From the rise of DIY Millennials to the rise of rental markets in the U.S., the Home Improvement Research Institute has identified several trends to keep an eye in the home improvement and remodeling industry in 2019. The takeaways, reported by Forbes, were among several key points industry experts discussed at the Institute's Industry Insights Conference.
1. DIYers Are More Likely to Be Millennials
Nearly a quarter of the U.S. population made home improvements in the last year and only 7% of them worked with a professional. "DIYers spend more than 60 hours per week on TV and digital devices," Peter Katsingris, senior vice president of insights at Nielson, said. "The technology and the choices it provides make DIY a realistic option for people.
2. Over-inspiration Is a Key Factor in Home Improvement Regret
More than a third of homeowners who completed a home improvement project in the past year regret not spending more on the project, according to the Regret Factor Study. "Regretters are more likely to have used a wide range of inspirational sources, especially television, magazines, and social media," study leader Brenda Bryan of the Research Institute for Cooking and Kitchen Intelligence said.
3. The Rental Housing Market Is on the Rise
A wave of growth since 2004 has increased the number and share of rental households in the U.S., especially higher-end rentals in urban areas. This insight could lead to greater interest in "portable" home improvement products that tenants can take with them when they move, such as hand-held massaging showerheads and freestanding wine refrigerators.
4. Remodeling Activity Isn't Slowing Down Anytime Soon
The steady increase in remodeling activity will continue through 2021, HIRI experts predict. With home prices increasing, new construction harder to find in some areas of the country, and homeowners aging in place, people are staying put and remodeling.
5. With Home Wellness on the Rise, the Lighting Industry Is Leading the Way
"Circadian rhythm lighting is a hot topic," said Jie Zhao, Pd.D, senior vice president of research and development at Delos. This new technology, also called human centric or tunable lighting, produces indoor illumination that more closely matches natural light in its warmth and, paired with home automation, shifts the through the day with the sun to ease the impace of artificial light on the human body.
