Home Improvement Sales Soaring

Date posted: February 8, 2018

improvement

This post on home improvement was adapted from an article by Erin Plaziak.

 

The home improvement market is booming. According to a new report from the Harvard Joint Center for Housing Studies, that growth will continue through at least 2025. The surge is led by baby boomers and millennials. Millennials are buying older homes in need of repair, while many boomers are fixing up their homes either to make them more accessible, or to sell them. In fact, the Harvard report shows, Americans ages 55 and older will start investing even more money in home improvement projects. Their share of spending is expected to rise to 56% by 2025.

Global information company, The NPD Group says online sales for home improvement products grew 41% from March 2016 to March 2017, hitting nearly $11 billion in sales.

Popular home improvement projects

When it comes to home improvement, consumers aren’t just buying new décor,  painting walls or installing hardwood floors. Many are flocking to hardware and home improvement stores and websites to find products that make their homes safer. If you want to take part in this promising industry, here are some projects consumers are undertaking right now.

  1. Wire check. Homeowners are concerned they don’t have enough wattage to handle today’s home electronics.
  2. New appliances are in high demand. But consumers are worried about using extension cords (which can be a fire hazard). So, they’re asking their contractors to add outlets closer to their stoves and refrigerators. They’re also concerned about their smaller electronic appliances, like mixers and toasters. A big trend among millennials is installing a television in the kitchen.
  3. Adding Ground Fault Circuit Interrupters (GFCI).To prevent damage from a short, GFCI can turn the electricity off before severe injuries or electrocution can occur.
  4. Upgrading safety devices.Smoke alarms, fire extinguishers, carbon monoxide detectors and burglary alarms are increasingly popular with homeowners.
  5. Saving energy. Many consumers are recaulking their windows to help lower their heating bills.
  6. Upgrading fireplaces boosts their energy efficiency.Homeowners are installing air circulation devices or buying pellet stoves , to ease their safety concerns and conserve energy.

If you’re interested in being a part of this industry, or expanding your current offerings, you can find many of the products mentioned above at Alibaba.com.

This post was adapted, with permission, from “7 Safety Home Improvement Tips” originally published on Hitched.

Erin Plaziak is a director of product development at MetLife Auto & Home, and has more than 15 years- experience in the insurance industry.

 

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