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:
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.
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.
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.
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:
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.
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
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.
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.
This guide is your single source for home improvement market trends.
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.
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.
How Canada’s Economic Outlook Impacts the Home Improvement Products Market
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
