You may have heard about the latest trends in the home improvement market, but have you kept up with the latest developments? Here is some home improvement news to keep you informed. Millennials are the newest wave of homeowners. According to a survey, one-third of millennials cite happiness as their reason for making changes to their homes. And according to new leadership in Conde Nast’s World of Interiors, millennials are more likely than their parents to be emotional about home improvements.
Home improvement market to grow by 4% in 2021
The global home improvement industry is experiencing steady growth, thanks to a thriving demand for repairs and renovations. Rising per capita disposable income and a growing population are driving the industry’s growth. In addition, rising housing prices and low interest rates are helping homeowners finance major projects. As a result, industry services and loans are in high demand. Meanwhile, the COVID-19 pandemic has disrupted construction activity, resulting in massive shortages of materials and reduced consumer confidence.
Despite the economic slowdown, the home improvement industry has benefited from shifting consumer preferences and a resurgence of building activities. More than 330 million Americans have seen the need to renovate or upgrade their homes, and record third-quarter numbers confirm the growth of the industry. The global market is forecast to grow by 4% over the next several years. However, the slowing economy and the emergence of low-income consumers in developing countries will likely hinder the growth of the home improvement industry.
The growth rate in the home improvement market is expected to slow in the second half of the year. In 2019, the market was buoyant, while in 2020 the market was slowed due to COVID-19 restrictions. In 2022, the restrictions will be loosened and projects that were put on hold will resume. This will increase the demand for certain products in those areas with contractor-led projects. While this growth rate may be modest, it will still be a positive sign for the industry.
Trends in home improvement market
The global home improvement services market is experiencing strong growth due to rapid urbanization and increase in disposable income. The industry is also gaining momentum because of changing tastes and preferences of homeowners. Design innovations, multiple color and finishing options, and increasing home equity are the top reasons for remodeling homes. According to Home Renovation Statistics and Trends, the top three home improvement activities in the US are renovations, repairs, and decorating. The rising property prices have made it difficult for many people to finance a new house and manage EMIs. In order to meet these challenges, people are opting to invest in home renovations and remodeling activities. Besides, remodeling a home is cheaper than buying a new one.
In addition to increased demand, there are numerous new project opportunities for home improvement companies. Home equity is increasing as home prices have risen to record highs. The increased equity enables homeowners to invest in upgrading their homes. After deferring projects during the recession, many are now undertaking previously planned improvements. But with less available housing, renovations are a necessity to attract new customers and maintain home values. As a result, the industry is experiencing growth in many areas, including technology and smart home features.
Blogs about home improvement
There are many different blogs about home improvement, but a few stand out as excellent choices. Liz’s blog, for instance, focuses on home improvement tips and tricks, while also featuring ideas for DIY projects and decorating. You’ll love Liz’s enthusiasm for all things home improvement, and her tips may convince you to tackle your own home renovations. Another great home improvement blog is MerryPad, run by a husband-and-wife team. The blog features articles on DIY projects and has a handy section with links to other content, including discounts and coupons.
Many home improvementt blogs are written by homeowners themselves, including Sarah’s Home, which was started by a single homeowner. The site offers tips on home ownership and remodeling and features the latest trends in home design and remodeling. If you’re not into DIY projects, you might be more interested in reading other homeowners’ blogs, such as the Home Depot, Better Homes and Gardens, and Houseace. However, if you’re not ready to undertake a full home renovation, a blog may be just what you need.
Sarah’s blog is another excellent choice for anyone interested in home improvementt. The Atlanta-based blogger has been renovating her house for a while, and she chronicles the progress on her blog. Unlike many other home improvement blogs, Sarah’s blog also includes a section for renters. You can read up on kitchen and bathroom upgrades, as well as her pet’s adventures. You’ll find great tips on how to decorate a home, from how to clean and paint a bathroom to how to hang triangular tealights.