COGNITION Hot Take: Remodeling Hits Record Highs
As consumers spend more time in their homes, they’re looking to scale back living expenses, but they’re also investing in improvement projects at record rates.
According to COGNITION Smart Data, Green Builder Media’s market intelligence and data service home remodeling projects are up by 75 percent this year, with homeowners spending on average $17,140 (up from $12,000.)
Millennials, now the top influencers in the home buying and remodeling sectors, lead the home improvement charge, with approximately 82 percent implementing at least one home improvement project this year.
About half (52%) of these projects have increased home performance and sustainability, including installing solar panels, smart lighting, eco-friendly appliances, and heat pump technology.
Porch.com data suggests that the most common remodeling project has focused on:
- Enhancing outdoor living spaces (61%).
- Interior upgrades like repainting a living room, reflooring a laundry area, upgrading kitchen cabinets, and bathroom remodels (58%).
- Tech improvements (44%).
Projects that enhance indoor air quality are also spiking, as homeowners understand the need for proactive IAQ systems that monitor, ventilate, filter, and purify air. In fact, online searches and conversations for healthy home products like IAQ sensors, ventilation fans, air purifiers, and ERVs have surged this holiday season.
The good news: The momentum for remodeling doesn’t seem to be slowing. Three of four (78%) homeowners indicated in a recent survey that they are planning to undertake at least one home improvement project in the next year.
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About COGNITION Smart Data:
COGNITION Smart Data offers advanced intelligence and insights about market trends and important customer information like behavioral patterns, purchase drivers, buying preferences and sentiment. COGNITION enables clients to make informed business decisions, yielding specific deliverables and tangible results. COGNITION provides a definitive competitive advantage by allowing companies to stay a step ahead of their competitors.