Home Improvement Industry Trends

Home improvement projects enable homeowners to customize and increase the value of their homes. Whether homeowners are getting ready to sell their homes, just recently moved into new homes, or have been living at their homes for several years – home improvement tasks become a priority sooner than later. Looking at the statistics and trends, 2021 is proving to be a great year for the home improvement industry.

1. Home Remodeling Searches Have Doubled

Analysis of homeowner’s search trends revealed that searches for remodeling, kitchen remodeling, and general contractors for home improvement have more than doubled since 2020.1 Additionally, home appliance searches have increased by 26% in the last 12 months.1

Source: Kitchen Infinity

2. Small Home Projects are On the Rise

Small home remodeling projects costing less than $8,500 like painting and fixture installation are expected to grow by at least 8% in 2021, while altogether the home improvement industry is projected to grow by at least 5%.2

3. Kitchens are Still the Most Renovated Room in the Home

More than 50% of US homes were built before 1980. As a result, the desire for modernized kitchens has become increasingly important to homeowners, and with many of the older homes having outdated kitchens, kitchens remain the most renovated room in the home.3 In a recent survey by Porch, homeowners reported that they would be willing to spend $4,500 over budget on a new home with a newly renovated kitchen.4 Like kitchens, bathrooms become outdated fast and therefore are the second most renovated room in the home.

4. Smart Home Technology Surge

Smart home technology features are becoming increasingly popular, especially among the new wave of millennial homeowners.5 Research shows that investments in smart home technology have increased 20% every year since 2016.6 Of these investments, home security, climate control systems, lighting fixtures, and entertainment add-ons are shown to be the most common upgrades. By 2024, the smart home market is expected to grow from $76.6 billion in 2018 to $151.4 billion by 2024, at a CAGR of 12%.7 Additionally, household penetration of smart homes was 33.2% in 2019 and is projected to hit 53.9% by 2023. 7

5. DIY Home Improvement is Increasing

DIY home improvement is expected to rise by 4.2% by 2022. 8 The data reveals that functionality, aesthetics, damage, ROI, and generational differences are a few of the driving forces behind the DIY surge. In addition, as many as 73% of millennials are working on DIY home improvement projects, while the other 27% are hiring professionals.8 This makes sense as the millennial generation actively uses YouTube and other online channels, where DIY projects have become popular content to consume.

As you can see, there is a lot of exciting growth happening in the home improvement industry. Homeowners and new movers are looking for ways to increase the value of their homes and customize their living spaces. Download the MoverTech Solutions Overview today to learn more about how we can help power your mover marketing campaign’s performance to drive revenue and increase customer acquisition.

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Sources:

  1. Kitchen Infinity – 33 Surprising Home Improvement Trends & Statistics in 2021
  2. Qualified Remodeler – Forecast 2021: Remodeling on Track for Growth
  3. National Association of Home Builders – NAHB
  4. Homeowners’ Most Wanted | Porch
  5. Millennials Are Buying Homes and They Want Them Smart | Vivint
  6. Home Improvement Industry Report 2021-2022 Trends | Hook Agency
  7. 16 Smart Home Statistics & Predictions | Safe Smart Living
  8. Top 16 DIY Trends and Statistics You Need to Know [2021] (homeisd.com)

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