Home Improvement Market
To identify the demographic and psychographic profile of people who are actively interested in home improvement, as well as stages of the customer journey, friction points, tools used for visualization, popular kinds of home improvement, and unique/innovative digital home furnishing tools and services.
- According to Forbes, Millennials are involved in a greater number of home improvement projects than any other age group. The market for this demographic is expected to increase further as more Millennials become homeowners.
- The age range of millennials is 18-38. Since the average age of home ownership in the US is 32 as per the findings from the National Association of Realtors, we can conclude that the main age demographic for home improvement are those aged between 32-38.
- Research Gate states that according to home improvement giant, Lowe's, women initiate 80% of the home improvement projects.
- According to the Joint Center for Housing Studies (JCHS), families with a household income of above $120,000 were most likely to report spending on home improvement. Their average annual expenditure was also the highest at $5,400 compared to $3,000 across other homeowners.
- JCHS further states that married couples with children are more likely to pursue home improvement projects.
- In terms of racial demographics, the typical home improvement customer is more likely to be white (accounting for 87.5%
of the total expenditure - see "data tables" link).
Proposed next steps:
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