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Three Big Ideas for the 2019 HIRI Summit

What’s Next for Home Improvement: Three Big Ideas

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:

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State of the Smart Home Market

A Smart Look at the State of the Smart Home

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.

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Home Improvement’s Only Product-Focused Market Size Study

Home Improvement’s Only Product-Focused Market Size Study

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.

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Online Home Improvement Products Purchaser

Why, What and How: Consumer Online Shopping Behaviors

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.

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What do contractors say about online shopping

Infographic: What Contractors Say About Online Shopping

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:

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Highlights from the HIRI Summit

The last week of September brought in not only the fall, but the largest HIRI event to date, the 2019 HIRI Summit. The annual event held in downtown Chicago brought together industry insiders, thought leaders and some of the largest stakeholders in home improvement and remodeling to discuss current trends, the economic environment, and actionable insights.

There will more coverage of the Summit in coming weeks, but in the meantime, here are some of the top insights.

  • The fundamentals of the home improvement market are strong, and housing stock and homeowner make-up are favorable in keeping the market strong. - Nino Sitchinava, Houzz

  • Discretionary luxury remodeling is slowing with the five product categories facing most severe headwinds: High end cabinets, cladding, flooring, roofing and dimensional lumber. - Todd Tomalak, John Burns Real Estate Consulting

  • Do not underestimate the effects that trade wars have on “bystander” countries and industries—firms can and have paid dearly for assuming they will be unaffected simply because their supply chains and/or end products are not being directly targeted. - David Logan, NAHB

  • It is important to measure the impact the weather has on your business, and you CAN do something about the weather — both in the planning process and during the selling season — to increase sales, minimize costs, and enhance profit. - Scott Bernhardt, Planalytics

  • For home improvement, the shopper’s journey is not just ‘where do I find this?’ but more importantly ‘how do I do this?’ making the role of the associate critical. - Amy Anthony, Lowe's

  • Shopping and purchasing via mobile device is growing rapidly and must be a main strategy at retail. - Brendan Baby, The Home Depot

  • Breaking barriers to entry online requires creative solutions such as how to bring the ‘touch & feel’ from the store into the home, expanding delivery options, reducing shipping expenses, reversing a bad return experience, and capturing the customer’s attention early during their research phase to avoid cart abandonment. - Leen Nsouli, The NPD Group

  • Gen Z is a DIFFERENT generation than Millennials. They look like no other youth generation before. They value pragmatism and security as they embark on changing the world. - Therese Caruso, Zeno Group

  • 80% of organizations expect to compete mainly based on CX this year – Experience-led businesses have higher customer retention, return on spend and higher customer satisfaction rates. - Michele Booth, IPSOS

  • When you talk about sustainability as it relates to home improvement purchases, savings is not an effective message. Try to tie the benefit to health, and give Americans prescriptive steps to take to make it happen. - Suzanne Shelton, Shelton Group.

4.1% Growth Projected for 2019 Home Improvement Products Market

HIRI/IHS Markit forecast expects 4.1% growth in the home improvement products market in 2019 after a strong 4.6% in 2018.

Total home improvement products sales are expected to increase 4.1% in 2019 to $405 billion in total sales. The Professional Market is expected to increase 4.5% in 2019 over 2018 and the Consumer Market will see a sales increase of 3.9%.

The National Economic Outlook

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DIY to DIFM in Home Improvement

INFOGRAPHIC: DIY to Do-it-for-Me Home Improvement

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.

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Homeowner Top-Priority Projects

What projects are top-priority for homeowners in 2019?

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.

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HIRI's 2019 Reference Guide

This guide is your single source for home improvement market trends.

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Contractor Insights on Tariffs

How will tariffs and the Tax Act affect your business? 

How will recent tariffs and the 2017 Tax Cuts and Jobs Act affect home improvement industry pros and their businesses? For the answers, the Home Improvement Research Institute (HIRI) surveyed nearly 300 panelists across various construction and remodeling trades.

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Join the Leaders in Home Improvement this Fall

Join the Brightest Minds in Home Improvement This Fall

As a home improvement industry specialist, you crave high-level and granular insights developed by and for category pros. This September, immerse yourself in an intimate, custom-built setting for thought leaders and change makers working within a unique yet massive space.

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Canada Home Improvement

How Canada’s Economic Outlook Impacts the Home Improvement Products Market

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Home Services with the Highest Demand

Which home improvement services have the highest demand, and who’s buying them?

In the last decade, it has become increasingly more common to hire professionals for home improvement projects. The Home Improvement Research Institute’s (HIRI) Product Purchase Tracking Study found that today at least 10% more homeowners are using home services than in 2009, resulting in a near-40% increase in the number of services purchased in a year.

Study Highlights

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Which route do homeowner go-DIY or Pro

Want valuable DIY and pro insights for your business? Based on data from three proprietary Home Improvement Research Institute (HIRI) studies, the Trends in DIY and Pro Home Improvement report may be exactly what you need.

Study Highlights

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Homeowners planning fewer projects

Why are American homeowners planning fewer home improvement projects?

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Issues Impacting Contractors

Each quarter, the Home Improvement Research Institute (HIRI) partners with The Farnsworth Group and HomeAdvisor to survey contractors on a rotating list of topics, as well as their industry and business sentiment. The two most recent contractor topic studies covered the effects of tariffs and the tax act in the fourth quarter of 2018 and a construction industry labor shortage in the first quarter of 2019.

Study Highlights

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Leading Home Improvement Product Sales

Which products are leading sales in the consumer and professional markets?

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2019 HIRI Insights Summit-What to expect

Each year, hundreds of home improvement industry experts and professionals gather to network, share research and explore upcoming trends and forecasts at the Home Improvement Research Institute (HIRI) Insights Summit. “HIRI has evolved over the last three to five years with good leadership,” said Diane Walsh, vice president of market development and sales at ShurTech and HIRI president. “This year’s conference promises to be the best yet.”

Content delivered at September’s HIRI Insights Summit will fall under three pillars:

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Home Improvement - Still Growing in 2019

HIRI/IHS Markit forecast expects 5.5% growth in the home improvement products market in 2019 after a strong 6.2% in 2018.

Total home improvement products sales are expected to increase 5.5% in 2018 to $420 billion in total sales. The Professional Market is expected to increase 6.0% in 2019 over 2018 and the Consumer Market will see a sales increase of 5.3%.

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