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NEWS


HOUZZ SURVEY FINDS GROWTH IN KITCHEN RENOVATION SPEND


Homeowners are spending more money when renovating their kitchens, according to the latest survey from design and renovation platform Houzz.


The annual Houzz & Home UK survey of more than 7,500 respondents found that spend on kitchen renovations grew by 11% in the past year to a median spend of £10,000. Average spend on bathroom renovations also grew by 9%, to £4,350 in 2018.


Overall, renovation activity remained strong through 2018, with more than half of homeowners on Houzz (57%) renovating an average of three rooms per project, at an overall median spend of £18,000. Baby Boomers (ages 55-74) and Generation X (ages 40-54) combined represent three quarters of the renovation activity (74%), at a median spend of £20,000 each.


Similar to expectations from previous years, 46% of renovating homeowners planned to continue or begin renovations this year, with 42% and 29% of Gen Xers and Baby Boomers, respectively, anticipating new projects.


Nino Sitchinava PhD, Houzz’s Principal Economist, said: “Despite a number of headwinds for the global and national


08 | Tomorrow’s Retail Floors


economy, renovation activity continued to keep pace in 2018 and is building on a strong momentum in 2019.


“Pent-up demand continues to drive renovation activity, while spend on discretionary projects, such as kitchens, continues to grow, fuelling home-related investments.”


As homeowners consider whether to renovate their current home or to purchase a new one, the main considerations for renovating are to stay in their current home or area, outranking return on investment.


Nine in ten (92%) renovating homeowners surveyed hired a professional in 2018, with electricians (61%), plumbers (54%) and carpet and flooring (44%) professionals in greatest demand. While Millennials (ages 22-37) are more likely to hire professional help than Baby Boomers, the gap is incredibly narrow (93% versus 91%, respectively).


One in eight (13%) homeowners on Houzz prioritise smart technology during home renovations, purchasing products like home assistants, streaming media players and thermostats. Millennials are more likely than Baby Boomers or Gen Xers to rank smart technology as a high priority (16% versus 13% and 11%, respectively), with more than a third of Millennials (37%) incorporating home assistants, compared with one in five Baby Boomers (23%).


While improving the design and functionality of a home are the top priorities during renovations, 40% of respondents prioritise energy efficiency, replacing windows and insulation, for example. This is particularly important for Baby Boomers and Gen Xers when compared to Millennials (48% and 40% versus 29%, respectively).


The annual Houzz & Home survey is a large survey of residential renovating, building and decorating activity. The survey covers a wide range of renovation projects in 2018, from interior renovations and extensions to home systems, exterior upgrades and outdoor projects. Data gathered includes historical and planned spends, professional involvement, motivations and challenges behind building, renovation and decorating projects, as well as planned activities for 2019. The 2019 study includes more than 7,500 respondents in the UK alone, providing insights into the home improvement activity of more than 40 million monthly unique users of the Houzz site and mobile apps.


https://www.houzz.co.uk/magazine/2019-uk-houzz-and-home-renovation-trends-study-stsetivw-vs~125474881


The Houzz & Home Survey was sent to registered users of Houzz UK and fielded in April 2019.


The full report is available here. www.houzz.co.uk


www.tomorrowsretailfloors.com


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