The Latest Consumer Trends in Home Improvement
Consumer trends have developed and changed to suit our newly accustomed lifestyles. From spending more time at home and spending more money on our homes, to investing in sustainability, consumers’ behaviours have changed and adapted over the last year and a half. We share our favourite finds and interesting facts about consumer behaviour a year and a half into a global pandemic.
Spending Money on Homes
Because people started spending so much time at home they started to pay attention to the conditions of their homes. This led to many renovations and DIY projects. A report by True Global Intelligence found that due to lockdowns, more home improvement projects began in 2020. The study found that 64 per cent of the homeowner respondents say their home means more to them now than it did a year ago, and 58 per cent of renter respondents said they want to own a home more now so they can do more with the space.
Other insights to come out of the study were:
- 33 per cent of respondents estimate they’ve spent more on home improvement during the pandemic than before;
- 46 per cent of respondents said they spent money on home improvement where they would’ve spent it elsewhere;
- 20 per cent said they plan on spending more on home improvement compared to their pre-pandemic budget.
This is great news for any business in the home improvement sector, for both retailers and service providers. The use of professionals with renovations has not declined and remains an important facet of the home improvement market.
Leaving Town
Moving further from the city has become very popular over the last year and has been coined the “great escape” by researchers. People want to move out of the city mostly for a change of pace and lifestyle. People appreciate life more and they’re looking for ways to get better quality of life.
This does not mean the city has lost its charm, but in terms of home improvement, one can imagine that family and home is the top priority for many people. Global Web Index shares “Behaviours that were mostly associated with suburban or rural culture have now sprawled across cities’ young populations, slowly but surely becoming ingrained into actual consumer interests. With many of us baking our way through the pandemic, cooking, home improvements, and gardening have come to symbolise our new reality. Our data from 46 markets shows that our youngest demographic, Gen Z, are increasingly more interested in these activities. This will make space for new offerings that cater specifically to a slower-paced, home-oriented, and mental health-conscious consumer segment. The busy city life could be behind us for good and the appeal of cities will have to change”.
Consumers Care
Consumers have been forced to become more caring towards the communities around them and expect the same of the businesses they spend their money on. Consumers want to see that brands really care. “Businesses looking to grow their brand amid the pandemic will need to align with their customers’ values in ways that are genuine and sustainable. And what’s more – consumers and prospective employees will hold them accountable like never before” shares Global Web Index’s report.
This further leads to customer service expectations from consumers. Three out of five internet users say that bad customer service would negatively affect their purchasing decisions. Customer service has always been important. But in light of so many big, attention-grabbing, COVID-fighting initiatives, we shouldn’t overlook the everyday, personal interactions that most affect the bottom line. And customer service in 2021 won’t just be about providing helpful advice quickly, but being empathetic as well.
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