Survey Finds Consumers Likely to Delay Major Spend on Home Renovations

The Home Improvement Research Institute (HIRI) surveys homeowners monthly to obtain insight on consumer behavior and how it may impact the home repair and remodel industry. We share the key findings of HIRI’s latest report, which identifies consumer trends, challenges and factors influencing renovating and remodeling in 2023:

Spending Habits 

Due to financial strains from inflation and interest rate hikes, consumers are being more cautious with how they spend their savings. The report suggests travel, repairs and home maintenance projects will likely take priority in the second half of 2023. 


Survey findings concluded that most homeowners feel it’s not the right time to start remod­el­ing projects over $5,000. To fit within this budget, the 2023 Cost vs. Value Report lists a steel entry door or garage door replacement as appropriate home improvement projects, recouping over 100% of the cost. 

DIY Projects

As budgets tighten, consumers are looking for ways to cut costs. In March 2023, 78% of home­own­ers turned to DIY because it was perceived as cheap­er than hiring a contractor

A Positive Outlook 

Despite financial stress, a Synchrony Finance report revealed 75% of consumers have a positive outlook for 2024. In the meantime, homeowners will likely postpone major renovations. While your projects are on pause, take the time to plan and visualize future home improvement options and research ways to save money