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The Home Improvement Research Institute (HIRI) Generational Differences in Home Improvement Activity Study reveals insightful information about how homeowners of different generations approach home improvement and the preferences, influences and behaviors among homeowners in different generational groups.
Here are the main findings from the study:
Budget Differences for Home Improvement Projects
HIRI found that millennials lead in annual home improvement spending, despite lower levels of home equity and net worth among that generation.
The report also concluded that although most Gen Xers are in relatively positive financial positions, homeowners in this generation showed heightened financial anxiety. Overall macroeconomic concerns were shown to be fairly consistent across generations.
Technology and Sustainability in Home Improvement
Overall, the study found that energy efficient products are significantly more important than sustainable construction to all generations surveyed. Quality and cost efficiencies have shifted views on energy efficiency, smart and sustainable home improvements. As homeowners age, rising costs drive investment in these technologies.
Generational Marketing Strategies
While millennials are more likely to use online channels for product research and reviews and engage on social media more than other generations, all generations utilize a combination of online and in-store channels for home improvement research and planning.
Home Improvement Preferences and Behaviors Across Generations
millennials and Gen X homeowners prioritize more discretionary projects, with millennials more likely to use buy outside of traditional big-box channels. The study also found that professional hiring for projects increases with age.
Future Home Improvement Trends
The study predicts millennials are more likely to take on DIY projects than older homeowners due to their increased intermediate DIY experience. Home improvement demand is also expected to increase due to aging in place and multi-generational housing trends.
