1. DIYers are more likely to be Millennials.
Nearly a quarter of the population made home improvements in the last year and only 7% of them worked with a professional. “DIYers spend more than 60 hours per week on TV and digital devices, including computers and smartphones,” Peter Katsingris, senior vice president of insights at Neilsen told conference attendees. “The technology and the choices it provides make DIY a realistic option for people.” (A quick search of YouTube shows 252,000 results for home improvement DIY videos, potentially a useful albeit cluttered marketing platform for reaching this massive demographic – or figuring out how to wire your new smart home security system.)
2. Over-inspiration is a key factor in home improvement regret.
More than a third of homeowners who completed a home improvement project in the past year regret not spending more on the project, according to The Regret Factor Study. “Regretters are more likely to have used a wide range of inspirational sources, especially television, magazines and social media,” observed declared Brenda Bryan of RICKI, the Research Institute for Cooking and Kitchen Intelligence, who led the study with Leslie Gillock, vice president, director of insights at Wray Ward. (FOMO, the fear of missing out, has apparently migrated from vacation and party video envy on Facebook to real world remodeling projects. That’s worth considering when planning a remodeling project at the right investment level for your property, or supplying products or services for a client’s.)
3. The rental housing market is on the rise.
A wave of growth since 2004 has increased the number and share of rental households in the U.S., especially higher-end rentals in urban areas. According to the Joint Center for Housing Studies of Harvard University, 40% of recent additions to the rental stock charge $1,500 or more per month. (This insight could lead to greater interest in “portable” home improvement products that tenants can take with them when they move, such as hand-held massaging shower heads and freestanding wine refrigerators.)
4. Remodeling activity isn’t slowing down anytime soon.
The steady increase in remodeling activity will continue through 2021, HIRI experts predict. (With home prices increasing, new construction harder to find in some areas of the country, and homeowners aging in place, people are staying put and remodeling.) “With the existing house stock averaging 38 years old, much of the inventory is in need of updating,” noted Mark Boud, senior vice president and chief economist at Hanley Wood/Metrostudy.
5. With home wellness on the rise, the lighting industry is leading the way.
“Circadian rhythm lighting is a hot topic,” declared Jie Zhao, Ph.D., senior vice president of research and development at wellness real estate and technology firm Delos. (This new technology, also called human centric or tunable lighting, produces indoor illumination that more closely matches natural light in its warmth and, paired with home automation, shifts through the day with the sun to ease the impact of artificial light on the human body.) “It’s changing the landscape of the smart home and lighting in general,” added Zhao.