In 2020, the pandemic forced many people to rethink how they use their homes. Many made improvements to accommodate changes in work and life, resulting in increased demand for home improvement professionals. Meanwhile, supply chain issues, generational differences and climate change concerns were also at play, meaning there’s a lot in the data to navigate.
To help shed more light on various market trends and make sense of their drivers, Marine Sargsyan, senior economist at Houzz, breaks down the key takeaways of the tenth annual Houzz & Home Study (download the full report), the country’s largest survey of residential remodeling, building and decorating activity.
“Having a strong community of more than 65 million homeowners and home design enthusiasts and over 2.7 million home professionals, Houzz is uniquely positioned to gather detailed insights on the residential renovation and design industry,” says Sargsyan, adding that the report will appeal to a diverse group of professionals and homeowners.
“Homeowners can find out what other renovating homeowners are doing, which is helpful as they plan their own projects,” she says. “Industry professionals and brands will find the insights useful to learn about homeowner preferences and motivations. Financial institutions may find useful information on payment methods used to fund renovations nationwide. And researchers like me can tease out generational trends.”
Here are 10 key takeaways from the study that offer insight into today’s market: