2023
9
US Improving the Home Market Report 2023
2024-01-02T16:02:24+00:00
REP5F2BAF1F_A165_4A09_A821_BECA23403B7C
3695
169278
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Report
en_GB
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…

US Improving the Home Market Report 2023

£ 3,695 (Excl.Tax)

Description

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.

Key Topics Covered

  • Home improvement market performance and drivers.
  • Competitive strategies and market opportunities.
  • How inflation is impacting consumer behavior.
  • Drivers of and barriers to DIY home improvement work.
  • Types of DIY projects undertaken by consumers.

US Home Improvement Market Overview

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.

The Home Improvement Consumer Explored

Overall home improvement consumer participation

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 homeowners present an opportunity

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 really enjoy home improvement

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.

Additional Features Included in Your Report

  • Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentations.
  • Custom PowerPoints: Incorporate our consumer research data into your own work so you can win over your clients and stakeholders. Select insights from your report to create a custom presentation that is ready to download in minutes.
  • Interactive Databook: Each Databook is provided as an interactive website where you can deep dive into our consumer research data on your chosen topic so you can draw your own conclusions.
  • Mintel’s Clients Portal: Our portal provides instant access to actionable analysis, podcasts, and trend pieces relevant to your industry that are published almost daily, as well as our annual Global Consumer Trends. You can also browse our extensive library of market research reports.

Expert Analysis

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 of household research

 

Jamie Rosenberg
Associate Director, Global Household and Personal Care

Table of Contents

    • Key issues covered in this Report
  1. Executive Summary

  2. The market

    • Market context
    • Market drivers
    • Graph 1: consumers who are postponing home improvement projects due to the rising cost of inflation, 2023
  3. Competitive Strategies and market opportunities

    • Graph 2: home improvement participation, enjoyment and skill, by race, 2023
    • Graph 3: consumers who renovate to enable aging in place, by age, 2023
  4. Consumer Insights

    • Consumer fast facts
    • Graph 4: home improvement participation, 2022 vs 2023
    • Graph 5: consumers who engage in frequent home improvement (at least one a year), 2022 vs 2023
    • Graph 6: consumers who love or like home improvement, by age and gender, 2023
    • Graph 7: home skill level, by gender, 2023
    • Graph 8: types of DIY projects undertaken, 2023
    • Graph 9: consumers who undertake projects for multifunctionality, 2023
    • Graph 10: projects for which consumers hire professionals, 2023
    • Graph 11: use of professionals for any home improvement project or repair, 2023
    • Graph 12: reasons for undertaking DIY home improvement, 2023
    • Graph 13: consumers who renovate to protect against natural disasters, by region, 2023
    • Graph 14: tasks undertaken before starting DIY home improvement/maintenance projects, 2023
    • Graph 15: attitudes toward home improvement, 2023
    • Graph 16: consumers who learned DIY skills from a parent or family member, by age, 2023
    • Graph 17: cost-related home improvement behaviors, 2023
    • Graph 18: consumers who use second hand markets for home improvement supplies, by age, 2023
  5. Appendix

About the report

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.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

Below is a sample report, understand what you are buying.

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2024 Sample Consumer Cover

Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

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