2 Takeaways from the Home Improvement Insights Summit
Baby Boomers’ preference to age in place and growing concern over extreme weather will influence more home improvement decisions in 2020, according to a recap of the Home Improvement Insights Summit held in Chicago this fall.
The annual conference is hosted by the Home Improvement Research Institute, a non-profit established by dozens of the industry’s brands, trade associations and retailers.
The aging-in-place and multigenerational household trends are being driven in part by higher housing costs, rising student debt and telecommuting and reducing the number of Americans who move to a new home each year. That number has fallen to about one in 10, compared with one in five as recently as the 1980s.
The trends are driving demand for low-to mid-priced bathroom items, windows and doors, insulation, synthetic decking and yard improvements, according to Todd Tomalak, SVP of Research at John Burns Real Estate Consulting.
“It turns out that people who stay in their homes make very different kinds of purchases,” Tomalak noted. “Maintenance is more of a consideration.”
Natural disasters causing more than $1 billion in damages have trended in the opposite direction, rising from an average of three per annum in the 1980s to 14 in 2018. Houzz Principal Economist Nino Sitchinava estimates one in eight U.S. homeowners was making weather related repairs this fall.