With a strong economy comes opportunity. With opportunity comes prosperity. Unfortunately, in the construction industry the opportunity is there, but there are few who have the ability to take advantage of it. Of course, I am speaking about the workforce shortage.
According to an Association of National Advertisers study released in October 2018, advertisers are using in-house agencies more, with 78% of ANA members reporting having some form of in-house agency in 2018, compared to 58% in 2013 and 42% in 2008. Still, many advertisers understand the various benefits of engaging an agency to help with their marketing efforts and pursue a relationship that fits the bill.
A recent report shows millennials are on the verge of surpassing baby boomers as the nation’s largest generation, and the change is already playing a critical role in the fate of the American economy. The home products category is beginning to realize the impact of the new generation’s consumer-first mindset as it catalyzes great change in the way people think and shop for their homes. Technology brands are entering the category at an astounding pace while direct-to-consumer businesses disrupt traditional retail models by cutting out the middlemen. Transformations like these have given rise to a new level of competition as brands old and new vie for a share of consumers’ minds and wallets.
It’s no secret: older homeowners are driving today’s home improvement market. A recent study by the Joint Center for Housing Studies at Harvard University revealed that households 55 and older account for half of all current home improvement spending. And as this audience ages into their 70s and 80s, researchers expect their investments in home modifications to soar even higher as they look to enhance accessibility.
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.
There has been a seismic shift in channel planning for the home products category. Channel planning once consisted of mapping media and messages to specific touchpoints on a linear buying journey. The marketer’s role was to guide the customer through each stage and channel.
Video as an advertising tool has been around for nearly 80 years. The very first TV commercial for Bulova Watch Company, which was 10 seconds long and ran during a Brooklyn Dodgers game in 1941, stated simply, “America runs on Bulova time.”
Why are people making home improvements? And how do baby boomer, Generation X and millennial spending compare?
Just last month, Consumer Reports projected that Americans are poised to spend “a near-record $317 billion” on home improvement projects this year.