Just last month, Consumer Reports projected that Americans are poised to spend “a near-record $317 billion” on home improvement projects this year.
We’re not surprised to hear that.
When we sponsored a national survey of more than 600 consumers to get a handle on their home improvement wants and needs, we gained valuable insight into what 2017 will look like for businesses in that vertical.
Among many other things, we learned that:
75% of our survey respondents prefer in-store shopping to online shopping
60% prefer to use the internet to save time (comparing products, prices, ratings, reviews, etc.)
Online shopping is less décor focused and more functional.
The top products shopped online?
Replacement windows 25%
Landscaping materials 23%
Front doors 18%
And when it comes to in-store shopping, our survey revealed that it packs a much more significant emotional punch. Showrooms, in particular, can serve as great inspiration to homeowners. In fact, 70% of those we surveyed acknowledge that they make improvements so they can enjoy their homes more. And they prefer to start in stores and showrooms.
In a January 2017 forbes.com article, “Where Is All the Money Going? A Look at Consumer Spending in 2017,” Danielle Marceau notes that while brick-and-mortar sales may be down overall, that’s not the case when it comes to certain home improvement sectors.
“We are still seeing strong growth at furniture and home furnishings stores (+4.1%), [and] building material, garden equipment and supplies dealers (+5.2%) …”
Marceau goes on to explain, “The positivity in home improvement is likely to continue as well, although as predicted, we may see a mild pullback in the new construction industry. Even so, we will see continued growth for the retail trade at home improvement and supplies dealers as homeowners look to continue DIY projects and minor home renovations.”
So, what does this all mean? In a word, pounce.
If your company is part of the home improvement category, you’ll need a strategic, targeted communications plan to take advantage of this uptick. At Hart, this is a category we know well. Let us put our insights to work for you right now, in time to cash in on 2017.