse of just that: the bigger picture.
