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    December 16, 2024

    Generational Differences In Home Improvement Activity

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    35% of Millennials and Gen Z Prioritize Projects to Enjoy Their Home Compared to Only 21% of Boomers
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    21% of Millennials Invested Over $5,000 in Home Improvement
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    49% of Millennials Plan to Increase Home Improvement Spend

    The Home Improve­ment Research Insti­tute (HIRI) is proud to present a com­pre­hen­sive study that explores the diverse approach­es home­own­ers of dif­fer­ent gen­er­a­tions take towards home improve­ment, repair, and main­te­nance. By com­pil­ing recent pri­ma­ry and sec­ondary research, this study pro­vides valu­able insights into the pref­er­ences, influ­ences, and behav­iors that vary among gen­er­a­tional groups. Under­stand­ing these dif­fer­ences is cru­cial for tai­lor­ing mar­ket­ing strate­gies and meet­ing the unique needs of each generation.

    Objectives

    Ana­lyze Bud­get Allo­ca­tion: Under­stand how dif­fer­ent gen­er­a­tions allo­cate their bud­gets for home improve­ment, con­sid­er­ing fac­tors like eco­nom­ic out­look, socio-eco­nom­ic sta­tus, home­own­er­ship rates, and dis­pos­able income levels.
    Iden­ti­fy Mar­ket­ing Strate­gies: Deter­mine effec­tive mar­ket­ing and com­mu­ni­ca­tion strate­gies to engage dif­fer­ent gen­er­a­tions. This includes chan­nel pref­er­ences, mes­sag­ing, and out­reach meth­ods that res­onate with each group.
    Role of Tech­nol­o­gy: Inves­ti­gate the impact of tech­nol­o­gy, par­tic­u­lar­ly smart home inno­va­tions, and the impor­tance of sus­tain­abil­i­ty and eco-friend­li­ness in home improve­ment deci­sions across gen­er­a­tional cohorts.
    Home Improve­ment Pref­er­ences: Exam­ine dis­tinct home improve­ment pref­er­ences and behav­iors across gen­er­a­tions, includ­ing pre­ferred projects, DIY ver­sus pro­fes­sion­al hir­ing deci­sions, and the use of dig­i­tal plat­forms for inspi­ra­tion and purchasing.
    Fore­cast Future Trends: Fore­cast future home improve­ment trends by focus­ing on shifts in gen­er­a­tional preferences.
    HIRI Generational Differences in Home Improvement Activity Dec 2024

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