Perhaps the most noticeable change is in the expectations for next 12 months of revenue, where we have a drop from Q4-21 to Q1-22 across all categories. This trends where contractors are seeing decreased average revenues per project has been occurring for several years.
About a third of home remodeling projects in 2021 involved installing energy efficient appliances. Indoor air quality monitoring systems and water filtration systems were also among the most common products incorporated into renovations. Top of mind among homeowners for future projects are the following:
Qualitative research is, by nature, more directional than quantitative research. There is a misguided assumption that qualitative data is somehow inferior, or at least more questionable, than quantitative data derived from market research. It all comes down to rigor in qualitative research, and whether your study meets certain criteria for credibility, dependability, transferability and confirmability.
Grant Farnsworth joined Dan Tratensek of the NHPA in early January to discuss key findings from the 2021 Market Measure Report. The pair also shared some predictions for what the home improvement market could see in 2022 and even into 2023.
In order to access the DIY market, it’s important to understand its demographics, as well as the motivations, behaviors and trends influencing different groups within the market. Let’s unpack this group of home improvement product buyers.