Here at Hart, we’re lucky to work with a wide variety of brands. We study and analyze consumer behavior and trends, putting that knowledge to use for our clients. It’s what drives our strategic leadership and defines the specialties within which we operate as an agency.
One of those specialities is home improvement, due in large part to our fascination with the category’s ongoing evolution and sustained growth. The home improvement landscape looks far different today than it did ten years ago, driven largely by the influence of technology and automation – and propelled further by the tightening budgets of young adult homeowners.
Whether making homes more comfortable, improving aesthetics and functionality, or upgrading outdated systems like heating and cooling, consumers are more motivated than ever to improve their living spaces. In fact, the Leading Indicator of Remodeling Activity (LIRA) predicts home remodeling activity will increase 7 percent in 2019, accounting for almost $350 billion in consumer spending.
So what’s driving this year’s activity? We dug into industry research to uncover a few interesting findings worth sharing:
Smart home technology integrations are on the rise.
According to a recent study by Coldwell Banker, the demand for smart home technology and automation continues to rise amongst home renovators. The number of Americans incorporating smart technology in their home improvement projects increased 33 percent year over year, and Consumer Reports expects smart home technology will be found in more than 60 percent of homes by the year 2021.
Despite predictions, millennials are actually more likely to ‘DIY’ than previous generations.
While ongoing rhetoric would lead many to believe millennials expect others to take care of home improvement projects for them, new research suggests the DIY trend is alive and growing with the young adult audience. The National Association of Realtors (NAR) reports nearly 73 percent of millennials prefer DIY home improvement projects, compared to 51 percent of Gen-Xers.
Health and wellness are now top considerations in home improvement activity.
Harvard University’s Joint Center for Housing Studies recently discovered 30 percent of U.S. consumer believe some aspects of their home are negatively affecting their household’s health. When considering home improvements, adults between the ages of 25 and 34 are most engaged in questions related to environmental health risks. And with the trend of home wellness on the rise, the lighting industry is leading the way. Companies like Delos and Philips have introduced adjustable color temperature LED lighting solutions that mimic the progression of natural daylight, helping the body power up and down more naturally.
While research and data are both integral to your marketing efforts, the insight and strategies that drive your decision-making are even more important. Which is why Hart’s efforts don’t stop at the “what” – we drill deeper, working strategically to uncover the “why” that drives larger observed trends in consumer behavior. Whether you’re a CMO or a marketing manager, our integrated strategic team would be happy to work with you to uncover your audience’s primary motivations.
We’d love to discuss how we can help you build a strategic and successful branding, marketing or communications plan. The home improvement category is growing, and we’ll work to make sure you get your piece of the pie. To find out more about Hart and our work in the home improvement category, visit our website.