FREE DOWNLOADMarket Research Continued: Let’s Dive into the Local Home Improvement Market
It is pretty clear that the last several months have encouraged a significant change in the time we spend at home. Being out of work, or just moving the workplace to our home office has made us take a second look at the way home feels and looks. Or maybe this quarantine has just given us the time to conquer those projects that have been staring at us in the face for the past 5 years. Gardens are producing meals and yards are ready to win beauty contests this summer!
Regardless of the COVID quarantine, the local housing market has been in explosive mode for the past few years. With home prices on a steep climb, masses moving to our cool city, and inventory tight, many are choosing to stay put and fix their house up instead of moving. There is a lot of data supporting the growth in the industry, such as:
· 22% of the Spokane/Coeur d’Alene market - or 119,000 people have researched home improvement projects in the past year.
· 26% of homeowners have researched online for home improvement. 1 out of 4 homeowners have looked for home improvement guidance in the past year.
· Carpet and flooring have taken the lead in the home improvement category. It is one of the largest researched areas when it comes to HOMEOWNERS researching home improvement projects meaning 26% of the market who own homes are researching new flooring or carpet. 12% of market have changed their flooring in the past year.
· 31,000 people are doing concrete work.
· 42% of homeowners have an HVAC unit 11 years or older. Are they on an annual maintenance agreement? Click here to read a great article about HVAC tips.
· 32% of the market’s homeowners have researched window coverings for their home.
What does this information mean to you? Does your business relate to any of it? Have you seen the growth that correlates? If the answer is no, let us help you find those home improvement intenders! If the answer is yes, let us investigate further into your specific category to figure out what will happen going forward, how to beat the competition and identify the perfect messages to keep this trend going.
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