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Business EconomyPosted at: Sep 19 2019 3:36PM


Renovation activity is driven by younger generations, says study

New Delhi, Sep 19 (UNI) More than one-third of homeowners on a leading platform for home renovation and design renovated in 2018, says a study here.
More than one-third of homeowners on Houzz renovated in 2018 (35 percent), at a median spend of Rs 3,00,000, according to the annual Houzz & Home India survey of more than 2,500 respondents in India.
Millennials (ages 25 to 39) and Gen Xers (ages 40-54) combined represent more than three-quarters of the renovation activity (78 per cent), at a median spend of Rs 3,00,000 and Rs 2,50,000, respectively.
Millennials (ages 25 to 39) and Gen Xers (ages 40-54) combined represent more than three-quarters of the renovation activity (78 per cent), at a median spend of Rs 3,00,000 and Rs 2,50,000, respectively.
Similar to expectations from previous years, 26 per cent of homeowners planned to continue or begin renovations this year, with 41 and 35 per cent of Millennials and Gen Xers, respectively, anticipating new projects.

''Despite a number of headwinds for the global and national economy, renovation activity continued to keep pace in 2018 and will likely experience growth in 2019,'' said Sanjay Nadkarni, Country Operations Manager, Houzz India.
Houzz is the leading platform for home renovation and design, providing people with everything they need to improve their homes from start to finish – online or from a mobile device.
''Pent up demand continues to be the biggest trigger for renovations today, as homeowners prefer to stay put and invest in the design and functionality of their current home over moving to a different home. We are delighted to share through Houzz and Home report these insights back with our community to give homeowners greater confidence in the choices they make for their homes and provide pros with additional insights on Indian homeowners’ preferences,'' Mr Nadkarni added.
As homeowners consider whether to renovate their current home or to purchase a new home, the top two considerations for renovations are to stay in their current home or area, significantly outranking return on investment (42 and 36 per cent, versus nine per cent, respectively).
Wanting to stay in the current home or area are the biggest decision drivers for Gen Xers and Millennials, whereas Baby Boomers (ages 55 to 74) chose to stay in their current home and renovate because they want a personalised home that fits their vision.

Most Popular Rooms to Renovate
Homeowners tackle an average of three rooms per project, with more than one-third of homeowners renovating kitchens (33 per cent). Living rooms, guest bathrooms, master bathrooms, and master bedrooms are also common projects (28, 27, 25 and 25 per cent respectively).

Funding Renovation Projects
The majority of renovation homeowners pay for their projects using cash from savings (81 per cent), followed at a distance by credit cards that can be used anywhere (14 per cent) and loans from friends and family (eight per cent).

Finding the Right Professional for the Job
A significant portion of homeowners hired a professional in 2018 (97 per cent), with carpenters, electricians, and plumbers in greatest demand (81, 76 and 63 per cent, respectively). Of all generations, Gen Xers are the most likely to hire professional help, though the gap is surprisingly narrow.
Making ''Smart'' Decisions
More than a quarter of homeowners prioritise smart technology during home renovations (29 percent), purchasing products like home assistants, streaming media players, and thermostats.
Millennials are most likely to incorporate home assistants (26 per cent), compared with Gen Xers and Baby Boomers (12 and six per cent, respectively).
Improving Energy Efficiency
While improving the design and functionality of a home are the top priorities during renovations, more than half of homeowners prioritize energy efficiency (53 per cent), replacing windows and insulation, for example. This is particularly important for Gen Xers when compared to Millennials and Baby Boomers (61 versus 50 and 45 per cent, respectively).

The Final Touch
The majority of renovating homeowners in 2018 also decorated or furnished their home the same year (72 per cent). Millennials were significantly more likely to decorate following home renovations than Baby Boomers (76 versus 58 per cent), purchasing products such as curtains, blinds, and lamps.

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