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:
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.
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.