2024
9
Multicultural America: Improving the Home Market Report 2024
2024-05-14T19:04:04+01:00
REPEC4C7204_CCF1_48F8_9F94_A2C0C4E6BC16
3695
172987
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Report
en_GB
Home ownership empowers multicultural consumers in home improvement. Housing market flux shapes their priorities and DIY prevails despite the allure of hired help.Courtney Rominiyi, Multicultural Consumer Insights Analyst…

Multicultural America: Improving the Home Market Report 2024

£ 3,695 (Excl.Tax)

Report Summary

Home ownership empowers multicultural consumers in home improvement. Housing market flux shapes their priorities and DIY prevails despite the allure of hired help.

Courtney Rominiyi, Multicultural Consumer Insights Analyst

Table of Contents

  1. Executive Summary

    • What you need to know
    • Consumer trends: key takeaways
    • Market predictions
    • Opportunities
  2. Multicultural America: Overview

    • Key demographic differences across race and ethnicity impact their current and future relationship with their home
    • As the US grows more diverse, consumers' lifestyle and cultural influences will alter the home improvement landscape
    • Asian and Hispanic adults most likely to live in family households
    • Graph 1: households – family vs non-family – detailed type, by race and Hispanic origin, 2021
    • Graph 2: households – family vs non-family type, by race and Hispanic origin, 2021
    • Longstanding inequities limit earnings of Black and Hispanic consumers, puts pressure on household budgets and impacts homeownership
    • Graph 3: median household income, by race and Hispanic origin of householder, 2020
  3. Market Dynamics

    • Market context
    • Housing cost increases continue to outpace inflation and account for about one third of consumers' household spending across race and ethnicity
    • Graph 4: annual expenditure on housing (mean $), by race and Hispanic origin of reference person, 2022
    • Graph 5: annual expenditure on housing (share %), by race and Hispanic origin of reference person, 2022
    • Overall homeownership rates are relatively stable, multicultural consumers are less likely to be owners
    • Graph 6: homeownership rate, by race and Hispanic origin of householder, 2012-22
    • Residence ownership status has implications on consumers' opportunity to engage with home improvement
    • Graph 7: primary residence ownership status, by race and Hispanic origin, 2024
    • Market drivers
    • Challenging housing market getting attention at the highest level of government, potential for relief
    • Current housing market has consumers feeling stuck
    • Graph 8: agreement – "Rising mortgage/rental rates make me feel 'stuck' living where I am," by race and Hispanic origin, 2024
    • Home renovations more costly, raising the median spend for projects; however, spending is expected to fall in 2024
    • Graph 9: median spend ($) on renovations, by homeowners, 2020-23
    • Home improvement spending continues to decelerate
    • Overall, one third of surveyed consumers live in homes built in this millennium; owners are more knowledge about the age of their home
    • Graph 10: primary residence age (year built), by race and Hispanic origin and by ownership status, 2024
  4. Consumer Insights

    • Consumer fast facts
    • Home improvement overview
    • Consumers never stop improving
    • Minor changes that consumers can do themselves drive home improvements
    • Graph 11: home improvements made in the past two years, 2024
    • Hispanic consumers are the most confident and engaged in home improvement amongst multicultural consumers, Asian consumers could use some support
    • Graph 12: frequency of doing projects around the home, by race and Hispanic origin, 2024
    • Graph 13: DIY skill level, by race and Hispanic origin, 2024
    • Although the majority of consumers love/like home improvement projects, overall DIY enthusiasm is the minority – opportunity to increase skill.
    • Graph 14: DIY enthusiasm, by race and Hispanic origin, 2024
    • Graph 15: attitudes toward home improvement projects, by race and Hispanic origin, 2024
    • Home improvement helps consumers fall back in love with their homes; remote work also gives consumers new inspiration to improve their spaces
    • Graph 16: preference and satisfaction with home improvement, 2024
    • Numerous factors impact consumers' priorities and ambition for home improvement
    • Home improvement history and plans
    • While past activity is more varied, aspirations for future home improvements are nearly identical across all multicultural groups
    • Graph 17: home improvements in the past two years, by race and Hispanic origin, 2024
    • Graph 18: planned home improvements in the next two years, by race and Hispanic origin, 2024
    • Ownership drives home improvement activity, overall; renters are just as engaged in making minor changes to reflect their personal preferences
    • Graph 19: home improvements in the past two years, by homeownership status, 2024
    • Hispanic homeowners are the most likely to have made improvements and they don't shy away from DIY
    • Graph 20: home improvements in the past two years – among homeowners, by race and Hispanic origin, 2024
    • Consumers' plans for home improvement are varied, reflecting a mix of living situations and priorities
    • Graph 21: planned home improvements in the next two years, 2024
    • Homeowners dominate plans for home improvements, though renters show similar interest in smart home tech, furniture rehab and wallpapering
    • Graph 22: planned home improvements in the next two years, by homeownership status, 2024
    • Multicultural homeowners drive growth: Hispanic homeowners have highest ambitions for home improvement, Black homeowners are not far behind
    • Graph 23: planned home improvements in the next two years – among homeowners, by race and Hispanic origin, 2024
    • Of the projects planned, most consumers expect to do it themselves
    • Graph 24: how consumers expect to complete home improvement projects planned for the next two years, by project type, 2024
    • Older generations, owners are most likely to plan improvement to their landscaping, but younger consumers have interest
    • Graph 25: planned home improvements in the next two years – gardening/landscaping, by generation, 2024
    • Access to land impacts consumers' involvement when it comes to gardening
    • Graph 26: planned home improvements in the next two years – gardening/landscaping, by residence ownership, 2024
    • Urban dwellers have interest in small interior upgrades
    • Graph 27: planned home improvements in the next two years – select items, by area, 2024
    • Show renters how small changes can leave a big impact on their home
    • Sources of information and inspiration
    • Family and friends are an essential source to home improvers
    • Graph 28: sources of information and inspiration, 2024
    • Preferred sources of information vary across multicultural consumers
    • Graph 29: sources of information and inspiration, by race and Hispanic origin, 2024
    • Regardless of ownership status, multicultural home improvers are more likely to turn to online and video media for information and inspiration
    • Graph 30: sources of information and inspiration – homeowners vs renters, by race and Hispanic origin, 2024
    • Non-English language dominant consumers rely on social media for inspiration
    • Graph 31: sources of information and inspiration – social media, by language spoken in the home, 2024
    • How-to videos help create opportunities for financially insecure consumers
    • Graph 32: sources of information and inspiration – how-to videos, by financial situation, 2024
    • Empower consumers through strategic guidance using YouTube for DIY
    • Graph 33: approach to home improvement, 2024
    • Consumers are primarily looking to YouTube videos to guide them during their projects, leverage engagement to help with time savings
    • Graph 34: approach to home improvement, by race and Hispanic origin, 2024
    • Major renovators find power in print
    • Graph 35: source of information and inspiration – DIY/home improvement books, by level of home improvement in the past two years, 2024
    • Influencers can connect consumers to print
    • Black consumers look to home improvement shows for inspiration
    • Graph 36: sources of information and inspiration – home improvement shows, by race and Hispanic origin, 2024
    • Retailers shopped
    • Home Depot is essential, but Amazon emerges as an equal contender for home improvement consumers, outweighing other top home improvement stores
    • Graph 37: retailers shopped for home improvement products in the past two years, including NETs, 2024
    • Multicultural consumers show some distinct retail preferences
    • Graph 38: retailers shopped for home improvement products in the past two years, by race and Hispanic origin – index to all, 2024
    • Graph 39: retailers shopped for home improvement products in the past two years, by race and Hispanic origin, 2024
    • Asian consumers are significantly more engaged with Home Depot than other racial groups
    • Graph 40: retailers shopped for home improvement products in the past two years – Home Depot, by race and Hispanic origin, 2024
    • Home improvers without young children in the household show greater incidence of shopping at Lowe’s
    • Graph 41: retailers shopped for home improvement products in the past two years – Lowe's, by marital status, 2024
    • Graph 42: retailers shopped for home improvement products in the past two years – Lowe's, presence and age of children in the home, 2024
    • DINKS may be a market to consider for home improvement
    • Amazon is the top retailer for renters
    • Graph 43: retailers shopped for home improvement products in the past two years – Amazon, by homeownership status, 2024
    • Black and Hispanic consumers are engaged in online shopping for home improvement
    • Graph 44: retailers shopped for home improvement products in the past two years – any online-only retailer [NET], by race and Hispanic origin, 2024
    • Home improvement trends
    • Smart home tech, improved outdoor living and multi-purpose rooms, along with eco-friendly characteristics lead for home improvement interests
    • Graph 45: home improvement trends of interest, 2024
    • Homeownership has little impact on interest in home improvement trends – with exceptions of upgraded outdoor space and home hardening
    • Graph 46: home improvement trends of interest, by homeownership status, 2024
    • Direct promotional efforts for new trends in home improvement toward Millennials and Gen Z
    • Graph 47: home improvement trends of interest, by generation, 2024
    • Multicultural preferences in home improvement show values of convenience and function
    • Graph 48: home improvement trends of interest, by race and Hispanic origin, 2024
    • Smart home tech has the most appeal among Hispanic and other race Gen Z, along with bilingual and other language dominant consumers
    • Graph 49: home improvement trends of interest – smart home tech, by Gen Z and Millennials by race and Hispanic origin, and by language spoken in the home, 2024
    • Multicultural consumers believe smart technologies can help make life simpler
    • Graph 50: attitudes toward smart home devices (agree), by race and Hispanic origin, 2024
    • Urban dwellers home improvement interests may show an interest in innovation
    • Graph 51: home improvement trends, by area, 2024
    • Attitudes toward home design
    • Consumers are embracing boldness with their desire for vibrant interior design options
    • Graph 52: style and design preferences, 2024
    • Multicultural consumers are interested in the a bolder take on design
    • Heritage-dominant consumers seek more traditional or cultural décor styles
    • Graph 53: style and design preferences, by race and Hispanic origin, 2024
    • Graph 54: style and design preferences, by heritage dominance, 2024
    • Hispanic consumers look forward to updating their home décor
    • Graph 55: planned home improvements in the next two years – interior décor updates, by race and Hispanic origin, 2024
    • Appeal to Hispanic consumers by bringing nostalgic cultural elements into home design
    • Bold designers are stepping away from modern to make a statement
  5. Innovation and Marketing Trends

    • Launch activity and innovation
    • Continue to boost confidence and skills in Millennial DIYers
    • Help consumers find comfort in the new norm by bridging the gap in the remote work era
    • Brands like Smart Tiles and Chicology are enhancing creativity in renter-friendly home improvement
    • Marketing and advertising
    • Leveraging beloved celebrities to engage new consumers: Spotlight Home Depot's Tips from the Tool Shaq
    • Shaq combines basketball and home improvement through relatable humor
    • Brands are noticing how they can participate in home improvement trends – Cabot announces first-ever Outdoor Trend in 2022
    • Empower consumers with your messaging: Spotlight on B&Q
    • B&Q empowers consumers to tackle their DIY projects
    • Opportunities
  6. Appendix

    • Consumer research methodology
    • Generations
    • Abbreviations and terms

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This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

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