Home improvement is a term used to describe the process of renovating or repairing a home. It can include a variety of projects such as refinishing a kitchen, adding a patio, constructing a deck, or replacing a roof.
The home improvement business is one of the most significant sectors of the global economy. It includes the sale of building materials and decor, as well as the services of contractors, tradespeople, and other professionals.
Many of the major vendors in the market compete on pricing and differentiation. They are also challenged by the arrival of private labels and the entry of new players. These factors have increased the competition in the home improvement industry.
A new survey conducted by Minneapolis-based marketing firm Axiom has found that consumers plan to complete more home improvement projects in 2021 than in the past. Specifically, 58 percent of those who completed a home improvement project in the previous year intend to do the same thing in 2021.
While the majority of respondents plan to do the work themselves, a large percentage are considering hiring a professional for part or all of their next home improvement project. Those who intend to do a project themselves are most likely to tackle a project on the outdoor area.
The survey also discovered that 57 percent of those aged 19 to 55 intend to do a home improvement project themselves. Of those surveyed, 40 percent indicated that they would do a project on the interior of their home, while 39 percent planned to do a home improvement project on the exterior of their home.