Renovation activity driven by younger generations; Homeowners integrate smart technology
Bengaluru, September 19, 2019: More than one third of homeowners on Houzz renovated in 2018 (35 percent), at a median spend of ₹3,00,000, according to the annual Houzz & Home India survey of more than 2,500 respondents in India. Millennials (ages 25 to 39) and Gen Xers (ages 40-54) combined represent more than three quarters of the renovation activity (78 percent), at a median spend of ₹3,00,000 and ₹2,50,000, respectively. Similar to expectations from previous years, 26 percent of homeowners planned to continue or begin renovations this year, with 41 and 35 percent of Millennials and Gen Xers, respectively, anticipating new projects.
Despite a number of headwinds for the global and national economy, renovation activity continued to keep pace in 2018 and will likely experience growth in 2019,” said Sanjay Nadkarni, Country Operations Manager, Houzz India. “Pent up demand continues to be the biggest trigger for renovations today, as homeowners prefer to stay put and invest in the design and functionality of their current home over moving to a different home. We are delighted to share through Houzz & Home report these insights back with our community to give homeowners greater confidence in the choices they make for their homes and provide pros with additional insights on Indian homeowners’ preferences”, Mr Nadkarni added.
As homeowners consider whether to renovate their current home or to purchase a new home, the top two considerations for renovations are to stay in their current home or area, significantly outranking return on investment (42 and 36 percent, versus nine percent, respectively). Wanting to stay in the current home or area are the biggest decision drivers for Gen Xers and Millennials, whereas Baby Boomers (ages 55 to 74) chose to stay in their current home and renovate because they want a personalized home that fits their vision.
Most Popular Rooms to Renovate
Homeowners tackle an average of three rooms per project, with more than one third of homeowners renovating kitchens (33 percent). Living rooms, guest bathrooms, master bathrooms and master bedrooms are also common projects (28, 27, 25 and 25 percent respectively).
Funding Renovation Projects
The majority of renovation homeowners pay for their projects using cash from savings (81 percent), followed at a distance by credit cards that can be used anywhere (14 percent) and loans from friends and family (eight percent).
Finding the Right Professional for the Job
A significant portion of homeowners hired a professional in 2018 (97 percent), with carpenters, electricians and plumbers in greatest demand (81, 76 and 63 percent, respectively). Of all generations, Gen Xers are the most likely to hire professional help, though the gap is surprisingly narrow.
Making “Smart” Decisions
More than a quarter of homeowners prioritize smart technology during home renovations (29 percent), purchasing products like home assistants, streaming media players and thermostats. Millennials are most likely to incorporate home assistants (26 percent), compared with Gen Xers and Baby Boomers (12 and six percent, respectively).
Improving Energy Efficiency
While improving the design and functionality of a home are the top priorities during renovations, more than half of homeowners prioritize energy efficiency (53 percent), replacing windows and insulation, for example. This is particularly important for Gen Xers when compared to Millennials and Baby Boomers (61 versus 50 and 45 percent, respectively).
The Final Touch
The majority of renovating homeowners in 2018 also decorated or furnished their home the same year (72 percent). Millennials were significantly more likely to decorate following home renovations than Baby Boomers (76 versus 58 percent), purchasing products such as curtains, blinds and lamps.
The Houzz & Home Survey
The annual Houzz & Home survey is the largest survey of residential renovating, building and decorating activity published. The survey covers a wide range of renovation projects in 2018, from interior remodels and additions to home systems, exterior upgrades and outdoor projects. Data gathered includes historical and planned spends, professional involvement, motivations and challenges behind building, renovation and decorating projects, as well as planned activities for 2019. The 2019 study includes more than 2,500 respondents in India alone, providing insights into the home improvement activity of the more than 40 million monthly unique users of the Houzz site and mobile apps.
The Houzz & Home Survey was sent to registered users of Houzz IN and fielded in April 2019.
Houzz has over 19 million photos of professionally designed interiors and exteriors, including completed kitchen and bathroom projects, and more than 2.4 million active home renovation and design professionals including architects, interior designers, home builders and design-build firms.
Corporate Comm India (CCI Newswire)
