28 Jan Forecasting Home Improvement in 2021
As March rounded the calendar in 2020, work and school moved home – and the rearranging began. Making space for work, school and play became a priority and home improvement projects boomed. We talk a lot about the power of data. In our latest research at Axiom, we focused on forecasting home improvement in 2021 and wondered what’s next for homeowners?
Home Improvement Forecast 2021
We asked consumers about their recent projects and accomplishments. An aim was learning how recent activity translates to future plans for 2021. Turns out 90 percent of respondents say they will spend as much or more time on home projects this year compared to 2020.
Americans spend $400 Billion a year on residential renovations and repairs.
– Harvard Joint Center for Housing Studies
More than just types of projects and investment levels, the research aimed at learning more about the mindset and attitudes of people working on home improvements to help gauge the appetite for future projects. When asked about their confidence level around DIY projects, 44 percent of all respondents said they gained confidence doing recent projects – providing more self-assurance for taking on home improvements in the future.
Good News for 2021
That’s good news for home sales, home store retailers and building products manufacturers. The growth at Home Depot, Lowes and local independent hardware stores is expected to continue in 2021. It’s great news for professionals too; 56 percent of respondents said they will hire a professional for all or part of projects planned in the near future. That’s research with actionable outcomes.
See the full report by downloading your free copy of the Axiom 2021 Homefront Insights Survey.
For more information about the survey and what Axiom can do to help your business accelerate growth, contact Stacy Einck, seinck@axiomcom.com.
No Comments