Thriving omnichannel businesses don’t just sell through multiple sales channels — they create a continuous experience for consumers. From brick-and-mortar stores to online-only storefronts, print media and social media, omnichannel businesses make it easy for customers to find and interact with them and their products.
How prevalent is homeownership from generation to generation? Will this be the year millennials close the gap? What are the biggest motivators for home improvement projects? How long do homeowners from different generations think about a project before taking the plunge? These are just some of the generational insights you can glean from the newest Generational Age Group Analysis. This original, proprietary research provides a comprehensive picture of generational attitudes and behaviors, from millennials to matures.
It’s only January, yet American homeowners are already gearing up for spring. According to the Q4 2018 Project and Sentiment Tracking Survey, which surveys adults in the United States about their planned home improvement projects, outdoor living spaces will feature the most activity in the next three months. More than one-quarter of homeowners surveyed indicated they will take on lawn and garden and/or landscaping projects during this time.
When it comes to learning about the home improvement projects new homeowners — especially first-time buyers — undertake and the projects completed or planned for newly purchased homes, there’s no better resource than the Home Improvement Research Institute’s (HIRI) Recent Home Buyers Study. Conducted every other year since 2004, the study tracks recent homebuyer behavior regarding home improvement projects.
So, who are these buyers? First-time homebuyers (36 percent of buyers within the past year) tend to buy older, less expensive homes. They are also more likely to be millennial-aged females with lower incomes. Lower incomes translate into less buying power, which translates into more price constraints and offers a valid reason why older homes are often a more realistic option. Not to mention that low credit scores and hefty down payments can also be problematic for first-time buyers.
Learn more about the differences between homebuyers and their motivations, challenges and home improvement plans when you join HIRI. As a member, you’ll have unlimited access to this study and other in-depth, exclusive research, peer-to-peer networking, event registration discounts and more. JOIN NOW
What drives remodeling, landscaping and other home improvement pros to shop at a home improvement warehouse store versus a specialty distributor? What factors do they consider most critical for strong supplier partnerships?
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.
If you’re interested in staying ahead of home improvement industry trends, one of the best ways is spending a couple of days learning and sharing with like-minded industry professionals.
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.
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.
Past speaker and frequent attendee Grant Farnsworth, director of business development at The Farnsworth Group, caught up with us to share why he thinks the Insights Conference is a can’t-miss event for home improvement industry professionals.
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.
After posting strong market growth last year, the home improvement products market is expected to grow by an additional 5.3 percent in 2018. Housing starts are also projected to grow due to rising demand, lean inventories and rising prices.
The Home Improvement Research Institute (HIRI) partnered with IHS Markit to develop the U.S. Size of Market Report. This report delves into the recent IHS Economics forecast and looks at the forecast for the U.S. market through 2022.
Who makes product and brand decisions on residential projects — the buyer or the remodeler?
It depends.
This quarterly report examines planned home improvement activity across 30 project areas such as room renovations, roofing, lawn and garden updates, driveway repair, plumbing and electrical projects. This first quarterly report of 2018 also marks the beginning of a new tracking element. The Home Improvement Research Insitute (HIRI) added a question regarding planned budgets for home improvement projects. The newest addition revealed that less than half of all planned projects have budgets.
Join HIRI to obtain the most up-to-date consumer information with trends from 2012 to 2018.
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.
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.
