Home Improvement Research Institute (HIRI)

Who should you be connecting with right now to increase sales? HIRI research reveals that overall, younger, higher income, non-white homeowners are the most likely to feel that it’s a good time to complete a project <$5K and be planning increased home improvement spending over the next year. It may be that if your business isn't prioritizing the newest generations of homeowners, you could be missing out on important opportunities. This comes from HIRI's latest US Homeowner Project Activity Tracker, a study that aims to gain insight into home­own­ers’ atti­tudes and the moti­va­tions dri­ving home improve­ment ini­tia­tives. To learn more about what homeowners in the US are thinking right now, access the full report: https://hubs.la/Q02Lwhlw0

Despite economic uncertainties and inflation, home improvement spending is looking to recover with a small rise in 2024. Here are a few trends we're seeing that point toward homeowner readiness in the home improvement market: 1. Homeowners are leaning towards DIY projects, particularly those under $5,000, due to increasing renovation costs. 2. High-income households are likely to drive more significant spending while lower-income families tighten budgets. 3. Motivation for projects is shifting towards enhancing enjoyment of the home rather than extensive remodels. While homeowners may be conservatively moving forward, we're optimistic about the coming years for the industry. Get five more reasons why from the HIRI blog: https://hubs.la/Q02LvQrm0

HIRI research shows that in-store purchases are considerably higher in 2024 than in 2022 -- 7% higher on average across all product categories. Ceiling/floor coverings, doors/windows, and wall/window coverings have had the largest jump from 2022 at 13% each. Categories with the lowest percentage of in-store purchases include HVAC and major appliances. While these categories also received the lowest amount of in-store purchases in 2022, they now sit at 64% each, up from 52% and 54% respectively in 2022. This data comes from HIRI's recently conducted Home Improve­ment Retail Selec­tor Study, which aims to help uncover homeowners’ purchasing behaviors and preferences, including the types of products purchased, why products were purchased, and preference for shopping in-store vs. online. HIRI members can access the report full of consumer insights to help their businesses now: https://hubs.la/Q02LvPxk0

The HIRI Summit is swiftly approaching and spots are filling up fast! Our discounted room block at the Marriott Marquis, venue for the Summit sessions, is now SOLD OUT. There is still time to secure discounted room rates off-site at the Hyatt Regency McCormick Place, only a 0.2 mi / 5 min walk from the Summit. Don't miss out on this opportunity to gain valuable industry insights, connect with peers, and stay ahead of the latest trends. Register for the Summit and book your accommodations soon: https://hubs.la/Q02Jsl0K0 We look forward to seeing everyone in Chicago! #HIRISummit #HomeImprovement #IndustryInsights

Ever wonder how promotions impact contractors' purchasing behaviors, or which kind of promotions are most effective? HIRI's new Contractor Promotion Effectiveness study provides practical recommendations for promotional programs by exploring: 👷♂️ Key ele­ments of pro­mo­tion­al pro­grams in influ­enc­ing con­trac­tors’ engage­ment and pur­chase intentions. 👷♂️ The impact of pro­mo­tion­al strate­gies on con­trac­tors’ pur­chas­ing deci­sions. 👷♂️ The opti­mal mar­ket­ing chan­nels and tim­ing that most effec­tive­ly drive con­trac­tors to pur­chase new products. 👷♂️ How contractors have historically engaged with different types of promotions. HIRI members can access all the insights in the full report now: https://hubs.la/Q02GQ8MH0 #HomeImprovement #Contractors #Retailers #Manufacturers #Promotions

How has the rapid­ly chang­ing econ­o­my impact­ed home­own­ers’ spend­ing on home improve­ment activ­i­ties? In new research, HIRI test­ed the hypoth­e­sis that the pan­dem­ic caused a shift in the demand curve for home pur­chas­ing and home improve­ment projects, poten­tial­ly lead­ing to a decrease in spend­ing now and in the future in our latest 📈 Spending Patterns in a Changing Market: Home Improvement Trends During and Post Pandemic Report 🛠️ The focus of this study was to: - Under­stand home­own­ers’ macro-eco­nom­ic views and their per­son­al finan­cial condition - Eval­u­ate the cur­rent home buy­ing mar­ket and pre­dict future trends if rates were to decrease - Assess invest­ment pat­terns in home improve­ment and the last­ing impact of the pandemic HIRI members can access all the insights in the full report now: https://hubs.la/Q02Gh_cS0 #HomeImprovement #Homeowners #RealEstateMarket #Housing #HomeBuyingTrends

HIRI research predicts that from 2025 to 2028, home­own­ers will be forced to pri­or­i­tize home improve­ment projects as avail­able sources of fund­ing are more con­strained. Suppliers and retailers should take note of the hand­ful of mer­chan­dise lines that show the most promise for growth during this time. For a deeper look at the current trends driving these projects and material selection, HIRI members can take a look at the full Top 5 Growing Home Improvement Merchandise Lines Among Consumers infographic: https://hubs.la/Q02FKljp0 #HomeImprovement #Renovations #BuildingMaterials #Retailers

New Market Research Available! 🌱 Homeowner Trends in Energy Efficiency, Smart Home and Sustainability 🌱 HIRI recent­ly sur­veyed over 8,000 home­own­ers to help you understand: - How famil­iar are home­own­ers with ener­gy effi­cien­cy, smart home tech­nolo­gies and sus­tain­abil­i­ty prac­tices? - What moti­vates and dri­ves home­own­er inter­est in adopting home improvements in these areas? - How are con­cerns about cli­mate change influ­encing their deci­sion-mak­ing process? HIRI members can access the full report here: https://hubs.la/Q02FKkCs0 #HomeImprovement #Sustainability #SmartHome #EnergyEfficiency

HIRI's Executive Director Dave King spoke with Melanie Moul from the North American Hardware and Paint Association about how the home improvement industry fared in Q4 2023 and what’s to come in 2024. Give it a listen here: https://hubs.la/Q02y9PQz0 #HomeImprovement #PodcastAppearance #EconomicPerformance #MarketAnalysis

This year's HIRI Summit will dive deep into the future of home improvement and the data behind it. Here's your friendly reminder to register by June 30th for the best price! You won't want to miss being in the same room with these top minds in our industry: 💡 Soft Landing for the Fed, but Nice Runway for Housing 👤 Eric Lynch, National Association of Home Builders 💡Not in Kansas Anymore: The Shifting Home Improvement Market 2025+ 👤 Todd Zomalak, Zonda 💡 From the Front Lines: The Pro's Perspective Panel 👥 Bruce Case, Case Architects & Remodelers, David Pollard, Liv Companies LLC and Jennifer Castenson, Buildxact 💡 Consumer Insights: Power Shift 👤 Sara Gutterman, Green Builder Media, LLC 💡 From Inspiration and Research to Purchase and Loyalty – What Trends Are We Seeing from Today’s Omnichannel Home Improvement Shoppers? 👥 Shea Browning and Josh Banfield, Google 💡 Consumer Demand for Energy Savings 👤 Genevieve Becker, Thumbtack 💡 Stylish Trends to Timeless Designs: A Decade of Data on Home Remodeling with Houzz 👤 Liza Hausman, Houzz 💡 Core Drivers of Home Improvement Spending and Regional Variations 👤 Abbe Will, Harvard Joint Center for Housing Studies 💡 How AI Will – and Won’t – Affect the Home Improvement Industry 👤 Lynne Thomson, Microsoft 💡 How the Pro is Evolving (Their Attitudes and Preferences Impacting Behaviors) 👤 Grant Farnsworth, The Farnsworth Group 💡 How Smart Home Technology is Changing the Home Improvement Landscape 👤 Elizabeth Parks, Parks Associates 💡 Channel and Brand Loyalty Among DIY and Pro Customers 👤 Leigh E. Wildman, Lowe's Companies, Inc. View the full two-day agenda here: https://hubs.la/Q02BQrjz0 #HIRISummit2024