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GEN XERS DRIVE HOME RENOVATIONS, HOUZZ
SURVEY FINDS Gen Xers (ages 40-54) accounted for two in five renovating homeowners in 2019 (42% percent), according to the annual Houzz & Home UK survey of more than 7,500 UK respondents. Baby Boomers (ages 55-74) and Millennials (ages 25-39) follow in renovation activity with 37% and 19% of home renovators, respectively.
More than half (51%) of homeowners reported a renovating project in 2019, tackling nearly three interior rooms on average. When the study was fielded in early 2020, planned activity for the year remained consistent with the previous year, however, the impact of the coronavirus pandemic on planned renovation activity remains to be seen.
Median spend declined to £11,000 in 2019 from £18,000 in 2018, consistent with a reduction in average project scope. Baby Boomers and Gen Xers offset some of this decline with the highest median renovation spend in 2019 at £12,000, each. Millennials followed, with a median spend of £10,000. Kitchens commanded the highest median spend at £10,000, similar to previous years, followed by bathrooms (£4,000).
Houzz Senior Economist Marine Sargsyan said: “Following significant growth in home renovation activity over the past few years, we’re seeing the market settle somewhat in terms of scope and spend. That said, Gen Xers are continuing to drive renovation activity and spend, bringing consistency to the market as they pursue projects that they’ve been planning for years.”
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The Houzz & Home survey was fielded prior to the declaration of the coronavirus pandemic, between February-March 2020. At that time almost half of homeowners on Houzz reportedly planned to continue or start renovations this year (46%) and more than half of homeowners planned to make repairs (54%).
https://www.houzz.co.uk/magazine/2020-uk-houzz-and-home-renovation-trends-study-stsetivw-vs~135007985 The full report is available here.
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Marine said: “Subsequent surveys have shown that two in five homeowners who were in the midst of a project at the start of the pandemic were able to continue with renovations. That said, some homeowners have opted to delay certain elective renovations due to implications related to social contact, labour and material availability and personal discretionary spending.”
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