Home Improvement Spending Expected to Rise
According to analysts at Fitch Ratings, home improvement spending will rise by a predicted 6%. The U.S. Home Improvement Industry Special Report was released in October of 2014 and reflects expected gains for 2015 and what remained of the previous year. The report states that home improvement spending is increasing steadily despite the general irregular economic growth seen in 2014. Looking forward, the growing strength of the economy and unemployment should help support increased home improvement spending in 2015.
The report did say that more expensive remodeling projects will not likely see the same level of growth, largely due to banks continuing to be tight with lending. Midrange improvements outpaced upscale projects by about 2%.
Another interesting point made in the report come from the Harvard University Joint Center for Housing Services, which stated that it is estimated that 82% of remodeling spending was on owner-occupied residential properties. Rental properties made up the remaining 18%.
If you’re wondering who to target, according to the report, baby boomers have more disposable than other age groups and 70% own homes. GenerationX is also expected to contribute to the industry’s overall growth. The report adds that the baby boomers, however, are predicted to be the most active in the growing Do-It-For-Me (DIFM) category.
Check out Web Giants Look to Home-Services Market to learn more about the big retailers, online spending and the DIFM segment.
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Along with proper interior and furnishing, home improvement also includes ventilation, a proper ventilation is very essential in a home. So, that the people that are living there must feel comfortable.
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