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- US Improving the Home Consumer Report 2023
US Improving the Home Consumer Report 2023
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This report takes a deep dive into the consumer trends impacting the US home improvement market. With Mintel’s consumer data, our analyst reveals opportunities and guidance to respond, enabling your brand to grow. Below, we provide the key topics covered and offer hand-selected findings from the report itself.
The cost of living crisis has caused many consumers to delay home improvement projects in the hopes that prices will decrease in the future. With a slow housing market, brands need to be prepared for cautious consumers. Retailers can offer discounts on products that provide a good return on investment, such as energy-efficient materials, to keep consumers engaged.
Compared to last year, there is little change in home improvement participation, but there has been a slight increase in occasional participants and a decrease in non-participants. The sluggish real estate market may be a factor, as more homeowners are choosing to stay in their current homes and renovate instead of selling.
Single consumers, particularly single women, are increasingly participating in home improvement projects. Brands have an opportunity to support these consumers by providing knowledge and confidence, driving loyalty and helping them understand which projects can be done alone and which require professional help.
Younger consumers (age 18-34) over-index for home improvement enjoyment. Most likely to be new homeowners, they’re finding that it allows them to express their creativity by personalizing their space. Brands that promote home improvement as a creative process will grow engagement among young consumers.
Find a complete breakdown of data-backed opportunities in the full report. You may also be interested to browse our other household and home market research.
Leading household analyst Jamie Rosenberg delivers expert industry insights with this in-depth report.
As consumers become more frugal, home improvement stakeholders need to better demonstrate the return on investment.
Jamie Rosenberg
Associate Director, Global Household and Personal Care
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
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