The current state:
This week’s Consumer Pulse focuses on home improvement sentiment and aspirations. While many homeowners have been delaying major renovations this year, choosing instead to complete smaller projects, attitudes are shifting. With a greater sense of urgency fueled by pent up demand, 71% of those with major renovation plans intend to tackle their larger projects within the next two years.
How we’re feeling right now:
This week’s Consumer Pulse reveals new trends in homeowners’ attitudes toward home improvement projects. Key highlights from the report include:- 59% of homeowners had renovations planned for this year that have not been completed, indicating pent up demand.
- 79% of respondents who held off on a planned major improvement completed smaller projects instead, showing a shift towards more manageable and cost-effective upgrades.
- 66% are dreaming up major renovation plans, with 53% indicating a willingness to consider refinancing their home in order to complete their projects.
Why it matters:
Our Pulse underscores the resilience and adaptability of homeowners in the face of economic uncertainties. With 61% of homeowners believing their home will appreciate in value over the next year, along with pent up demand for larger renovations, the home improvement outlook is optimistic. Brands and retailers in this market should focus on inspiring solutions for both lifestyle enjoyment and return on investment. Additionally, understanding the generational differences in wants and needs will provide a competitive advantage in how to message these solutions.
Do you want to take the Pulse of your customers? Our Insights team will partner with you to design a study to help you better understand your customers and their problems, and how your brand can win at retail.
To get additional insight into what this means for brands and retailers, read the entire study.
